-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000894189-09-003722.txt : 20091104
<SEC-HEADER>0000894189-09-003722.hdr.sgml : 20091104
<ACCEPTANCE-DATETIME>20091104165331
ACCESSION NUMBER:		0000894189-09-003722
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20091104
DATE AS OF CHANGE:		20091104
EFFECTIVENESS DATE:		20091104

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:		091158339

	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_4017g.htm
<DESCRIPTION>FIDELITY BOND
<TEXT>
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<head>
    <title>mexeq_4017g.htm</title>
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    <div>
      <div>
        <hr style="COLOR: black" align="left" noshade size="5" width="100%">
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      <div>&#160;</div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">15 Mountain
      View Road, Warren, New Jersey 07059</font></td>
            <td align="left" colspan="4" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
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            <td colspan="10">&#160;</td>
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            <td align="left" colspan="5" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">NAME OF
      ASSURED (including its </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Subsidiaries</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">):</font></td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond
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            <td align="left" nowrap>&#160;</td>
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            <td colspan="10">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="5" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">THE MEXICO
      EQUITY &amp; INCOME FUND, INC.</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
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            <td colspan="10">&#160;</td>
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            <td colspan="10">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">615 EAST
      MICHIGAN STREET</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Incorporated under the laws of Indiana</font></td>
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          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">MILWAUKEE,
      WI 53202</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a stock
      insurance company herein called the COMPANY</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Capital
      Center, 251 North Illinois, Suite 1100</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Indianapolis, IN 46204-1927</font></td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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            <td colspan="10">&#160;</td>
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            <td colspan="10">&#160;</td>
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            <td align="left" nowrap>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" colspan="2" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">BOND
      PERIOD:</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">from</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">12:01 a.m.
      on</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">September
      1, 2009</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">12:01 a.m.
      on</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">September
      1, 2010</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="10">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" colspan="5" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">LIMITS OF
      LIABILITY--DEDUCTIBLE AMOUNTS:</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td colspan="10">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="9" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If &#8220;Not
      Covered&#8221; is inserted below opposite any specified INSURING CLAUSE, such
      INSURING CLAUSE</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="9" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and any
      other reference shall be deemed to be deleted. </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="7" nowrap>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="10">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">DEDUCTIBLE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">INSURING
      CLAUSE</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">LIMIT OF
      LIABILITY</font></td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">AMOUNT</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">1.</font></td>
            <td align="left" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Employee</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      None</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">2.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">On
      Premises</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">3.</font></td>
            <td align="left" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">4.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Forgery or
      Alteration</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">5.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Extended
      Forgery</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">6.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Counterfeit
      Money</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">7.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Threats to
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$ Not
      Covered</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
    N/A</font></td>
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            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">8.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Computer
      System</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">9.</font></td>
            <td align="left" colspan="4" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Voice
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            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      400,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">10.</font></td>
            <td align="left" colspan="3" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Uncollectible Items of Deposit</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      5,000</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">11.</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Audit
      Expense</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap>&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      25,000</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$
      5,000</font></td>
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            <td colspan="10">&#160;</td>
          </tr><tr>
            <td colspan="10">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" colspan="9" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">THE
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      FOLLOWING</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="7" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">1 -
    3</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="10">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="10" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">IN
      WITNESS WHEREOF, THE COMPANY </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">has caused
      this Bond to be signed by its authorized officers, but it shall not
      be</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="7" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">valid
      unless also signed by an authorized representative of the
    Company.</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div><img src="signature2.jpg" alt="Signature 2"><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98) - Federal</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 1 of
      1</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_2" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="22%">
            </td>
            <td width="7%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="60%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The
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      reliance</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">on the
      APPLICATION and all other statements made and information furnished to
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">COMPANY by
      the ASSURED, and subject to the DECLARATIONS made a part of
  this</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond and to
      all other terms and conditions of this Bond, agrees to pay the
      ASSURED</font></td>
          </tr><tr valign="bottom">
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">for:</font></td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">1.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss
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      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Embezzlement </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">committed
      by any</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="3" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">, alone or
      in collusion with others.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">2.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">resulting
      directly from robbery, burglary, false pretenses,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">common law
      or statutory larceny, misplacement, mysterious unexplainable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">disappearance, damage, destruction or removal, from the possession,
      custody or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">is lodged
      or deposited at premises</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="3" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">located anywhere.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">3.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">resulting
      directly from common law or statutory larceny,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage or
      destruction,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">while the
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">is in
      transit anywhere:</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in an
      armored motor vehicle, including loading and unloading
  thereof,</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in the
      custody of a natural person acting as a messenger of the
  ASSURED,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in the
      custody of a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Transportation Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and being
      transported in a</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">conveyance
      other than an armored motor vehicle provided, however, that</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">covered
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      in such manner is limited to the following:</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(1)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">written
      records,</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(2)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">securities
      issued in registered form, which are not endorsed or are</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">restrictively endorsed, or</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(3)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">negotiable
      instruments not payable to bearer, which are not endorsed</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or are
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Coverage
      under this INSURING CLAUSE begins immediately on the receipt
  of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">such
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">immediately
      on delivery to the premises of the addressee or to any
      representative</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the
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          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 1 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_3" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="22%">
            </td>
            <td width="6%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="60%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">4.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss
      resulting directly from:</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
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          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">bills,
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">receipts
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            <td colspan="5">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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    advices</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">bear a
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td colspan="5">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">For the
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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            <td colspan="5">&#160;</td>
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            <td colspan="5">&#160;</td>
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            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(2)</font></td>
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">assignment,
      bill of sale, power of attorney, guarantee, endorsement or
  other</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">obligation
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">written instruments</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">.</font></td>
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            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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      as</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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  items.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Release or
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">no longer
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          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 2 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_4" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="22%">
            </td>
            <td width="7%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="60%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">For the
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          </tr><tr valign="bottom">
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            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">invitee of
      such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">,
    who</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">is, or
      allegedly is, being held captive provided, however, that prior to the
      surrender</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of such
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">:</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">notify an
      officer of the ASSURED who is not involved in such threat,
and</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the ASSURED
      has made a reasonable effort to notify the Federal Bureau of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Investigation and local law enforcement authorities concerning such
      threat.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED, as
      set forth in the preceding paragraph, shall be deemed to be
an</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED
      hereunder, but only with respect to the surrender of money,
      securities</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">has a legal
      or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="3" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">equitable interest.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">8.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss
      resulting directly from fraudulent:</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">entries of
      data into, or</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">changes of
      data elements or programs within,</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">, provided
      the fraudulent entry or change causes:</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(1)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">funds or
      other property to be transferred, paid or delivered,</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(2)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">an account
      of the ASSURED or of its customer to be added, deleted,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">debited or
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(3)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">an
      unauthorized account or a fictitious account to be debited or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">credited.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 3 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_5" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="22%">
            </td>
            <td width="6%">
            </td>
            <td width="4%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">9.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss
      resulting directly from </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">directed</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to the
      ASSURED authorizing the transfer of dividends or redemption proceeds
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shares from
      a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">account,
      provided such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">was:</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Employees </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the
      ASSURED</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">specifically authorized to receive the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Instruction</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">,</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Customer</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">,
    and</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">made by
      said person for the purpose of causing the ASSURED or </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to sustain
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">person or
      any other person.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In order
      for coverage to apply under this INSURING CLAUSE, all </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Funds
      Transfer Instructions </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">must be
      received and processed in accordance with</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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    the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">10.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Loss
      resulting directly from the ASSURED having credited an account of
    a</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">customer,
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">prove to be
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    causes:</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">redemptions
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shares to
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">dividends
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">from an
      account of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In order
      for coverage to apply under this INSURING CLAUSE, the ASSURED</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">must hold
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Items
      of Deposit </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">for the
      minimum number of days stated in the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">APPLICATION
      before permitting any redemptions or withdrawals, issuing any</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Items
      of Deposit</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Items
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      be deemed uncollectible until the ASSURED'S</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">standard collection procedures have failed.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">11.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Expense
      incurred by the ASSURED for that part of the cost of audits
or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">examinations required by any governmental regulatory authority or
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">organization to be conducted by such authority, organization or
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">reason of
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 4 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_6" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="24%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">A.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If more
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          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">them is
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(1)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The total
      liability of the COMPANY under this Bond for loss or losses</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">sustained
      by any one or more or all of them shall not exceed the limit
  for</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">which the
      COMPANY would be liable under this Bond if all such loss were</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">sustained
      by any one of them.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(2)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Only the
      first named ASSURED shall be deemed to be the sole agent of
  the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">others for
      all purposes under this Bond, including but not limited to the
      giving</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
      receiving of any notice or proof required to be given and for the purpose
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">effecting
      or accepting any amendments to or termination of this Bond.
  The</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">COMPANY
      shall furnish each </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with a copy
      of the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond and
      with any amendment thereto, together with a copy of each
  formal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">filing of
      claim by any other named ASSURED and notification of the terms
  of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      settlement of each such claim prior to the execution of such
      settlement.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(3)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The COMPANY
      shall not be responsible for the proper application of any</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">payment
      made hereunder to the first named ASSURED.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(4)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Knowledge
      possessed or discovery made by any partner, director,
trustee,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">officer or
      supervisory employee of any ASSURED shall constitute
knowledge</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
      discovery by all the ASSUREDS for the purposes of this Bond.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(5)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If the
      first named ASSURED ceases for any reason to be covered under
    this</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond, then
      the ASSURED next named on the APPLICATION shall thereafter</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">be
      considered as the first named ASSURED for the purposes of this
    Bond.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">B.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The ASSURED
      represents that all information it has furnished in the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">APPLICATION
      for this Bond or otherwise is complete, true and correct.
Such</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">APPLICATION
      and other information constitute part of this Bond.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The ASSURED
      must promptly notify the COMPANY of any change in any fact or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">circumstance which materially affects the risk assumed by the
      COMPANY under</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">this
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Any
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a material
      fact, in the APPLICATION or otherwise, shall be grounds for recision
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">this
      Bond.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 5 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_7" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="25%">
            </td>
            <td width="3%">
            </td>
            <td width="6%">
            </td>
            <td width="64%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">C.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Investment Company</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">, while
      this Bond is in force,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">merges or
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    of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">another
      institution, the ASSURED shall not have the coverage afforded under
      this</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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            <td colspan="4">&#160;</td>
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            <td colspan="4">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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INSURING</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 6 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_8" />
    <div>
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<tr>
            <td width="26%">
            </td>
            <td width="7%">
            </td>
            <td width="66%">
            </td>
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            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">proportion
      of such court costs and attorney's fees incurred that the LIMIT
    OF</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">LIABILITY
      stated in ITEM 2. of the DECLARATIONS for the applicable
  INSURING</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">CLAUSE
      bears to the total of the amount demanded in such suit or
  legal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">proceeding.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If the
      amount demanded is any such suit or legal proceeding is in excess of
      the</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">DEDUCTIBLE
      AMOUNT, if any, but within the LIMIT OF LIABILITY stated in
  ITEM</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">2.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the
      DECLARATIONS for the applicable INSURING CLAUSE, the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">COMPANY'S
      liability for court costs and attorney's fees incurred in defending all
      or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">part of
      such suit or legal proceedings shall be limited to the proportion of
      such</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">court costs
      or attorney's fees that the amount demanded that would be
  payable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">under this
      Bond after application of the DEDUCTIBLE AMOUNT, bears to the
    total</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">amount
      demanded.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Amounts
      paid by the COMPANY for court costs and attorneys' fees shall be
    in</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">addition to
      the LIMIT OF LIABILITY stated in ITEM 2. of the
  DECLARATIONS.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 7 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_9" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="21%">
            </td>
            <td width="7%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="60%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">1.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">As used in
      this Bond:</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means a
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">storage,
      off-line media libraries, and communication facilities which
  are</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">connected
      to the computer and which are under the control and
  supervision</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the
      operating system(s) or application(s) software used by the
    ASSURED.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Counterfeit </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means an
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to deceive
      and be taken as the original.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Custodian </font></font><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">maintain
      possession and control of its assets.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">d.</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Customer </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means an
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shareholder
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      written</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">agreement
      with the ASSURED for </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Instruction</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">.</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">e.</font></td>
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(1)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">an officer
      of the ASSURED,</font></td>
          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(2)</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a natural
      person while in the regular service of the ASSURED at any of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">through its
      payroll system and subject to the United States Internal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Revenue
      Service Form W-2 or equivalent income reporting plans of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">other
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">direct both
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">by which
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">service,</font></td>
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            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(3)</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED'S
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(4)</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">attorney
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(5)</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">at any of
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(6)</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED
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          </tr><tr>
            <td colspan="5">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(7)</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">within the
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">other
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">custody of
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          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 8 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_10" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="23%">
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            <td width="10%">
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            <td width="4%">
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            <td width="61%">
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          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(8)</font></td>
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performing</font></td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The term
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            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Company Act
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">This Bond
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the ASSURED
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Embezzlement </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">committed
      by any of the partners, officers or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">employees
      of such employers, whether acting alone or in collusion with</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">others, an
      assignment of such of the ASSURED'S rights and causes of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">action as
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">so
      committed shall, to the extent of such payment, be given by
  the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED to
      the COMPANY, and the ASSURED shall execute all</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">papers
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">herein.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Each
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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excepting,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">character
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          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="55%">
            </td>
            <td width="44%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 9 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_11" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="23%">
            </td>
            <td width="10%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">part of
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">purpose.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">g.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means any
      investment company registered under the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Investment
      Company Act of 1940 and listed under the NAME OF ASSURED</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">on the
      DECLARATIONS.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">h.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Items
      of Deposit </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means one
      or more checks or drafts drawn upon a</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">financial
      institution in the United States of America.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">i.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Larceny or Embezzlement </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means
      larceny or embezzlement as defined in</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Section 37
      of the Investment Company Act of 1940.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">j.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means
      money, revenue and other stamps; securities; including any</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">note,
      stock, treasury stock, bond, debenture, evidence of
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">certificate
      of deposit, certificate of interest or participation in any
    profit-</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">sharing
      agreement, collateral trust certificate, preorganization certificate
      or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">subscription, transferable share, investment contract, voting trust
      certificate,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">certificate
      of deposit for a security, fractional undivided interest in oil, gas,
      or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">other
      mineral rights, any interest or instruments commonly known as
  a</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">security
      under the Investment Company Act of 1940, any other certificate
    of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">interest or
      participation in, temporary or interim certificate for, receipt
    for,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">guarantee
      of, or warrant or right to subscribe to or purchase any of
the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">foregoing;
      bills of exchange; acceptances; checks; withdrawal orders;
  money</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">orders;
      travelers' letters of credit; bills of lading; abstracts of title;
      insurance</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">policies,
      deeds, mortgages on real estate and/or upon chattels and
    interests</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">therein;
      assignments of such policies, deeds or mortgages; other
  valuable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">papers,
      including books of accounts and other records used by the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED in
      the conduct of its business (but excluding all electronic
data</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">processing
      records); and, all other instruments similar to or in the nature
    of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      foregoing in which the ASSURED acquired an interest at the time of
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED'S
      consolidation or merger with, or purchase of the principal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">assets of,
      a predecessor or which are held by the ASSURED for any</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">purpose or
      in any capacity and whether so held gratuitously or not and</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">whether or
      not the ASSURED is liable therefor.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">k.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Relative </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means the
      spouse of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or partner
      of the ASSURED</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and any
      unmarried child supported wholly by, or living in the home of,
    such</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or partner
      and being related to them by blood, marriage or legal</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">guardianship.</font></td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">l.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Securities, documents or other written instruments
      </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means
      original</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(including
      original counterparts) negotiable or non-negotiable instruments,
    or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">assignments
      thereof, which in and of themselves represent an equitable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">interest,
      ownership, or debt and which are in the ordinary course of
    business</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">transferable by delivery of such instruments with any
      necessary</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">endorsements or assignments.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 10 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_12" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="24%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">m.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Subsidiary </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means any
      organization that, at the inception date of this Bond,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">is named in
      the APPLICATION or is created during the BOND PERIOD and</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of which
      more than fifty percent (50%) of the outstanding securities or
      voting</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">rights
      representing the present right to vote for election of directors is
      owned</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
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      its</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">subsidiaries.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">n.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Transportation Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means any
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or its
      leased vehicles for transportation or which provides freight
      forwarding</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or air
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">o.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Election </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means any
      election concerning dividend options</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">available
      to </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shareholders or subscribers which is</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">requested
      by voice over the telephone.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">p.</font></td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Redemption </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means any
      redemption of shares issued by an</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">which is
      requested by voice over the telephone.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">termination
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            <td colspan="4">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">insurrection. This Section 2.b., however, shall not apply to loss
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in transit
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">naval or
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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      dividends</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">not
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">under
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">g.</font></td>
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    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 11 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_13" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="24%">
            </td>
            <td width="4%">
            </td>
            <td width="4%">
            </td>
            <td width="5%">
            </td>
            <td width="4%">
            </td>
            <td width="56%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="6">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the over
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      through the surrender of property away from premises of the
    ASSURED</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">as a result
      of a threat:</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(1)</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">in</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">transit in
      the custody of any person acting as messenger of the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED,
      provided that when such transit was initiated there was no</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">knowledge
      by the ASSURED of any such threat, and provided further</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">that this
      Section 3.b. shall not apply to INSURING CLAUSE 7., or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(2)</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of the
      ASSURED;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      resulting from payments made or withdrawals from any account</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">involving
      erroneous credits to such account;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">d.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      involving </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Items
      of Deposit </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">which are
      not finally paid for any reason</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provided
      however, that this Section 3.d. shall not apply to INSURING</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">CLAUSE
      10.;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">e.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss of
      property while in the mail;</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 12 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_14" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="24%">
            </td>
            <td width="4%">
            </td>
            <td width="4%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">f.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      resulting from the failure for any reason of a financial or
      depository</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">institution, its receiver or other liquidator to pay or deliver
      funds or other</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to the
      ASSURED provided further that this Section 3.f. shall not</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">apply to
      loss of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">resulting
      directly from robbery, burglary,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">misplacement, mysterious unexplainable disappearance,
    damage,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">destruction
      or removal from the possession, custody or control of the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">g.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Transportation Company</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">provided
      however, that this Section 3.g. shall not apply to INSURING</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">CLAUSE
      3.;</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">h.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      resulting from entries or changes made by a natural person
  with</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">authorized
      access to a </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">who acts in
      good faith on</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">instructions, unless such instructions are given to that person by
      a software</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">contractor
      or its partner, officer, or employee authorized by the ASSURED
  to</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">design,
      develop, prepare, supply, service, write or implement programs
    for</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      ASSURED's </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">;
    or</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">i.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
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      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">System
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or under
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  who</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">had
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">4.</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      resulting from the complete or partial non-payment of or default on
      any</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loan
      whether such loan was procured in good faith or through trick,
      artifice,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">fraud or
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to INSURING
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">loss
      involving a counterfeit provided, however, this Section 4.c. shall
      not</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">apply to
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">5.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">At all
      times prior to termination of this Bond, this Bond shall continue in force
      for</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the limit
      stated in the applicable sections of ITEM 2. of the
  DECLARATIONS,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">liable to
      pay under this Bond provided, however, that the liability of the
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">under this
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
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  no</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">is
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">any one
      unintentional or negligent act on the part of any one person</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">resulting
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    or</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">all acts,
      other than those specified in a. above, of any one person,
  or</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 13 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_15" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="25%">
            </td>
            <td width="4%">
            </td>
            <td width="4%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">d.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">any one
      casualty or event other than those specified in a., b., or c.
    above,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall be
      deemed to be one loss and shall be limited to the applicable LIMIT
      OF</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">LIABILITY
      stated in ITEM 2. of the DECLARATIONS of this Bond irrespective
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          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the total
      amount of such loss or losses and shall not be cumulative in
    amounts</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">from year
      to year or from period to period.</font></td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">All acts,
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">i.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">directly or
      indirectly aid in any way wrongful acts of any other person
or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">persons,
      or</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ii.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">permit the
      continuation of wrongful acts of any other person or persons</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">whether
      such acts are committed with or without the knowledge of the
      wrongful</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">acts of the
      person so aided, and whether such acts are committed with or
    without</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the intent
      to aid such other person, shall be deemed to be one loss with
  the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">wrongful acts of all persons so aided.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">6.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">This Bond
      applies only to loss first discovered by an officer of the
    ASSURED</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">during the
      BOND PERIOD. Discovery occurs at the earlier of an officer of
  the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED
      being aware of:</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">facts which
      may subsequently result in a loss of a type covered by this
  Bond,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">an actual
      or potential claim in which it is alleged that the ASSURED is
    liable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to a third
      party,</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">regardless
      of when the act or acts causing or contributing to such loss
      occurred,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">even though
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          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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      known.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">7.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The ASSURED
      shall give the COMPANY notice thereof at the earliest</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">practicable
      moment, not to exceed sixty (60) days after discovery of loss,
  in</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">an amount
      that is in excess of 50% of the applicable DEDUCTIBLE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">AMOUNT, as
      stated in ITEM 2. of the DECLARATIONS.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The ASSURED
      shall furnish to the COMPANY proof of loss, duly sworn to,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with full
      particulars within six (6) months after such discovery.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Securities
      listed in a proof of loss shall be identified by certificate or
    bond</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">numbers, if
      issued with them.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">d.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Legal
      proceedings for the recovery of any loss under this Bond shall not
      be</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">brought
      prior to the expiration of sixty (60) days after the proof of loss is
      filed</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with the
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  from</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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      affords coverage only in favor of the ASSURED. No claim,
suit,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">action or
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">other than
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          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 14 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_16" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="25%">
            </td>
            <td width="4%">
            </td>
            <td width="4%">
            </td>
            <td width="66%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
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            <td colspan="4">&#160;</td>
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            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">f.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Proof of
      loss involving </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall</font></td>
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            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">include
      electronic recordings of such instructions.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">8.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The COMPANY
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">on account
      of loss unless the amount of such loss, after deducting the net
      amount</font></td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of all
      reimbursement and/or recovery obtained or made by the ASSURED,
    other</font></td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">than from
      any Bond or policy of insurance issued by an insurance company
    and</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">covering
      such loss, or by the COMPANY on account thereof prior to payment
    by</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the COMPANY
      of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ITEM 3. of
      the DECLARATIONS, and then for such excess only, but in no
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">for more
      than the applicable LIMITS OF LIABILITY stated in ITEM 2. of
  the</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">DECLARATIONS.</font></td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">There shall
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  1.</font></td>
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">9.</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">consisting
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">used by the
      ASSURED in the conduct of its business shall be the amount paid
    by</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the ASSURED
      for blank books, blank pages, or other materials which replace
    the</font></td>
          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">lost books
      of account or other records, plus the cost of labor paid by
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED for
      the actual transcription or copying of data to reproduce such
    books</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of account
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The value
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">used by the
      ASSURED in the conduct of its business, for which a claim is
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall be
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">business
      day immediately preceding discovery of such loss provided,
    however,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">that the
      value of any </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">replaced by
      the ASSURED with the consent of the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall be
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">actual
      market value at the time of replacement.</font></td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In the case
      of a loss of interim certificates, warrants, rights or other securities,
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">production
      of which is necessary to the exercise of subscription,
    conversion,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">redemption
      or deposit privileges, the value of them shall be the market value
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">such
      privileges immediately preceding their expiration if said loss is not
      discovered</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
      for</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">such
      privileges, the value shall be fixed by agreement between the
      parties.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The value
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      than as stated above, shall be the actual</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">like
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          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 15 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_17" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="22%">
            </td>
            <td width="6%">
            </td>
            <td width="4%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">10.</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">at its sole
      discretion, purchase replacement securities, tender the value of
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            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
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    Section</font></td>
          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
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      the</font></td>
          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">for
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applicable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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  but</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">within the
      applicable LIMIT OF LIABILITY - the percentage that the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">DEDUCTIBLE
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">- the
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of</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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    securities.</font></td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The value
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">as a
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">LIMIT OF
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  indemnity</font></td>
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Subrogation - Assignment - </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">11.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In the
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            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">all of the
      ASSURED'S rights of recovery against any person or entity to the
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of such
      payment. On request, the ASSURED shall deliver to the COMPANY
  an</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">assignment
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">against any
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Recoveries,
      whether effected by the COMPANY or by the ASSURED, shall be</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">applied net
      of the expense of such recovery in the following order:</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">first, to
      the satisfaction of the ASSURED'S loss which would otherwise
  have</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">been paid
      but for the fact that it is in excess of the applicable LIMIT
  OF</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">LIABILITY,</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">second, to
      the COMPANY in satisfaction of amounts paid in settlement of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      ASSURED'S claim,</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">third, to
      the ASSURED in satisfaction of the applicable DEDUCTIBLE</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">AMOUNT,
      and</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 16 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_18" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="25%">
            </td>
            <td width="4%">
            </td>
            <td width="4%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">d.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">fourth, to
      the ASSURED in satisfaction of any loss suffered by the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED
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          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Recovery
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    a</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">recovery under this section.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">12.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">At the
      COMPANY'S request and at reasonable times and places designated
    by</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">submit to
      examination by the COMPANY and subscribe to the same under</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">oath,</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">produce for
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">cooperate
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The ASSURED
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">COMPANY the
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Securities
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Exchange
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          </tr><tr valign="bottom">
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">immediately
      on the filing of a petition under any State or Federal
statute</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">relative to
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for</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the benefit
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">immediately
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">into
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otherwise.</font></td>
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            <td colspan="4">&#160;</td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap>&#160;</td>
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reason.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 17 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_19" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="23%">
            </td>
            <td width="6%">
            </td>
            <td width="4%">
            </td>
            <td width="65%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If any
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    an</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED not
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">committed
      by such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">at any
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED or
      otherwise, whether or not such act is of the type covered under
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond, and
      whether against the ASSURED or any other person or entity,
the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ASSURED:</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall
      immediately remove such </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">from a
      position that would enable</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">such
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to cause
      the ASSURED to suffer a loss covered by this</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Bond;
      and</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">within
      forty-eight (48) hours of learning that an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">has
      committed</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">any
      dishonest act, shall notify the COMPANY, of such action and provide
      full</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">particulars
      of such dishonest act.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">sixty
      (60)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">days after
      written notice is received by each ASSURED </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and the
      Securities and Exchange Commission, Washington, D.C. of its desire
      to</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,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-boldmt,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">14.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Coverage
      under this Bond shall apply only as excess over any valid and
      collectible</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">insurance,
      indemnity or suretyship obtained by or on behalf of:</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      ASSURED,</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">a
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Transportation Company</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">,
    or</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">c.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">another
      entity on whose premises the loss occurred or which employed
  the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">person
      causing the loss or engaged the messenger conveying the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">involved.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">15.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If any
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      Bond's</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">construction, such limitation shall be deemed to be amended so as
      to equal the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">minimum period of limitation provided by such law.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">16.</font></td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">This Bond
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    changed</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or modified
      orally. No change in or modification of this Bond shall be
    effective</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">except when
      made by written endorsement to this Bond signed by an
  authorized</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">representative of the COMPANY.</font></td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If this
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">adversely
      affect the rights of the ASSURED shall be effective prior to sixty
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">days after
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  Exchange</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Commission,
      Washington, D.C., by the acting
party.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
      (5-98)</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
      17-02-1421 (Ed. 5-98)</font></td>
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 18 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_20" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="26%">
            </td>
            <td width="73%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="2">&#160;</td>
          </tr><tr>
            <td colspan="2">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If this
      Bond is for a joint ASSURED, no charge or modification which
    would</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">adversely
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">days after
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and to the
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">COMPANY.</font></td>
          </tr></table>
    </div><br>
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="54%">
            </td>
            <td width="45%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ICAP Bond
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Form
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            <td align="left" nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Page 19 of
      19</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_21" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="40%">
            </td>
            <td width="16%">
            </td>
            <td width="43%">
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          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Effective
      date of</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">this
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            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Endorsement
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Issued to:
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            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
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            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap>&#160; &#160; &#160; &#160; &#160; &#160;
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            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">It is
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            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
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            <td colspan="3">&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
          </tr><tr>
            <td colspan="3">&#160;</td>
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            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ALL OTHER
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UNCHANGED.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif">Date: October 16, 2009</font></div>
    <div>&#160;</div>
    <div align="center">&#160;<img src="signature3.jpg" alt="Signature 3"></div>
    <div>&#160;</div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,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" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="3%">
            </td>
            <td width="37%">
            </td>
            <td width="33%">
            </td>
            <td width="24%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Effective
      date of</font></td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">this
      endorsement/rider: September 1, 2009</font></td>
            <td align="left" colspan="2" nowrap>&#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Endorsement/Rider No.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">To be
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">form a part
      of Bond No.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">82179290</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Issued to:
      THE MEXICO EQUITY &amp; INCOME FUND, INC.</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" colspan="2" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font></td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">DELETING
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          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">ENDORSEMENT</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In
      consideration of the premium charged, it is agreed that this Bond is
      amended as follows:</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">1.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The
      paragraph titled Other Property in Section 9, Valuation, is deleted in its
      entirety.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">2.</font></td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The third
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      entirety and replaced</font></td>
          </tr><tr valign="bottom">
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with the
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If this
      Bond is for a joint ASSURED, no change or modification which would
      adversely affect the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">rights of
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            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">furnished
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      Securities and Exchange Commission,</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Washington,
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The title
      and any headings in this endorsement/rider are solely for convenience and
      form no part of the</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">terms and
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">All other
      terms, conditions and limitations of this Bond shall remain
      unchanged.</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr></table>
    </div><br>
    <div align="center">&#160;<img src="signature3.jpg" alt="Signature 3"></div>
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    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif">17-02-2437 (12/2006) rev.</font></div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,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" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="3%">
            </td>
            <td width="42%">
            </td>
            <td width="23%">
            </td>
            <td width="30%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Effective
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">this
      endorsement/rider: September 1, 2009</font></td>
            <td align="left" colspan="2" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Endorsement/Rider No.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">3</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">To be
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">form a part
      of Bond No.</font></td>
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">82179290</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Issued to:
      THE MEXICO EQUITY &amp; INCOME FUND, INC.</font></td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;
      &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">C/O US
      BANCORP FUND SERVICES</font></td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
            <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
            <td align="left" colspan="3" nowrap>&#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
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            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">In
      consideration of the premium charged, it is agreed that GENERAL
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          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Offices Or
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      Liabilities-Notice To</font></td>
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            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Company, is
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            <td align="left" nowrap>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Automatic
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          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If an
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            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(&#226;?&#339;the
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
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      than by consolidation or merger with, or purchase or</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160;</td>
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            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(ii)</font></td>
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      in asset size of current </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Companies </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">covered
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          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">then the
      minimum required increase in limits shall take place automatically without
      payment of additional</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="3" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">premium for
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          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The title
      and any headings in this endorsement/rider are solely for convenience and
      form no part of the terms</font></td>
          </tr><tr valign="bottom">
            <td align="left" colspan="2" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">and
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            <td align="left" nowrap>&#160;</td>
            <td align="left" nowrap>&#160;</td>
          </tr><tr>
            <td colspan="4">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" colspan="4" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">All other
      terms, conditions and limitations of this Bond shall remain
      unchanged.</font></td>
          </tr></table>
    </div><br>
    <div align="center">&#160;<img src="signature3.jpg" alt="Signature 3">&#160;</div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">14-02-14098 (04/2008)</font></td>
          </tr></table>
    </div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,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>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="100%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Your
      company is now required to file an electronic copy of your fidelity
      insurance coverage</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(Chubb&#8217;s
      ICAP Bond policy) to the Securities and Exchange Commission (SEC),
      according to</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">rules
      adopted by the SEC on June 12, 2006.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Chubb is in
      the process of providing your agent/broker with an electronic copy of your
      insurance</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">policy as
      well as instructions on how to submit this proof of fidelity insurance
      coverage to the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">SEC. You
      can expect to receive this information from your agent/broker
      shortly.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The
      electronic copy of your policy is provided by Chubb solely as a
      convenience and does not</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">affect the
      terms and conditions of coverage as set forth in the paper policy you
      receive by mail.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The terms
      and conditions of the policy mailed to you, which are the same as those
      set forth in</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
      electronic copy, constitute the entire agreement between your company and
      Chubb.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If you have
      any questions, please contact your agent or
broker.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,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>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="99%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">All of the
      members of the Chubb Group of Insurance companies doing business in the
      United</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">States
      (hereinafter &#8220;Chubb&#8221;) distribute their products through licensed insurance
      brokers and agents</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(&#8220;producers&#8221;). Detailed information regarding the types of
      compensation paid by Chubb to producers on</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">US
      insurance transactions is available under the Producer Compensation link
      located at the bottom of the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">page at
      www.chubb.com, or by calling 1-866-588-9478. Additional information may be
      available from</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">your
      producer.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Thank you
      for choosing Chubb.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,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>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="100%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap>&#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">You are hereby
      notified that, under the Terrorism Risk Insurance Act (the &#226;?&#339;Act&#226;?&#157;),
      effective</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">December 26, 2007,
      this policy makes available to you insurance for losses arising out
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">certain acts of
      terrorism. Terrorism is defined as any act certified by the Secretary of
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Treasury, in
      concurrence with the Secretary of State and the Attorney General of
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">United States, to
      be an act of terrorism; to be a violent act or an act that is dangerous
      to</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">human life,
      property or infrastructure; to have resulted in damage within the
      United</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">States, or outside
      the United States in the case of an air carrier or vessel or the
      premises</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of a United States
      Mission; and to have been committed by an individual or individuals
      as</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">part of an effort
      to coerce the civilian population of the United States or to influence
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">policy or affect
      the conduct of the United States Government by coercion.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">You should know
      that the insurance provided by your policy for losses caused by acts
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">terrorism is
      partially reimbursed by the United States under the formula set forth in
      the</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Act. Under this
      formula, the United States pays 85% of covered terrorism losses
    that</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">exceed the
      statutorily established deductible to be paid by the insurance
      company</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">providing the
      coverage.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">However, if
      aggregate insured losses attributable to terrorist acts certified under
      the Act</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">exceed $100
      billion in a Program Year (January 1 through December 31), the
      Treasury</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall not make any
      payment for any portion of the amount of such losses that
  exceeds</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$100
      billion.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%"><!--$$/page=-->
<a name="page_27" />
    <div>
      <table border="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td width="100%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If aggregate
      insured losses attributable to terrorist acts certified under the Act
      exceed</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">$100 billion in a
      Program Year (January 1 through December 31) and we have met
  our</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">insurer deductible
      under the Act, we shall not be liable for the payment of any portion
      of</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the amount of such
      losses that exceeds $100 billion, and in such case insured losses
    up</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">to that amount are
      subject to pro rata allocation in accordance with procedures</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">established by the
      Secretary of the Treasury.</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">The portion of
      your policy&#226;?&#8482;s annual premium that is attributable to insurance for such
      acts</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of terrorism is: $
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr>
            <td>&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If you have any
      questions about this notice, please contact your agent or
  broker.</font></td>
          </tr></table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,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: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The Mexico Equity and Income
Fund, Inc.</font></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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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: 10pt; FONT-FAMILY: Times New Roman"><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
$400,000 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: 10pt; FONT-FAMILY: Times New Roman">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>
      <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: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FURTHER RESOLVED</font>, that the
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: 10pt; FONT-FAMILY: Times New Roman"><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: 10pt; FONT-FAMILY: Times New Roman">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: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FURTHER RESOLVED</font>, that the
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: 10pt; FONT-FAMILY: Times New Roman">Policy
from Federal Insurance Company in the amount of $400,000, with a deductible of
zero dollars, covering the Fund through September 1, 2010 be,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
hereby are, ratified, confirmed and approved.</font></div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </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: 10pt; FONT-FAMILY: Times New Roman">The
Mexico Equity &amp; Income Fund, Inc.</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: 10pt; FONT-FAMILY: Times New Roman">Rule
17g-1(g)(1)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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of $1,000 has been paid by the&#160;Mexico Equity and Income Fund&#160;for
$400,000 of Fidelity Bond coverage.&#160;&#160;The Fidelity Bond Policy covers
the period August 31, 2009 to August 31, 2010.</font></div>
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    <div>&#160;</div>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
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-----END PRIVACY-ENHANCED MESSAGE-----
