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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000894189-08-003407.txt : 20081028
<SEC-HEADER>0000894189-08-003407.hdr.sgml : 20081028
<ACCEPTANCE-DATETIME>20081028162231
ACCESSION NUMBER:		0000894189-08-003407
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20081028
DATE AS OF CHANGE:		20081028
EFFECTIVENESS DATE:		20081028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICO EQUITY & INCOME FUND INC
		CENTRAL INDEX KEY:			0000863900
		IRS NUMBER:				133576061
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		081145015

	BUSINESS ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		4147654499

	MAIL ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO CONVERTIBLE ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>mexeq_40-17g.htm
<DESCRIPTION>FIDELITY BOND
<TEXT>
<html>
  <head>
    <title>mexeq_40-17g.htm</title>
<!-- Licensed to: U.S. Bancorp Fund Services LLC-->
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</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><!--$$/page=-->
<a name="page_1" />
    <div>
      <hr style="COLOR: black" align="left" noshade size="5" width="100%">
    </div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="46%">&#160; &#160; &#160;
      &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Chubb
      Group of Insurance Companies</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">DECLARATIONS</font></font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">FINANCIAL
      INSTITUTION INVESTMENT</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="37%">&#160; &#160; &#160;
      &#160;<font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">15 Mountain View Road, Warren, New Jersey 07059</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">COMPANY ASSET
      PROTECTION BOND</font></font>&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="7" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">NAME OF
      ASSURED (including its </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Subsidiaries</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">):</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond Number:
      82179290</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="7" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">THE MEXICO
      EQUITY &amp; INCOME FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="32%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">FEDERAL
      INSURANCE COMPANY</font></font>&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="32%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">615 EAST
      MICHIGAN STREET</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Incorporated
      under the laws of Indiana</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="24%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">MILWAUKEE, WI
      53202</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a stock
      insurance company herein called the COMPANY</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Capital
      Center, 251 North Illinois, Suite 1100</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Indianapolis,
      IN 46204-1927</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">ITEM
      1.</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">BOND
      PERIOD:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">from</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">12:01 a.m.
      on</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="49%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">September 1,
      2008</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">12:01 a.m.
      on</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="49%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">September 1,
      2009</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">ITEM
      2.</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIMITS OF
      LIABILITY--DEDUCTIBLE AMOUNTS:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="40%">&#160; </td>
          </tr>
      </table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">If &#8220;Not Covered&#8221; is inserted below opposite any specified INSURING
CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be
deleted. </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">There shall be
no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any
Investment Company.</font></font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">DEDUCTIBLE</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="52%">&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">INSURING
      CLAUSE</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIMIT OF
      LIABILITY</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%">&#160; &#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">AMOUNT</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">1.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Employee</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      None</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">2.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">On
      Premises</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">3.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">In
      Transit</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">4.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Forgery or
      Alteration</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">5.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Extended
      Forgery</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">6.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Counterfeit
      Money</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$ Not
      Covered</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      None</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">7.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Threats to
      Person</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">8.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Computer
      System</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">9.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      525,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">10.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Uncollectible
      Items of Deposit</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      5,000</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">11.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Audit
      Expense</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="27%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      25,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">$
      5,000</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">ITEM
      3.</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">THE LIABILITY
      OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="8%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ENDORSEMENTS
      EXECUTED SIMULTANEOUSLY HEREWITH:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="8%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">1 -
      3</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">IN WITNESS
WHEREOF, THE COMPANY </font></font><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">has caused this
Bond to be signed by its authorized officers, but it shall not be valid unless
also signed by an authorized representative of the Company.</font></div>
    <div>&#160;</div>
    <div><img src="signature2.jpg" alt="Signature"></div>
    <div><br>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98) - Federal</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 1 of
      1</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_2" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY,
      in consideration of payment of the required premium, and in
      reliance</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">on the
      APPLICATION and all other statements made and information furnished to
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY by
      the ASSURED, and subject to the DECLARATIONS made a part of
      this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond and to
      all other terms and conditions of this Bond, agrees to pay the
      ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">for:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Employee</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">1.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Larceny
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Embezzlement </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">committed by
      any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, alone or in
      collusion with others.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">On
      Premises</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">2.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">resulting directly from robbery, burglary, false
      pretenses,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">common law or
      statutory larceny, misplacement, mysterious unexplainable</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">disappearance, damage, destruction or removal, from the possession,
      custody or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">control of
      the ASSURED, while such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">is lodged or deposited at premises</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">located
      anywhere.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">In
      Transit</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">3.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">resulting directly from common law or statutory
      larceny,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">misplacement,
      mysterious unexplainable disappearance, damage or
      destruction,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">while the
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">is in transit anywhere:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">in an armored
      motor vehicle, including loading and unloading thereof,</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">in the
      custody of a natural person acting as a messenger of the
      ASSURED,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">in the
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      transported in a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">conveyance
      other than an armored motor vehicle provided, however, that</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">covered
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transported in such manner is limited to the
      following:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">written
      records,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">securities
      issued in registered form, which are not endorsed or are</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">restrictively
      endorsed, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">negotiable
      instruments not payable to bearer, which are not endorsed</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or are
      restrictively endorsed.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Coverage
      under this INSURING CLAUSE begins immediately on the receipt
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">such
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">by the natural person or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Transportation Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and
      ends</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">immediately
      on delivery to the premises of the addressee or to any
      representative</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the
      addressee located anywhere.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 1 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_3" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Forgery Or Alteration</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">4.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Forgery
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">on, or fraudulent material alteration of, any bills of
      exchange,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">checks,
      drafts, acceptances, certificates of deposits, promissory notes,
      due</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">bills, money
      orders, orders upon public treasuries, letters of credit,
      other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">written
      promises, orders or directions to pay sums certain in money,
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">receipts for
      the withdrawal of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transferring,
      paying or delivering any funds or other </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, or
      establishing</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any credit or
      giving any value in reliance on any written instructions,
      advices</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or
      applications directed to the ASSURED authorizing or acknowledging
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transfer,
      payment, delivery or receipt of funds or other </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      which</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">instructions,
      advices or applications fraudulently purport to bear the</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">handwritten
      signature of any customer of the ASSURED, or shareholder or</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">subscriber to
      shares of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, or of any
      financial</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">institution
      or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">but which instructions, advices or applications either</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">bear a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Forgery
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or have been fraudulently materially altered without
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">knowledge and
      consent of such customer, shareholder, subscriber, financial</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">institution
      or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">excluding,
      however, under this INSURING CLAUSE any loss covered under</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">INSURING
      CLAUSE 5. of this Bond, whether or not coverage for INSURING</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">CLAUSE 5. is
      provided for in the DECLARATIONS of this Bond.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">For the
      purpose of this INSURING CLAUSE, a mechanically reproduced
      facsimile</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">signature is
      treated the same as a handwritten signature.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Extended Forgery</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">5.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from the ASSURED having, in good faith, and in
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ordinary
      course of business, for its own account or the account of others in
      any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="10%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">capacity:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">acquired,
      accepted or received, accepted or received, sold or delivered,
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">given value,
      extended credit or assumed liability, in reliance on any
      original</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Securities, documents or other written instruments
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which prove to:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">bear a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Forgery
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or a fraudulently material alteration,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">have been
      lost or stolen, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">be
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Counterfeit</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">guaranteed in
      writing or witnessed any signatures on any transfer,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">assignment,
      bill of sale, power of attorney, guarantee, endorsement or
      other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">obligation
      upon or in connection with any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Securities, documents or other</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">written
      instruments</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Actual
      physical possession, and continued actual physical possession if taken
      as</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">collateral,
      of such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Securities, documents or other written instruments
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">by an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee, Custodian</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, or a
      Federal or State chartered deposit institution of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED is a
      condition precedent to the ASSURED having relied on such
      items.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Release or
      return of such collateral is an acknowledgment by the ASSURED that
      it</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">no longer
      relies on such collateral.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 2 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_4" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Extended Forgery</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">For the
      purpose of this INSURING CLAUSE, a mechanically reproduced
      facsimile</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">signature is
      treated the same as a handwritten signature.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Counterfeit Money</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">6.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from the receipt by the ASSURED in good faith of
      any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Counterfeit </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">money.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Threats To Person</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">7.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from surrender of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">away from an office of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED as a
      result of a threat communicated to the ASSURED to do bodily</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">harm to an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">as defined in Section 1.e. (1), (2) and (5), a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Relative
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">invitee of
      such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, or a
      resident of the household of such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      who</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">is, or
      allegedly is, being held captive provided, however, that prior to the
      surrender</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of such
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">who receives the threat has made a reasonable effort
      to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">notify an
      officer of the ASSURED who is not involved in such threat,
      and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED
      has made a reasonable effort to notify the Federal Bureau of</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Investigation
      and local law enforcement authorities concerning such threat.</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">It is agreed
      that for purposes of this INSURING CLAUSE, any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED, as
      set forth in the preceding paragraph, shall be deemed to be
      an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED
      hereunder, but only with respect to the surrender of money,
      securities</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and other
      tangible personal property in which such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">has a legal or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">equitable
      interest.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Computer System</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">8.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from fraudulent:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">entries of
      data into, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">changes of
      data elements or programs within,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Computer
      System</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, provided
      the fraudulent entry or change causes:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">funds or
      other property to be transferred, paid or delivered,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an account of
      the ASSURED or of its customer to be added, deleted,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">debited or
      credited, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an
      unauthorized account or a fictitious account to be debited or</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">credited.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 3 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_5" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Voice
      Initiated Funds</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">9.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">directed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Transfer Instruction</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to the
      ASSURED authorizing the transfer of dividends or redemption proceeds
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shares from a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Customer's </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">account,
      provided such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">was:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">received at
      the ASSURED'S offices by those </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employees </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the
      ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">specifically
      authorized to receive the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Instruction</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">made by a
      person purporting to be a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Customer</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">made by said
      person for the purpose of causing the ASSURED or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Customer</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to sustain a
      loss or making an improper personal financial gain for such</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">person or any
      other person.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">In order for
      coverage to apply under this INSURING CLAUSE, all </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Funds
      Transfer Instructions </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">must be
      received and processed in accordance with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the
      Designated Procedures outlined in the APPLICATION furnished to
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Uncollectible Items of</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">10.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Loss
      resulting directly from the ASSURED having credited an account of
      a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Deposit</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">customer,
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">prove to be
      uncollectible, provided that the crediting of such account
      causes:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">redemptions
      or withdrawals to be permitted,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shares to be
      issued, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">dividends to
      be paid,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">from an
      account of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">In order for
      coverage to apply under this INSURING CLAUSE, the ASSURED</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">must hold
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Items of
      Deposit </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">for the
      minimum number of days stated in the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">APPLICATION
      before permitting any redemptions or withdrawals, issuing any</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shares or
      paying any dividends with respect to such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Items of
      Deposit</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Items of
      Deposit </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall not be
      deemed uncollectible until the ASSURED'S</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">standard
      collection procedures have failed.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Audit
      Expense</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">11.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Expense
      incurred by the ASSURED for that part of the cost of audits
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">examinations
      required by any governmental regulatory authority or
      self-regulatory</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">organization
      to be conducted by such authority, organization or their appointee
      by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">reason of the
      discovery of loss sustained by the ASSURED and covered by
      this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 4 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_6" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">General
      Agreements</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Additional Companies</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">A.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If more than
      one corporation, or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, or any
      combination of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Included As Assured</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">them is
      included as the ASSURED herein:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The total
      liability of the COMPANY under this Bond for loss or losses</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">sustained by
      any one or more or all of them shall not exceed the limit for</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which the
      COMPANY would be liable under this Bond if all such loss were</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">sustained by
      any one of them.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Only the
      first named ASSURED shall be deemed to be the sole agent of
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">others for
      all purposes under this Bond, including but not limited to the
      giving</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or receiving
      of any notice or proof required to be given and for the purpose
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">effecting or
      accepting any amendments to or termination of this Bond. The</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY shall
      furnish each </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">with a copy
      of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond and with
      any amendment thereto, together with a copy of each formal</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">filing of
      claim by any other named ASSURED and notification of the terms
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the
      settlement of each such claim prior to the execution of such
      settlement.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY
      shall not be responsible for the proper application of any</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">payment made
      hereunder to the first named ASSURED.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(4)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Knowledge
      possessed or discovery made by any partner, director,
      trustee,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">officer or
      supervisory employee of any ASSURED shall constitute
      knowledge</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or discovery
      by all the ASSUREDS for the purposes of this Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(5)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the first
      named ASSURED ceases for any reason to be covered under this</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond, then
      the ASSURED next named on the APPLICATION shall thereafter</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">be considered
      as the first named ASSURED for the purposes of this Bond.</font>&#160;
  </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Representation Made By</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">B.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      represents that all information it has furnished in the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Assured</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">APPLICATION
      for this Bond or otherwise is complete, true and correct.
      Such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">APPLICATION
      and other information constitute part of this Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      must promptly notify the COMPANY of any change in any fact or</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">circumstance
      which materially affects the risk assumed by the COMPANY
      under</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">this
      Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Any
      intentional misrepresentation, omission, concealment or incorrect
      statement of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a material
      fact, in the APPLICATION or otherwise, shall be grounds for recision
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">this
      Bond.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 5 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_7" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">General
      Agreements</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Additional Offices Or</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">C.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the
      ASSURED, other than an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, while this
      Bond is in force,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Employees - Consolidation,</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">merges or
      consolidates with, or purchases or acquires assets or liabilities
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Merger
      Or Purchase Or</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">another
      institution, the ASSURED shall not have the coverage afforded under
      this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Acquisition Of Assets Or</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond for loss
      which has:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Liabilities - Notice To</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">occurred or
      will occur on premises, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Company</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">been caused
      or will be caused by an employee, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">arisen or
      will arise out of the assets or liabilities,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of such
      institution, unless the ASSURED:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">gives the
      COMPANY written notice of the proposed consolidation, merger
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">purchase or
      acquisition of assets or liabilities prior to the proposed
      effective</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">date of such
      action, and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">obtains the
      written consent of the COMPANY to extend some or all of the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">coverage
      provided by this Bond to such additional exposure, and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">on obtaining
      such consent, pays to the COMPANY an additional premium.</font>&#160;
  </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Change
      Of Control -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">D.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">When the
      ASSURED learns of a change in control (other than in an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Notice
      To Company</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">), as set
      forth in Section 2(a) (9) of the Investment Company Act of</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">1940,</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%">&#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED
      shall within sixty (60) days give written notice to the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY
      setting forth:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
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      beneficial</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">owners if the
      voting securities are registered in another name),</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the total
      number of voting securities owned by the transferors and the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transferees
      (or the beneficial owners), both immediately before and after
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transfer,
      and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the total
      number of outstanding voting securities.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Failure to
      give the required notice shall result in termination of coverage for
      any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      involving a transferee, to be effective on the date of such change in
      control.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Court
      Costs And</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">E.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY
      will indemnify the ASSURED for court costs and reasonable</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Attorneys&#8217; Fees</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">attorneys'
      fees incurred and paid by the ASSURED in defense, whether or
      not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">successful,
      whether or not fully litigated on the merits and whether or not
      settled,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of any claim,
      suit or legal proceeding with respect to which the ASSURED
      would</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">be entitled
      to recovery under this Bond. However, with respect to
      INSURING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">CLAUSE 1.,
      this Section shall only apply in the event that:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">admits to being guilty of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Larceny
      or Embezzlement</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">is adjudicated to be guilty of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Larceny
      or Embezzlement</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      or</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 6 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_8" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">General
      Agreements</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Court
      Costs And</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">in the
      absence of 1 or 2 above, an arbitration panel agrees, after a review
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Attorneys&#8217; Fees</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an agreed
      statement of facts between the COMPANY and the ASSURED,</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">that an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">would be found guilty of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Larceny
      or Embezzlement </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">if</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">such
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">were prosecuted.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      shall promptly give notice to the COMPANY of any such suit or</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">legal
      proceeding and at the request of the COMPANY shall furnish copies of
      all</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">pleadings and
      pertinent papers to the COMPANY. The COMPANY may, at its</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">sole option,
      elect to conduct the defense of all or part of such legal
      proceeding.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The defense
      by the COMPANY shall be in the name of the ASSURED through</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">attorneys
      selected by the COMPANY. The ASSURED shall provide all
      reasonable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">information
      and assistance as required by the COMPANY for such defense.</font>&#160;
    </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the
      COMPANY declines to defend the ASSURED, no settlement without
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">prior written
      consent of the COMPANY nor judgment against the ASSURED shall</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">determine the
      existence, extent or amount of coverage under this Bond.</font>&#160;
  </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the amount
      demanded in any such suit or legal proceeding is within the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">DEDUCTIBLE
      AMOUNT, if any, the COMPANY shall have no liability for court</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">costs and
      attorney's fees incurred in defending all or part of such suit or
      legal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">proceeding.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the amount
      demanded in any such suit or legal proceeding is in excess of
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIMIT OF
      LIABILITY stated in ITEM 2. of the DECLARATIONS for the
      applicable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">INSURING
      CLAUSE, the COMPANY'S liability for court costs and attorney's
      fees</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">incurred in
      defending all or part of such suit or legal proceedings is limited to
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">proportion of
      such court costs and attorney's fees incurred that the LIMIT
      OF</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIABILITY
      stated in ITEM 2. of the DECLARATIONS for the applicable
      INSURING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">CLAUSE bears
      to the total of the amount demanded in such suit or legal</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">proceeding.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the amount
      demanded is any such suit or legal proceeding is in excess of
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">DEDUCTIBLE
      AMOUNT, if any, but within the LIMIT OF LIABILITY stated in
      ITEM</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">2.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the
      DECLARATIONS for the applicable INSURING CLAUSE, the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY'S
      liability for court costs and attorney's fees incurred in defending all
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">part of such
      suit or legal proceedings shall be limited to the proportion of
      such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">court costs
      or attorney's fees that the amount demanded that would be
      payable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">under this
      Bond after application of the DEDUCTIBLE AMOUNT, bears to the
      total</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">amount
      demanded.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Amounts paid
      by the COMPANY for court costs and attorneys' fees shall be
      in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">addition to
      the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</font>&#160;
    </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 7 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_9" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="19%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Definitions</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">1.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">As used in
      this Bond:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Computer
      System </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means a
      computer and all input, output, processing,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">storage,
      off-line media libraries, and communication facilities which
      are</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">connected to
      the computer and which are under the control and supervision</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the
      operating system(s) or application(s) software used by the
      ASSURED.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Counterfeit </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means an
      imitation of an actual valid original which is intended</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to deceive
      and be taken as the original.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Custodian </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means the
      institution designated by an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">maintain
      possession and control of its assets.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Customer
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means an individual, corporate, partnership, trust
      customer,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shareholder
      or subscriber of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which has a
      written</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">agreement
      with the ASSURED for </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Instruction</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">e.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an officer of
      the ASSURED,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a natural
      person while in the regular service of the ASSURED at any of</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED'S
      premises and compensated directly by the ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">through its
      payroll system and subject to the United States Internal</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Revenue
      Service Form W-2 or equivalent income reporting plans of</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">other
      countries, and whom the ASSURED has the right to control and</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">direct both
      as to the result to be accomplished and details and means</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">by which such
      result is accomplished in the performance of such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">service,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(3)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a guest
      student pursuing studies or performing duties in any of the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED'S
      premises,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(4)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an attorney
      retained by the ASSURED and an employee of such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">attorney
      while either is performing legal services for the ASSURED,</font>&#160;
  </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(5)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a natural
      person provided by an employment contractor to perform</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">employee
      duties for the ASSURED under the ASSURED'S supervision</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">at any of the
      ASSURED'S premises,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(6)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an employee
      of an institution merged or consolidated with the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED prior
      to the effective date of this Bond,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(7)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a director or
      trustee of the ASSURED, but only while performing acts</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">within the
      scope of the customary and usual duties of any officer or</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">other
      employee of the ASSURED or while acting as a member of any</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">committee
      duly elected or appointed to examine or audit or have</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">custody of or
      access to </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the ASSURED, or</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 8 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_10" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Definitions</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(8)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">each natural
      person, partnership or corporation authorized by written</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">agreement
      with the ASSURED to perform services as electronic data</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">processor of
      checks or other accounting records related to such checks but</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">only while
      such person, partnership or corporation is actually
      performing</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">such services
      and not:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">creating,
      preparing, modifying or maintaining the ASSURED'S</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">computer
      software or programs, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">acting as
      transfer agent or in any other agency capacity in issuing</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">checks,
      drafts or securities for the ASSURED,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(9)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any partner,
      officer or employee of an investment advisor, an underwriter</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(distributor), a transfer agent or shareholder accounting
      recordkeeper, or an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">administrator, for an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">while
      performing acts coming</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">within the
      scope of the customary and usual duties of an officer or
      employee</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or acting as
      a member of any committee duly</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">elected or
      appointed to examine, audit or have custody of or access to</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">an
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The term
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall not include any partner, officer or employee of
      a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transfer
      agent, shareholder accounting recordkeeper or administrator:</font>&#160;
    </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which is not
      an "affiliated person" (as defined in Section 2(a) of the</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Investment
      Company Act of 1940) of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the
      investment advisor or underwriter (distributor) of such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which is a
      "bank" (as defined in Section 2(a) of the Investment</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Company Act
      of 1940).</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">This Bond
      does not afford coverage in favor of the employers of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">persons as
      set forth in e. (4), (5) and (8) above, and upon payment to</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED
      by the COMPANY resulting directly from </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Larceny
      or</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Embezzlement </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">committed by
      any of the partners, officers or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">employees of
      such employers, whether acting alone or in collusion with</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">others, an
      assignment of such of the ASSURED'S rights and causes of</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">action as it
      may have against such employers by reason of such acts</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">so committed
      shall, to the extent of such payment, be given by the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED to
      the COMPANY, and the ASSURED shall execute all</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">papers
      necessary to secure to the COMPANY the rights provided for</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">herein.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Each employer
      of persons as set forth in e.(4), (5) and (8) above and the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">partners,
      officers and other employees of such employers shall
      collectively</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">be deemed to
      be one person for all the purposes of this Bond; excepting,</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">however, the
      fifth paragraph of Section 13.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Independent
      contractors not specified in e.(4), (5) or (8) above,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">intermediaries, agents, brokers or other representatives of the
      same general</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">character
      shall not be considered </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employees</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="43%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 9 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_11" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Definitions</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">f.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Forgery
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means the signing of the name of another natural person with
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">intent to
      deceive but does not mean a signature which consists in whole or
      in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">part of one's
      own name, with or without authority, in any capacity for any</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">purpose.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">g.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means any
      investment company registered under the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Investment
      Company Act of 1940 and listed under the NAME OF ASSURED</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">on the
      DECLARATIONS.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">h.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Items of
      Deposit </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means one or
      more checks or drafts drawn upon a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">financial
      institution in the United States of America.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">i.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Larceny
      or Embezzlement </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means larceny
      or embezzlement as defined in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Section 37 of
      the Investment Company Act of 1940.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">j.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means money, revenue and other stamps; securities; including
      any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">note, stock,
      treasury stock, bond, debenture, evidence of indebtedness,</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">certificate
      of deposit, certificate of interest or participation in any
      profit-</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">sharing
      agreement, collateral trust certificate, preorganization certificate
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">subscription,
      transferable share, investment contract, voting trust
      certificate,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">certificate
      of deposit for a security, fractional undivided interest in oil, gas,
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">other mineral
      rights, any interest or instruments commonly known as a</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">security
      under the Investment Company Act of 1940, any other certificate
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">interest or
      participation in, temporary or interim certificate for, receipt
      for,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">guarantee of,
      or warrant or right to subscribe to or purchase any of the</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">foregoing;
      bills of exchange; acceptances; checks; withdrawal orders;
      money</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">orders;
      travelers' letters of credit; bills of lading; abstracts of title;
      insurance</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">policies,
      deeds, mortgages on real estate and/or upon chattels and
      interests</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">therein;
      assignments of such policies, deeds or mortgages; other
      valuable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">papers,
      including books of accounts and other records used by the</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED in
      the conduct of its business (but excluding all electronic
      data</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">processing
      records); and, all other instruments similar to or in the nature
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the foregoing
      in which the ASSURED acquired an interest at the time of the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED'S
      consolidation or merger with, or purchase of the principal</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">assets of, a
      predecessor or which are held by the ASSURED for any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">purpose or in
      any capacity and whether so held gratuitously or not and</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">whether or
      not the ASSURED is liable therefor.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">k.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Relative
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means the spouse of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or partner of the ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and any
      unmarried child supported wholly by, or living in the home of,
      such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or partner and being related to them by blood, marriage or
      legal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">guardianship.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">l.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Securities, documents or other written instruments
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means original</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(including
      original counterparts) negotiable or non-negotiable instruments,
      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">assignments
      thereof, which in and of themselves represent an equitable</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">interest,
      ownership, or debt and which are in the ordinary course of
      business</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transferable
      by delivery of such instruments with any necessary</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">endorsements
      or assignments.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 10 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_12" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Definitions</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">m.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Subsidiary </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means any
      organization that, at the inception date of this Bond,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">is named in
      the APPLICATION or is created during the BOND PERIOD and</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of which more
      than fifty percent (50%) of the outstanding securities or
      voting</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">rights
      representing the present right to vote for election of directors is
      owned</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or controlled
      by the ASSURED either directly or through one or more of its</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">subsidiaries.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">n.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Transportation Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means any
      organization which provides its own</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or its leased
      vehicles for transportation or which provides freight
      forwarding</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or air
      express services.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">o.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Election </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means any
      election concerning dividend options</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">available to
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shareholders
      or subscribers which is</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">requested by
      voice over the telephone.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">p.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Redemption </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means any
      redemption of shares issued by an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which is
      requested by voice over the telephone.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">q.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">means any
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Redemption </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Election</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">For the
      purposes of these definitions, the singular includes the plural and
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">plural
      includes the singular, unless otherwise indicated.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">General Exclusions -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">2.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">This
      bond does not directly or indirectly cover:</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Applicable to All Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss not
      reported to the COMPANY in writing within sixty (60) days
      after</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clauses</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">termination
      of this Bond as an entirety;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss due to
      riot or civil commotion outside the United States of America
      and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Canada, or
      any loss due to military, naval or usurped power, war or</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">insurrection.
      This Section 2.b., however, shall not apply to loss which
      occurs</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">in transit in
      the circumstances recited in INSURING CLAUSE 3., provided</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">that when
      such transit was initiated there was no knowledge on the part
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any person
      acting for the ASSURED of such riot, civil commotion,
      military,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">naval or
      usurped power, war or insurrection;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from the effects of nuclear fission or fusion or
      radioactivity;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss of
      potential income including, but not limited to, interest and
      dividends</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">not realized
      by the ASSURED or by any customer of the ASSURED;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">e.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">damages of
      any type for which the ASSURED is legally liable, except</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">compensatory
      damages, but not multiples thereof, arising from a loss</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">covered under
      this Bond;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">f.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">costs, fees
      and expenses incurred by the ASSURED in establishing the</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">existence of
      or amount of loss under this Bond, except to the extent
      covered</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">under
      INSURING CLAUSE 11.;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">g.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from indirect or consequential loss of any nature;</font>&#160;
    </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 11 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_13" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%">&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">General Exclusions -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">h.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from dishonest acts by any member of the Board of
      Directors</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Applicable to All Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or Board of
      Trustees of the ASSURED who is not an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,
      acting</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clauses</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">alone or in
      collusion with others;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">i.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss, or that
      part of any loss, resulting solely from any violation by the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED or by
      any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of any law
      regulating:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the issuance,
      purchase or sale of securities,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">securities
      transactions on security or commodity exchanges or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the over the
      counter market,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">investment
      companies,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">investment
      advisors, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of any rule
      or regulation made pursuant to any such law; or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">j.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss of
      confidential information, material or data;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">k.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from voice requests or instructions received over
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">telephone,
      provided however, this Section 2.k. shall not apply to
      INSURING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">CLAUSE 7. or
      9.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Specific Exclusions -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">3.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">This
      Bond does not directly or indirectly cover:</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Applicable To All Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss caused
      by an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, provided,
      however, this Section 3.a. shall not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clauses Except Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">apply to loss
      covered under INSURING CLAUSE 2. or 3. which results</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clause
      1.</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">directly from
      misplacement, mysterious unexplainable disappearance, or</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">damage or
      destruction of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss through
      the surrender of property away from premises of the ASSURED</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">as a result
      of a threat:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(1)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to do bodily
      harm to any natural person, except loss of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">transit in
      the custody of any person acting as messenger of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED,
      provided that when such transit was initiated there was no</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">knowledge by
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">that this
      Section 3.b. shall not apply to INSURING CLAUSE 7., or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(2)</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to do damage
      to the premises or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of the ASSURED;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from payments made or withdrawals from any account</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">involving
      erroneous credits to such account;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      involving </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Items of
      Deposit </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">which are not
      finally paid for any reason</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">provided
      however, that this Section 3.d. shall not apply to INSURING</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">CLAUSE
      10.;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">e.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss of
      property while in the mail;</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 12 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_14" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Specific Exclusions -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">f.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from the failure for any reason of a financial or
      depository</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Applicable To All Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">institution,
      its receiver or other liquidator to pay or deliver funds or
      other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clauses Except Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall
      not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clause
      1.</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">apply to loss
      of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">resulting directly from robbery, burglary,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">misplacement,</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">mysterious</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">unexplainable</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">disappearance,</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">damage,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">destruction
      or removal from the possession, custody or control of the</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">g.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">while in the custody of a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Transportation Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">provided
      however, that this Section 3.g. shall not apply to INSURING</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">CLAUSE
      3.;</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">h.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from entries or changes made by a natural person
      with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">authorized
      access to a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Computer
      System </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">who acts in
      good faith on</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">instructions,
      unless such instructions are given to that person by a
      software</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">contractor or
      its partner, officer, or employee authorized by the ASSURED
      to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">design,
      develop, prepare, supply, service, write or implement programs
      for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="39%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED's
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Computer
      System</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">;
      or</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">i.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting directly or indirectly from the input of data into a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Computer</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">System
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">terminal, either on the premises of the customer of the
      ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or under the
      control of such a customer, by a customer or other person who</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">had
      authorized access to the customer's authentication mechanism.</font>&#160;
    </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Specific Exclusions -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">4.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="45%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">This
      bond does not directly or indirectly cover:</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Applicable To All Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from the complete or partial non-payment of or default on
      any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clauses Except Insuring</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loan whether
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      artifice,</font>&#160; </td>
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          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Clauses 1., 4., And 5.</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">fraud or
      false pretenses; provided, however, this Section 4.a. shall not
      apply</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="25%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to INSURING
      CLAUSE 8.;</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="39%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      resulting from forgery or any alteration;</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss
      involving a counterfeit provided, however, this Section 4.c. shall
      not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="39%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">apply to
      INSURING CLAUSE 5. or 6.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Limit
      Of Liability/Non-</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">5.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="11" nowrap width="69%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">At all times
      prior to termination of this Bond, this Bond shall continue in force
      for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Reduction And Non-</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="11" nowrap width="69%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the limit
      stated in the applicable sections of ITEM 2. of the
      DECLARATIONS,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Accumulation Of Liability</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="11" nowrap width="69%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have
      paid or be</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="11" nowrap width="69%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">liable to pay
      under this Bond provided, however, that the liability of the
      COMPANY</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="60%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">under this
      Bond with respect to all loss resulting from:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any one act
      of burglary, robbery or hold-up, or attempt thereat, in which
      no</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="39%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">is concerned or implicated, or</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="13%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="7%">&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any one
      unintentional or negligent act on the part of any one person</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">resulting in
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      or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="15">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="63%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">all acts,
      other than those specified in a. above, of any one person, or</font>&#160;
    </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 13 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_15" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Limit
      Of Liability/Non-</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any one
      casualty or event other than those specified in a., b., or c.
      above,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Reduction And Non-</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall be
      deemed to be one loss and shall be limited to the applicable LIMIT
      OF</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Accumulation Of Liability</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIABILITY
      stated in ITEM 2. of the DECLARATIONS of this Bond irrespective
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the total
      amount of such loss or losses and shall not be cumulative in
      amounts</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">from year to
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">All acts, as
      specified in c. above, of any one person which</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">i.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">directly or
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      or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
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    </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">whether such
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      wrongful</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">acts of the
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      without</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the intent to
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      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">wrongful acts
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Discovery</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">6.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">This Bond
      applies only to loss first discovered by an officer of the
      ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">during the
      BOND PERIOD. Discovery occurs at the earlier of an officer of
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED being
      aware of:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">facts which
      may subsequently result in a loss of a type covered by this
      Bond,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an actual or
      potential claim in which it is alleged that the ASSURED is
      liable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to a third
      party,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">regardless of
      when the act or acts causing or contributing to such loss
      occurred,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">even though
      the amount of loss does not exceed the applicable DEDUCTIBLE</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">AMOUNT, or
      the exact amount or details of loss may not then be known.</font>&#160;
  </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Notice
      To Company -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">7.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      shall give the COMPANY notice thereof at the earliest</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Proof
      - Legal Proceedings</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">practicable
      moment, not to exceed sixty (60) days after discovery of loss,
      in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Against Company</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an amount
      that is in excess of 50% of the applicable DEDUCTIBLE</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">AMOUNT, as
      stated in ITEM 2. of the DECLARATIONS.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      shall furnish to the COMPANY proof of loss, duly sworn to,</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">with full
      particulars within six (6) months after such discovery.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Securities
      listed in a proof of loss shall be identified by certificate or
      bond</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">numbers, if
      issued with them.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Legal
      proceedings for the recovery of any loss under this Bond shall not
      be</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">brought prior
      to the expiration of sixty (60) days after the proof of loss is
      filed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">with the
      COMPANY or after the expiration of twenty-four (24) months
      from</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the discovery
      of such loss.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">e.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">This Bond
      affords coverage only in favor of the ASSURED. No claim,
      suit,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">action or
      legal proceedings shall be brought under this Bond by anyone</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">other than
      the ASSURED.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 14 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_16" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Notice
      To Company -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">f.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Proof of loss
      involving </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Proof
      - Legal Proceedings</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">include
      electronic recordings of such instructions.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Against Company</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Deductible Amount</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">8.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY
      shall not be liable under any INSURING CLAUSES of this Bond</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">on account of
      loss unless the amount of such loss, after deducting the net
      amount</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of all
      reimbursement and/or recovery obtained or made by the ASSURED,
      other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">than from any
      Bond or policy of insurance issued by an insurance company
      and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">covering such
      loss, or by the COMPANY on account thereof prior to payment
      by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the COMPANY
      of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ITEM 3. of
      the DECLARATIONS, and then for such excess only, but in no
      event</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">for more than
      the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">DECLARATIONS.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">There shall
      be no deductible applicable to any loss under INSURING CLAUSE
      1.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">sustained by
      any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Valuation</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">9.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">BOOKS OF
      ACCOUNT OR OTHER RECORDS</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The value of
      any loss of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">consisting of books of account or other records</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">used by the
      ASSURED in the conduct of its business shall be the amount paid
      by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED
      for blank books, blank pages, or other materials which replace
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">lost books of
      account or other records, plus the cost of labor paid by the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED for
      the actual transcription or copying of data to reproduce such
      books</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of account or
      other records.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The value of
      any loss of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">other than books of account or other records</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">used by the
      ASSURED in the conduct of its business, for which a claim is
      made</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall be
      determined by the average market value of such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">on the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">business day
      immediately preceding discovery of such loss provided,
      however,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">that the
      value of any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">replaced by the ASSURED with the consent of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY and
      prior to the settlement of any claim for such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall be the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">actual market
      value at the time of replacement.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">In the case
      of a loss of interim certificates, warrants, rights or other securities,
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">production of
      which is necessary to the exercise of subscription,
      conversion,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">redemption or
      deposit privileges, the value of them shall be the market value
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">such
      privileges immediately preceding their expiration if said loss is not
      discovered</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">until after
      their expiration. If no market price is quoted for such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">such
      privileges, the value shall be fixed by agreement between the
      parties.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">OTHER
      PROPERTY</font></font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The value of
      any loss of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, other than
      as stated above, shall be the actual</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">cash value or
      the cost of repairing or replacing such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">with </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">like quality
      and value, whichever is less.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 15 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_17" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Securities Settlement</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">10.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">In the event
      of a loss of securities covered under this Bond, the COMPANY
      may,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">at its sole
      discretion, purchase replacement securities, tender the value of
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">securities in
      money, or issue its indemnity to effect replacement
      securities.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The indemnity
      required from the ASSURED under the terms of this Section</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">against all
      loss, cost or expense arising from the replacement of securities by
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY'S
      indemnity shall be:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">for
      securities having a value less than or equal to the
      applicable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">DEDUCTIBLE
      AMOUNT - one hundred (100%) percent;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">for
      securities having a value in excess of the DEDUCTIBLE AMOUNT
      but</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">within the
      applicable LIMIT OF LIABILITY - the percentage that the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">DEDUCTIBLE
      AMOUNT bears to the value of the securities;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">for
      securities having a value greater than the applicable LIMIT OF
      LIABILITY</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">- the
      percentage that the DEDUCTIBLE AMOUNT and portion in excess
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the
      applicable LIMIT OF LIABILITY bears to the value of the
      securities.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The value
      referred to in Section 10.a., b., and c. is the value in accordance
      with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Section 9,
      VALUATION, regardless of the value of such securities at the time
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">loss under
      the COMPANY'S indemnity is sustained.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY
      is not required to issue its indemnity for any portion of a loss
      of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">securities
      which is not covered by this Bond; however, the COMPANY may do
      so</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">as a courtesy
      to the ASSURED and at its sole discretion.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      shall pay the proportion of the Company's premium charge for
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Company's
      indemnity as set forth in Section 10.a., b., and c. No portion of
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIMIT OF
      LIABILITY shall be used as payment of premium for any
      indemnity</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">purchased by
      the ASSURED to obtain replacement securities.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="29%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Subrogation - Assignment - </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">11.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">In the event
      of a payment under this Bond, the COMPANY shall be subrogated
      to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Recovery</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">all of the
      ASSURED'S rights of recovery against any person or entity to the
      extent</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">of such
      payment. On request, the ASSURED shall deliver to the COMPANY
      an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">assignment of
      the ASSURED'S rights, title and interest and causes of action</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">against any
      person or entity to the extent of such payment.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Recoveries,
      whether effected by the COMPANY or by the ASSURED, shall be</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">applied net
      of the expense of such recovery in the following order:</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">first, to the
      satisfaction of the ASSURED'S loss which would otherwise have</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">been paid but
      for the fact that it is in excess of the applicable LIMIT OF</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">LIABILITY,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">second, to
      the COMPANY in satisfaction of amounts paid in settlement of</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the ASSURED'S
      claim,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">third, to the
      ASSURED in satisfaction of the applicable DEDUCTIBLE</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">AMOUNT,
      and</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 16 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_18" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Subrogation - Assignment -</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">d.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">fourth, to
      the ASSURED in satisfaction of any loss suffered by the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Recovery</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED which
      was not covered under this Bond.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Recovery from
      reinsurance or indemnity of the COMPANY shall not be deemed a</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">recovery
      under this section.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Cooperation Of Assured</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">12.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">At the
      COMPANY'S request and at reasonable times and places designated
      by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the COMPANY,
      the ASSURED shall:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">submit to
      examination by the COMPANY and subscribe to the same under</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">oath,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">produce for
      the COMPANY'S examination all pertinent records, and</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">cooperate
      with the COMPANY in all matters pertaining to the loss.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The ASSURED
      shall execute all papers and render assistance to secure to
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY the
      rights and causes of action provided for under this Bond. The</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED shall
      do nothing after loss to prejudice such rights or causes of
      action.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Termination</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">13.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the Bond
      is for a sole ASSURED, it shall not be terminated unless written
      notice</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall have
      been given by the acting party to the affected party and to
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Securities
      and Exchange Commission, Washington, D.C., not less than sixty
      (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">days prior to
      the effective date of such termination.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If the Bond
      is for a joint ASSURED, it shall not be terminated unless written
      notice</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall have
      been given by the acting party to the affected party, and by
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY to
      all ASSURED </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Companies </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and to the
      Securities and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Exchange
      Commission, Washington, D.C., not less than sixty (60) days prior
      to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the effective
      date of such termination.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">This Bond
      will terminate as to any one ASSURED, other than an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">immediately
      on the taking over of such ASSURED by a receiver or other</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">liquidator or
      by State or Federal officials, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">immediately
      on the filing of a petition under any State or Federal
      statute</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">relative to
      bankruptcy or reorganization of the ASSURED, or assignment
      for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the benefit
      of creditors of the ASSURED, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">immediately
      upon such ASSURED ceasing to exist, whether through merger</font>&#160;
  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">into another
      entity, disposition of all of its assets or otherwise.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY
      shall refund the unearned premium computed at short rates in</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">accordance
      with the standard short rate cancellation tables if terminated by
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED or
      pro rata if terminated for any other reason.</font>&#160;
</td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 17 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_19" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Termination</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If any
      partner, director, trustee, or officer or supervisory employee of
      an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED not
      acting in collusion with an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">learns of any dishonest act</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">committed by
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      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">at any time, whether in the employment of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED or
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      this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond, and
      whether against the ASSURED or any other person or entity,
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ASSURED:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">shall
      immediately remove such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">from a position that would enable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">such
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by this</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Bond;
      and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">within
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      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">has committed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">any dishonest
      act, shall notify the COMPANY, of such action and provide
      full</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">particulars
      of such dishonest act.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The COMPANY
      may terminate coverage as respects any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee
      </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">sixty (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">days after
      written notice is received by each ASSURED </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and the
      Securities and Exchange Commission, Washington, D.C. of its desire
      to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">terminate
      this Bond as to such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Other
      Insurance</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">14.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Coverage
      under this Bond shall apply only as excess over any valid and
      collectible</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">insurance,
      indemnity or suretyship obtained by or on behalf of:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the
      ASSURED,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">b.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">a
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">c.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">another
      entity on whose premises the loss occurred or which employed
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">person
      causing the loss or engaged the messenger conveying the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Property</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">involved.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Conformity</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">15.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If any
      limitation within this Bond is prohibited by any law controlling this
      Bond's</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">construction,
      such limitation shall be deemed to be amended so as to equal
      the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">minimum
      period of limitation provided by such law.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Change
      or Modification</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">16.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">This Bond or
      any instrument amending or affecting this Bond may not be
      changed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">or modified
      orally. No change in or modification of this Bond shall be
      effective</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">except when
      made by written endorsement to this Bond signed by an
      authorized</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">representative of the COMPANY.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If this Bond
      is for a sole ASSURED, no change or modification which would</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">adversely
      affect the rights of the ASSURED shall be effective prior to sixty
      (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">days after
      written notice has been furnished to the Securities and
      Exchange</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Commission,
      Washington, D.C., by the acting party.</font>&#160;
</td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font>&#160; </td>
            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 18 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_20" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Limitations</font></font></font>&#160;
    </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%">&#160; </td>
          </tr>
          <tr>
            <td colspan="3">&#160; </td>
          </tr>
          <tr>
            <td colspan="3">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">Change
      or Modification</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">If this Bond
      is for a joint ASSURED, no charge or modification which would</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,italic,arial,helvetica,sans-serif">(continued)</font></font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">adversely
      affect the rights of the ASSURED shall be effective prior to sixty
      (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">days after
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and to the
      Securities and Exchange Commission, Washington, D.C., by the</font>&#160;
    </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">COMPANY.</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">ICAP Bond
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            <td align="left" nowrap width="44%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="55%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Form
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            <td align="left" nowrap width="44%"><font size="1" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 19 of
      19</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_21" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="52%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Effective
      date of</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="52%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">this
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            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="45%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">FEDERAL
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          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="52%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="45%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Endorsement
      No.: 1</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="52%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="45%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">To be
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="52%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Number:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">82179290</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Issued to:
      THE MEXICO EQUITY &amp; INCOME FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="52%">&#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
          </tr>
      </table>
    </div><br>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">COMPLIANCE
WITH APPLICABLE TRADE SANCTION LAWS RIDER</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">It is agreed that this insurance does not apply to the extent that trade
or economic sanctions or other laws or regulations prohibit the coverage
provided by this insurance.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Date:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="76%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">September 16,
      2008</font>&#160; </td>
          </tr>
      </table>
    </div><br>
    <div align="center"><img src="signature3.jpg" alt="Signature"></div>
    <div>&#160;</div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">Form 14-02-9228 (Ed. 4/2004)</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_22" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="46%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">ENDORSEMENT/RIDER</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Effective
      date of</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="46%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">this
      endorsement/rider: September 1, 2008</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="51%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">FEDERAL
      INSURANCE COMPANY</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="46%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="24%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Endorsement/Rider No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">2</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="46%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="24%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">To be
      attached to and</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="46%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="24%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">form a part
      of Bond No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">82179290</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="72%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Issued to:
      THE MEXICO EQUITY &amp; INCOME FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="46%">&#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
      </table>
    </div><br>
    <div align="center"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
ENDORSEMENT</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is
amended as follows:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">1.</font>&#160; &#160; &#160; </td>
            <td width="100%">
              <div align="left"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The paragraph
      titled Other Property in Section 9, Valuation, is deleted in its
      entirety.</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2">&#160;</td>
          </tr>
          <tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">2.</font>&#160; &#160; &#160; </td>
            <td width="100%">
              <div align="left"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">The third
      paragraph in Section 16, Change or Modification, is deleted in its
      entirety and replaced with the following: If this Bond is for a joint
      ASSURED, no change or modification which would adversely affect the rights
      of the ASSURED shall be effective prior to sixty (60) days after written
      notice has been furnished to all insured </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Companies </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">and the
      Securities and Exchange Commission, Washington, D.C., by the
      COMPANY.</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2">&#160;</td>
          </tr>
      </table>
    </div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for
convenience and form no part of the terms and conditions of
coverage.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain
unchanged.</font></div>
    <div>&#160;</div>
    <div align="center"><img src="signature1.jpg" alt="Signature"></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">17-02-2437 (12/2006) rev.</font></div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>
          <tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 1</font></td>
          </tr>
      </table>
    </div>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_23" />
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr valign="bottom">
            <td align="left" nowrap width="44%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%">&#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">ENDORSEMENT/RIDER</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="44%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Effective
      date of</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="44%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">this
      endorsement/rider: September 1, 2008</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="53%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">FEDERAL
      INSURANCE COMPANY</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="44%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="22%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Endorsement/Rider No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">3</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="44%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="22%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">To be
      attached to and</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="44%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="22%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">form a part
      of Bond No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">82179290</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Issued to:
      THE MEXICO EQUITY &amp; INCOME FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="44%">&#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="29%">&#160; </td>
          </tr>
      </table>
    </div><br>
    <div align="center"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that GENERAL
AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation, Merger Or
Purchase Or Acquisition Of Assets Or Liabilities-Notice To Company, is amended
by adding the following subsection:</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">Automatic Increase in Limits for Investment Companies</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">If an increase in bonding limits is required pursuant to rule 17g-1 of
the Investment Company Act of 1940 (&#8220;the Act&#8221;), due to:</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(i)</font>&#160; &#160; &#160; </td>
            <td width="100%">
              <div align="left"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">the creation
      of a new </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">, other than
      by consolidation or merger with, or purchase or acquisition of assets or
      liabilities of, another institution; or</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2">&#160;</td>
          </tr>
          <tr>
            <td nowrap valign="top"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">(ii)</font>&#160; &#160; &#160; </td>
            <td width="100%">
              <div align="left"><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">an increase
      in asset size of current </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial,bold,arial,helvetica,sans-serif">Investment Companies </font></font><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">covered under
      this Bond,</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2">&#160;</td>
          </tr>
      </table>
    </div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">then the minimum required increase in limits shall take place
automatically without payment of additional premium for the remainder of the
BOND PERIOD.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for
convenience and form no part of the terms and conditions of
coverage.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain
unchanged.</font></div>
    <div>&#160;</div>
    <div align="center">&#160;<img src="signature1.jpg" alt="Signature"></div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>
          <tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">14-02-14098 (04/2008)</font></td>
          </tr>
      </table>
    </div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>
          <tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Page 1</font></td>
          </tr>
      </table>
    </div>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_24" />
    <div align="center">
    </div>
    <div>&#160;</div>
    <div>
      <table>
          <tr>
            <td nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial,bolditalic,arial,helvetica,sans-serif">Important Notice:</font></font></font></td>
          </tr>
      </table>
    </div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">The SEC
Requires Proof of Your Fidelity Insurance Policy</font></font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">Your company is now required to file an electronic copy of your fidelity
insurance coverage (Chubb&#8217;s ICAP Bond policy) to the Securities and Exchange
Commission (SEC), according to rules adopted by the SEC on June 12,
2006.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">Chubb is in the process of providing your agent/broker with an electronic
copy of your insurance policy as well as instructions on how to submit this
proof of fidelity insurance coverage to the SEC. You can expect to receive this
information from your agent/broker shortly.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">The electronic copy of your policy is provided by Chubb solely as a
convenience and does not affect the terms and conditions of coverage as set
forth in the paper policy you receive by mail. The terms and conditions of the
policy mailed to you, which are the same as those set forth in the electronic
copy, constitute the entire agreement between your company and
Chubb.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">If you have any questions, please contact your agent or
broker.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">Form 14-02-12160 (ed. 7/2006)</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_25" />
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">IMPORTANT
NOTICE TO POLICYHOLDERS</font></font></div>
    <div>&#160;</div>
    <div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">All of the members
of the Chubb Group of Insurance companies doing business in the United States
(hereinafter &#8220;Chubb&#8221;) distribute their products through licensed insurance
brokers and agents (&#8220;producers&#8221;). Detailed information regarding the types of
compensation paid by Chubb to producers on US insurance transactions is
available under the Producer Compensation link located at the bottom of the page
at www.chubb.com, or by calling 1-866-588-9478. Additional information may be
available from your producer.</font></div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>
          <tr>
            <td width="36">&#160;</td>
            <td nowrap><font size="2" style="FONT-FAMILY: arial,arial,helvetica,sans-serif">Thank you for choosing Chubb.</font></td>
          </tr>
      </table>
    </div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">10-02-1295 (ed. 6/2007)</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_26" />
    <div align="center">&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">POLICYHOLDER
DISCLOSURE NOTICE OF</font></font></div>
    <div>&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5" style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">TERRORISM
INSURANCE COVERAGE</font></font></div>
    <div>&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">(for policies with no
terrorism exclusion or sublimit)</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">You
are hereby notified that, under the Terrorism Risk Insurance Act (the &#8220;Act&#8221;),
effective December 26, 2007, this policy makes available to you insurance for
losses arising out of certain acts of terrorism. Terrorism is defined as any act
certified by the Secretary of the Treasury, in concurrence with the Secretary of
State and the Attorney General of the United States, to be an act of terrorism;
to be a violent act or an act that is dangerous to human life, property or
infrastructure; to have resulted in damage within the United States, or outside
the United States in the case of an air carrier or vessel or the premises of a
United States Mission; and to have been committed by an individual or
individuals as part of an effort to coerce the civilian population of the United
States or to influence the policy or affect the conduct of the United States
Government by coercion.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">You
should know that the insurance provided by your policy for losses caused by acts
of terrorism is partially reimbursed by the United States under the formula set
forth in the Act. Under this formula, the United States pays 85% of covered
terrorism losses that exceed the statutorily established deductible to be paid
by the insurance company providing the coverage.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">However, if aggregate
insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a Program Year (January 1 through December 31), the Treasury
shall not make any payment for any portion of the amount of such losses that
exceeds $100 billion.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</font></div>
    <div>&#160;</div>
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<a name="page_27" />
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">If
aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31) and we
have met our insurer deductible under the Act, we shall not be liable for the
payment of any portion of the amount of such losses that exceeds $100 billion,
and in such case insured losses up to that amount are subject to pro rata
allocation in accordance with procedures established by the Secretary of the
Treasury.</font></div>
    <div>&#160;</div>
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">The
portion of your policy&#8217;s annual premium that is attributable to insurance for
such acts</font></div>
    <div>&#160;</div>
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">of
terrorism is: $ </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Arial,Bold,Arial,Helvetica,sans-serif">-0-.</font></font></div>
    <div>&#160;</div>
    <div align="left"><font style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">If
you have any questions about this notice, please contact your agent or
broker.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: Arial,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</font></div>
    <div>&#160;</div>
    <div>
      <hr align="center" noshade size="2" width="100%">
    </div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Mexico Equity and Income
Fund</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ratification
of the Renewal of Fidelity Bond Coverage</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">RESOLVED</font>, that it is the
finding of the Board of Directors of the Fund that the fidelity bond for the
Fund written by Federal Insurance Company (the &#8220;Bond&#8221;) which is in the amount of
$525,000 to cover, among others, officers and employees of the Fund, in
accordance with Rule 17g-1 under the 1940 Act, is reasonable in form and amount,
after having given due consideration to, among other things, the value of the
gross assets of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Fund
to which any person covered under the Bond may have access, the type and terms
of the arrangements made for the custody and safekeeping of assets of the Fund
and the nature of the securities of the Fund; and be it</font></div>
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payment of the premium by the Fund under the Bond in the amount presented at
this meeting is hereby ratified by the Board of Directors of the Fund, including
a majority of the disinterested directors, after having given due consideration
to, among other things, the amount of the Bond and the amount of the premium;
and be it</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FURTHER RESOLVED</font>, that the
Bond is hereby ratified by the Board of Directors of the Fund, including a
majority of the disinterested directors;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">and
be it</font></div>
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actions of the officers of The Mexico Equity and Income Fund, Inc. in entering
into the mutual fund fidelity bond</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Policy
from Federal Insurance Company in the amount of $525,000, with a deductible of
zero dollars, covering the Fund through September 1, 2009 be,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">and
hereby are, ratified, confirmed and approved.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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    <div>&#160;</div>
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$1,386 for the Mexico Equity and Income Fund, Inc.&#8217;s fidelity bond covering
September 1, 2008 through September 1, 2009 has been paid.</font></div>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

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