<SEC-DOCUMENT>0000943663-07-000021.txt : 20110304
<SEC-HEADER>0000943663-07-000021.hdr.sgml : 20110304

<ACCEPTANCE-DATETIME>20070125162613

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000943663-07-000021

CONFORMED SUBMISSION TYPE:	POS AMI

PUBLIC DOCUMENT COUNT:		21

FILED AS OF DATE:		20070125

DATE AS OF CHANGE:		20070326


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ABERDEEN GLOBAL INCOME FUND INC

		CENTRAL INDEX KEY:			0000876717

		IRS NUMBER:				133334183

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		POS AMI

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-06342

		FILM NUMBER:		07553334



	BUSINESS ADDRESS:	

		STREET 1:		1735 MARKET STREET

		STREET 2:		32ND FLOOR

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		215-405-5700



	MAIL ADDRESS:	

		STREET 1:		1735 MARKET STREET

		STREET 2:		32ND FLOOR

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ABERDEEN COMMONWEALTH INCOME FUND INC

		DATE OF NAME CHANGE:	20010601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	FIRST COMMONWEALTH FUND INC

		DATE OF NAME CHANGE:	19920929



</SEC-HEADER>

<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>posamino8.htm
<DESCRIPTION>POST EFFECTIVE AMENDMENT NO 8
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>DECHERT LLP</TITLE>
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<FONT SIZE=2><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">As filed with the Securities and Exchange Commission on January
25, 2007.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">File No. 811-06342</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Washington, D.C. 20549</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">FORM N-2</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Registration Statement Under the Investment Company Act of 1940</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Amendment No. 8</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN GLOBAL INCOME
FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Exact name of Registrant as Specified in Charter)</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">800 Scudders Mill Road</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Plainsboro, New Jersey 08536</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Address of Principal Executive Offices)</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Registrant's telephone number, including Area Code: (866) 839-5233</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Mr. Christian Pittard</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Aberdeen Asset Management Inc.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">1735 Market Street, 37<SUP>th</SUP> Floor</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Philadelphia, PA 19103</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Name and Address of Agent for Service)</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Copies to:</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Sander M. Bieber, Esq.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Dechert LLP</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">1775 I Street, NW</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Washington, DC  20006</P>

<P>If any securities being registered on this form will be offered on a delayed
or continuous basis in reliance on Rule 415 under the Securities Act of 1933,
other than securities offered in connection with a dividend reinvestment plan,
check the following box ... [&nbsp;&nbsp; ]</P>

<P>It is proposed that this filing will become effective (check appropriate box)</P>

<P>[&nbsp;&nbsp; ] when declared effective pursuant to Section 8(c)</P>

<P>The following boxes should only be included and completed if the registrant is a registered closed-end management investment company or business development company which makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act and is making this filing in accordance with Rule 486 under the Securities Act.</P>

<P>[X] immediately upon filing pursuant to paragraph (b)</P>
<hr>
</FONT>
<B>
<P ALIGN="CENTER">PART C</P>
</B>
<P>&#9;</P>
<P>&#9;Registrant's Articles of Amendment and Restatement dated April 26, 2006, as filed with the Maryland State Department of Assessments and Taxation on April 27, 2006, filed herewith as Exhibit (a)(19).</P>

<P>&#9;Registrant's Certificate of Notice dated January 5, 2006, field herewith as Exhibit (a)(20)</P>

<P>&#9;Registrant's Certificate of Notice dated September 12, 2006, field herewith as Exhibit (a)(21)</P>

<P>&#9;Registrant's Bylaws as amended and restated as of June 7, 2006, filed herewith as Exhibit (b)(4).</P>
<P>&#9;Registrant's Form of Stock Certificate for Registrant's Common Stock, filed herewith as Exhibit (d).</P>

<P>&#9;Registrant's Dividend and Reinvestment Cash Purchase Plan, filed herewith as Exhibit (e).</P>
<P>&#9;Registrant's Management Agreement with Aberdeen Asset Management Asia Limited, dated March 8, 2004, filed herewith as Exhibit (g)(6). </P>

<P>&#9;Registrant's Investment Advisory Agreement among Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Limited, dated March 8, 2004, filed herewith as Exhibit (g)(7).</P>

<P>&#9;Second Amendment to Custodian Contract between Registrant and State Street Bank and Trust Company, dated as of July 8, 2005, filed herewith as Exhibit (j)(3).</P>

<P>&#9;Registrant's Administration Agreement with Aberdeen Asset Management Inc., dated September 30, 2004, filed herewith as Exhibit (k)(7).</P>

<P>&#9;Amendment to Registrant's Administration Agreement with Aberdeen Asset Management Inc., dated January 12, 2006, filed herewith as Exhibit (k)(8).</P>

<P>&#9;Sub-Administration Agreement between Aberdeen Asset Management Inc. and Princeton Administrators, L.P., dated September 30, 2004, filed herewith as Exhibit (k)(9).</P>

<P>&#9;Registrant's Stock Transfer Agency Agreement with The Bank of New York, dated July 19, 2004, filed herewith as Exhibit (k)(10).</P>

<P>&#9;Amendment to Registrant's Stock Transfer Agency Agreement with The Bank of New York, dated November 10, 2004, filed herewith as Exhibit (k)(11).</P>

<P>&#9;Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Manager, filed herewith as Exhibit (m)(1).</P>

<P>&#9;Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Adviser, filed herewith as Exhibit (m)(2).</P>

<P>&#9;17j-1 Code of Ethics for Registrant, filed herewith as Exhibit (r)(1).</P>

<P>&#9;Sarbanes-Oxley Code of Ethics for Registrant, filed herewith as Exhibit (r)(2)</P>

<P>&#9;Code of Ethics for Investment Manager and Investment Adviser, filed herewith as Exhibit (r)(3).</P>

<hr>

<B>
<P ALIGN="CENTER">SIGNATURES</P>
</B>
<P>&#9;Pursuant to the requirements of the Investment Company Act of 1940, the
Registrant has duly caused this Amendment No. 8 to its Registration Statement to
be signed on its behalf by the undersigned, thereunto duly authorized, in the
District of Columbia, on the 25th day of January, 2007.&nbsp; The undersigned
duly represents that this amendment to the registration statement does not
contain disclosure which would render it ineligible to become effective under
Rule 486(b) of the Securities Act of 1933.</P>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=698 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<P>ABERDEEN GLOBAL INCOME FUND, INC.</TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<U><P>      &nbsp;&nbsp;&nbsp;      *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<P>Martin J. Gilbert</TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<I><P>President and Director</I></TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<P>By: <U>/s/ Karl Paulson Egbert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<P>      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      Karl Paulson Egbert</TD>
</TR>
<TR><TD WIDTH="245" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="425" VALIGN="TOP">
<P>      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      as Attorney-in-Fact for Martin J. Gilbert</TD>
</TR>
</TABLE>


<P>* Pursuant to a power of attorney filed herewith. </P>

<hr>
<B><P ALIGN="CENTER">POWER OF ATTORNEY</P>
<P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned Director or Officer constitutes and appoints Sander M. Bieber, David J. Harris, Wendy Fox, Jennifer O. Epstein, Victoria M. Szybillo, Karl Paulson Egbert, and Tiffany Ford, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place, and stead, in any and all capacities, to sign any and all registration statements, exemptive applications, no-action letter requests and other regulatory filings made applicable to <B>ABERDEEN GLOBAL INCOME FUND, INC.</B> (the "Fund"), and any amendments, exhibits, or supplements thereto, and to file and/or withdraw the same, with all other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Director or Officer of the Fund, hereby ratifying and confirming all that each said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;IN WITNESS WHEREOF, the undersigned has duly executed this Power of Attorney on the date indicated below.</P>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="33%" VALIGN="TOP">
<U>
<B><P style="margin-top: 0; margin-bottom: 0">Name</B></U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U>
<B><P style="margin-top: 0; margin-bottom: 0">Title</B></U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U>
<B><P style="margin-top: 0; margin-bottom: 0">Date</B></U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ Martin J. Gilbert</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">President and Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Martin J. Gilbert</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ Christian Pittard</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Principal Financial and</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Christian Pittard</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Accounting Officer</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ David L. Elsum</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 13, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">David L. Elsum</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ P. Gerald Malone</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">P. Gerald Malone</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ Neville J. Miles</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 20, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Neville J. Miles</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ William J. Potter</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Willam J. Potter</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ Peter Sacks</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Peter D. Sacks</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ Anton E. Schrafl</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">S<U>eptember 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Anton E. Schrafl</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ E. Duff Scott</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">E. Duff Scott</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ John T. Sheehy</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">John T. Sheehy</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">/s/ Warren C. Smith</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Director</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">September 12, 2006</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Warren C. Smith</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>

<B><hr>
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT INDEX</P>
</B>
<U><P>Exhibit&#9;</U>&#9;<U>Description</P>
</U>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(a)(19)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Articles of Amendment and Restatement dated April  26, 2006</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(a)(20)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Certificate of Notice dated January 5, 2006</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(a)(21)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Certificate of Notice dated September 12, 2006</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(b)(4)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Bylaws as amended and restated as of June 7, 2006</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(d)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Form of Stock Certificate for Registrant's Common Stock</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(e)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Dividend and Reinvestment Cash Purchase Plan</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(g)(6)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Management Agreement with Aberdeen Asset Management Asia Limited dated March 8, 2004</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(g)(7)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Investment Advisory Agreement among Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Limited, dated March 8, 2004</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(j)(3)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Second Amendment to Custody Contract between Registrant and State Street Bank and Trust Company dated as of July 8, 2005</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(k)(7)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Administration Agreement with Aberdeen Asset Management Inc. dated September 30, 2004</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(k)(8)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Amendment to Registrant's Administration Agreement with Aberdeen Asset Management Inc. dated January 12, 2006</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(k)(9)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Sub-Administration Agreement between Aberdeen Asset Management Inc. and Princeton Administrators, L.P. dated September 30, 2004</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(k)(10)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Registrant's Stock Transfer Agency Agreement with The Bank of New York dated July 19, 2004</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(k)(11)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Amendment to Registrant's Stock Transfer Agency Agreement with The Bank of New York dated November 10, 2004</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(m)(1)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Manager</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(m)(2)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Form ADV, Non-Resident Investment Adviser Execution Page for Registrant's Investment Adviser</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(r)(1)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>17j-1 Code of Ethics for Registrant</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(r)(2)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Sarbanes-Oxley Code of Ethics for Registrant</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP">
<P>(r)(3)</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<P>Code of Ethics for Investment Manager and Investment Adviser</TD>
</TR>
</TABLE>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>2
<FILENAME>posamiexa19.htm
<DESCRIPTION>ARTICLES OF AMENDMENT AND RESTATEMENT
<TEXT>
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<P align=right>Exhibit (a)(19)</P><B><U>
<P align=center>ABERDEEN GLOBAL INCOME FUND, INC.</P></U>
<P align=center>ARTICLES OF AMENDMENT AND RESTATEMENT</P>
<P align=center></P></B>
<P>1. Aberdeen Global Income Fund, Inc., a Maryland corporation, desires to
amend and restate its Charter as currently in effect and as hereinafter
amended.</P>
<P>2. The following provisions are all the provisions of the Charter currently
in effect and as hereinafter amended:</P><B>
<P>ARTICLE I</B>: <B><U>Incorporator</U>.</P></B>
<P align=justify>The undersigned, Margaret A. Bancroft, whose post office
address is 477 Madison Avenue, New York, New York 10022, being at least eighteen
years of age, does hereby act as incorporator under and by virtue of the
Maryland General Corporation Law ("MGCL").</P><B>
<P>ARTICLE II</B>: <B><U>Name</B></U>.</P>
<P>The name of the corporation is Aberdeen Global Income Fund, Inc. (the
"Corporation").</P><B>
<P>ARTICLE III: <U>Corporate Purposes and Powers</U>.</P></B>
<P align=justify>The purposes for which the Corporation is formed are to act as
an investment company under the Federal Investment Company Act of 1940, as
amended, and to exercise and enjoy all the powers, rights and privileges granted
to, or conferred upon, corporations by the General Laws of the State of Maryland
now or hereafter in force.</P><B>
<P>ARTICLE IV: <U>Address and Resident Agent</U>.</P></B>
<P align=justify>The post office address of the principal office of the
Corporation in the State of Maryland is c/o The Corporation Trust Incorporated,
300 East Lombard Street, Baltimore, Maryland 21202. The name and address of the
resident agent of the Corporation in the State of Maryland is The Corporation
Trust Incorporated, whose post office address is 300 East Lombard Street,
Baltimore, Maryland 21202.</P><B>
<P>ARTICLE V:</B> <B><U>Capital Stock</B></U>.</P>
<P align=justify>The total number of shares of all classes of stock which the
Corporation shall have authority to issue is 400,000,000 shares with an
aggregate par value of $400,000 initially divided into two classes of
300,000,000 shares of Common Stock, $.001 par value per share ("Common Stock"),
and of 100,000,000 shares of Preferred Stock $.001 par value per share
("Preferred Stock"), consisting of 1,200 shares of Auction Market Preferred
Stock, Series W-7. The Board of Directors may classify or reclassify any
unissued shares of stock by, among other things, setting or changing in any one
or more respects the preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends, qualifications, or terms or
conditions of redemption of such shares of stock.</P>
<P>The preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of
redemption of the Common Stock and the Preferred Stock are as follows:</P>
<DIR>
<DIR>
<P>(a) <U>Common Stock</U>.</P>
<P align=justify>(ii) <U>Dividends</U>. Subject to law and to the preferences of
the Preferred Stock, the holders of the Common Stock shall be entitled to
receive dividends at such time and in such amounts as may be determined by the
Board of Directors.</P>
<P align=justify></P>
<P align=justify>(ii) <U>Voting</U>. Except as provided by law or as otherwise
contemplated by the Corporation's charter (the "Charter"), each outstanding
share of Common Stock shall be entitled to one vote on each matter submitted to
a vote of the stockholders of the Corporation and shares of Common Stock shall
be voted together with all other shares of the Corporation's capital stock as
one class.</P>
<P align=justify></P>
<P align=justify>(iii) <U>Liquidation</U>. In the event of any merger, sale of
assets, liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, after payment or provision for payment of the debts
and other liabilities of the Corporation and the preferential amounts to which
the holders of the Preferred Stock shall be entitled upon liquidation, the
holders of the Common Stock shall be entitled to share in the remaining assets
of the Corporation according to their respective interests.</P></DIR></DIR>
<P>(b) <U>Preferred Stock</U>.</P>
<DIR>
<DIR>
<P align=justify>(i) <U>Authority of the Board of Directors to issue in one or
more series</U>. Authority is expressly granted to the Board of Directors to
authorize the issue of one or more series of Preferred Stock, and to fix by
resolution or resolutions providing for the issue of each such series the
preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of
redemption of each such series to the full extent now or hereafter permitted by
law and subject to this Article V, including but not limited to the
following:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(A) The number of shares of each such series, which may
subsequently be increased (except as otherwise provided by resolution or
resolutions of the Board of Directors providing for the issue of such series) or
decreased (to a number not less than the number of shares then outstanding) by
resolution or resolutions of the Board of Directors, and the distinctive
designation of each such series;</P>
<P align=justify></P>
<P align=justify>(B) The rates or amounts, the periods, and the times of payment
of dividends on shares of each such series;</P>
<P align=justify></P>
<P align=justify>(C) The voting powers, if any, of the holders of each such
series in addition to the voting powers provided by law and by this Charter;</P>
<P align=justify></P>
<P align=justify>(D) The terms and conditions, if any, upon which the shares of
each such series shall be convertible into or exchangeable for shares of any
other series, class or classes, or any other property, to the full extent now or
hereafter permitted by law;</P>
<P align=justify></P>
<P align=justify>(E) The time or times during which the price, or prices at
which, and the terms and conditions on which, the shares of each such series may
be redeemed;</P>
<P align=justify></P>
<P align=justify>(F) The terms of any sinking fund to be applied to the purchase
or redemption, or both, of shares of each such series, and the terms and amount
of any sinking fund payments and the manner of their application; and</P>
<P align=justify></P>
<P align=justify>(G) The amount which the holders of each such series shall be
entitled to receive in the event of any merger, sale of assets, liquidation,
dissolution or winding up of the Corporation, whether voluntary or
involuntary.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(ii) Dividends. The holders of Preferred Stock of each series
shall be entitled to receive, when and as declared by the Board of Directors,
dividends at the rates or amounts, for the periods, and at the times, determined
in the manner specified for such series by the Board of Directors as authorized
in the preceding part (b)(i) of this Article V.</P>
<P align=justify></P>
<P align=justify>(iii) Voting. Except as provided by law or as otherwise
contemplated by the Corporation's Charter, including any Articles Supplementary,
each outstanding share of Preferred Stock shall be entitled to one vote on each
matter submitted to a vote of stockholders of the Corporation and shares of
Preferred Stock of all series shall be voted together with all shares of the
Corporation's capital stock as one class.</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(A) Directors. At any meeting of stockholders of the
Corporation at which Directors are to be elected, the holders of shares of
Preferred Stock of all series, voting separately as a single class, shall be
entitled to elect two members of the Board of Directors, and the holders of
Common Stock, voting separately as a single class, shall be entitled to elect
the balance of the members of the Board of Directors.</P>
<P align=justify></P>
<P align=justify>If at any time dividends on any outstanding Preferred Stock of
any series shall be unpaid in an amount equal to two full years' dividends, the
number of Directors constituting the Board of Directors shall automatically be
increased by the smallest number that, when added to the number of Directors
then constituting the Board of Directors, shall together with the two Directors
elected by the holders of Preferred Stock pursuant to the preceding paragraph,
constitute a majority of such increased number; and at a special meeting of
stockholders, which shall be called and held as soon as practicable, and at all
subsequent meetings at which Directors are to be elected, the holders of
Preferred Stock of all series voting separately as a single class shall be
entitled to elect the smallest number of additional Directors of the Corporation
who, together with the two Directors elected by the holders of Preferred Stock
pursuant to the preceding paragraph, will constitute a majority of the total
number of Directors of the Corporation so increased. If the Corporation
thereafter shall pay, or declare and set apart for payment, in full all
dividends accrued and payable on all outstanding shares of Preferred Stock of
all series for all past dividend periods, the voting rights stated is this
paragraph shall cease, and the terms of office of all additional Directors
elected by the holders of Preferred Stock terminate automatically.</P>
<P align=justify></P>
<P align=justify>Any vacancy in the office of any Director elected by the
holders of shares of Preferred Stock may be filled by the remaining Directors
(or Director) so elected or, if not so filled, by the holders of shares of
Preferred Stock of all series, voting separately as a single class, at any
meeting of stockholders for the election of Directors, provided, however, if
Preferred Stock of any series is issued and at the time of issuance no existing
Directors have been elected by the holders of Preferred Stock, then a majority
of the Corporation's Directors, whether or not sufficient to constitute a
quorum, may fill such vacancy or vacancies.</P>
<P align=justify></P>
<P align=justify>(B) Other Voting Rights. In addition to any approval by
stockholders that might otherwise be required by law or pursuant to the terms of
any resolution fixing the terms of any series of Preferred Stock or amending any
such terms, the approval of the holders of a majority of outstanding shares of
Preferred Stock of all series, voting separately as a single class, shall be
required to adopt any plan of reorganization that would adversely affect holders
of the Preferred Stock, or take any action requiring a vote of security holders
pursuant to Section 13(a) of the Investment Company Act of 1940, as amended.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(iv) Liquidation. In the event of any merger, sale of assets,
liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of Preferred Stock of each series shall be entitled to
receive only such amount or amounts, including accrued and unpaid dividends, as
shall have been fixed by the Corporation's Charter or by the resolution or
resolutions of the Board of Directors providing for the issue of such series.
If, upon any such merger, sale of assets, liquidation, dissolution or winding up
of the Corporation, whether voluntary or involuntary, the assets of the
Corporation available for distribution among the holders of all outstanding
shares of Preferred Stock of all series should be insufficient to permit the
payment in full to such holders of the amounts to which they are entitled, then
such available assets shall be distributed among the holders of shares of
Preferred Stock ratably in any such distribution of assets according to the
respective amounts that would be payable on all such shares if all amounts
thereon were paid in full.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(c) <U>All Stock</U>. No preemptive rights. No holder of shares
of the Corporation, whether now or hereafter authorized, shall be entitled as of
right to acquire from the Corporation any shares of the Corporation, whether now
or hereafter authorized.</P>
<P align=justify></P><B>
<P>ARTICLE VI: <U>Board of Directors</U>.</P></B>
<P align=justify>(a) Number of Directors.</P>
<P align=justify></P>
<P align=justify>The number of Directors of the Corporation consisted initially
of one director and thereafter of that number of Directors as is specified in
the By-Laws of the Corporation. The name of that person who acted as the initial
Director until the first annual meeting and until his successor was elected and
qualified was Timothy P. Sullivan.</P>
<P align=justify></P>
<P align=justify>(b) <U>Classified Board</U>.</P>
<P align=justify></P>
<P align=justify>The Directors elected by holders of Common Stock shall be
divided into three classes, as nearly equal in number as possible, and shall be
designated as Class I, Class II, and Class III Directors, respectively, with the
Class I Directors to be originally elected for a term expiring at the annual
meeting held in 1993, the Class II Directors to be originally elected for a term
expiring at the annual meeting held in 1994 and the Class III Directors to be
originally elected for a term expiring at the annual meeting held in 1995. After
expiration of the terms of office specified for such Directors, the Directors of
each class shall serve for terms of three years, or, when filling a vacancy, for
the unexpired portion of such term and until their successors are elected and
have qualified.</P>
<P align=justify></P>
<P align=justify>(c) <U>Removal of Directors</U>.</P>
<P align=justify></P>
<P align=justify>The stockholders of any class of stock may, by the affirmative
vote of the holders of shares representing at least 80% of the outstanding
shares of such class of stock, remove any Director or Directors of such class
from office, for cause only and similarly elect a successor or successors to
fill any resulting vacancies for the unexpired terms of the removed Director or
Directors.</P>
<P align=justify></P><B>
<P align=justify>ARTICLE VII: <U>Management of the Affairs of the
Corporation</U>.</P>
<P align=justify></P></B>
<P align=justify>(a) <U>Power Vested in Board</U>.</P>
<P align=justify></P>
<P align=justify>All corporate powers and authority of the Corporation (except
as at the time otherwise provided by statute, by the Charter or by the By-Laws)
shall be vested in and exercised by the Board of Directors.</P>
<P align=justify></P>
<P align=justify>(b) <U>Power to Adopt By-Laws</U>.</P>
<P align=justify></P>
<P align=justify>The Board of Directors shall have the power to adopt, alter or
repeal the By-Laws of the Corporation except to the extent that the By-Laws
otherwise provide.</P>
<P align=justify></P>
<P align=justify>(c) <U>Corporation's Books and Accounts</U>.</P>
<P align=justify></P>
<P align=justify>The Board of Directors shall have power from time to time to
determine whether and to what extent, and at what times and places and under
what conditions and regulations, the accounts and books of the Corporation
(other than the stock ledger) or any of them shall be open to the inspection of
stockholders, and no stockholder shall have any right to inspect any account,
book or document of the Corporation except to the extent permitted by statute or
the By-Laws.</P>
<P align=justify></P>
<P align=justify>(d) <U>Determination of Net Income, etc</U>.</P>
<P align=justify></P>
<P align=justify>The Board of Directors shall have the power to determine, as
provided herein or in any Articles Supplementary, or if provision is not so
made, in accordance with generally accepted accounting principles, what
constitutes net income, total assets and the net asset value of the shares of
Common Stock of the Corporation.</P>
<P align=justify></P>
<P align=justify>(e) <U>Declaration of Dividends</U>.</P>
<P align=justify></P>
<P align=justify>The Board of Directors shall have the power to declare and
distribute dividends from funds legally available therefor in such amount, if
any, and in such manner and to the stockholders of record as of such date, as
the Board of Directors may determine.</P><B>
<P align=justify>ARTICLE VIII: <U>Special Vote of Stockholders</U>.</P>
<P align=justify></P></B>
<P align=justify>(a) Except as otherwise provided in this Article VIII, the vote
of the holders of shares representing at least 80% of the outstanding shares of
the Corporation's Common Stock and Preferred Stock of all series voting as a
single class shall be necessary to effect any of the following actions unless
the Continuing Directors (as hereinafter defined) of the Corporation by a vote
of at least 66-2/3% of such Directors, approve such action, in which case,
except as otherwise required by law or the Charter of the Corporation (x) with
respect to those matters and transactions for which a stockholder vote is
required under Maryland law, the requisite vote shall be the vote of at least a
majority of the outstanding shares of the Corporation's Common Stock and
Preferred Stock of all series voting as a single class, and (y) with respect to
those matters and transactions for which a stockholder vote is not required
under Maryland law, no stockholder vote will be required:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(i) any amendment to the Corporation's Charter to make the
Corporation's Common Stock a "redeemable security" (as such term is defined in
the Investment Company Act of 1940) or to otherwise effect the conversion of the
Corporation from closed-end to open-end status under the Investment Company Act
of 1940;</P>
<P align=justify></P>
<P align=justify>(ii) any amendment to the Corporation's Charter to provide for
fewer than three classes of Directors elected by the holders of Common
Stock;</P>
<P align=justify></P>
<P align=justify>(iii) any amendment to the Corporation's Charter to reduce the
80% vote required by the holders of the Corporation's Common Stock and Preferred
Stock or the 66-2/3% vote required by the Continuing Directors pursuant to this
Article VIII;</P>
<P align=justify></P>
<P align=justify>(iv) any amendment to Article X of the Corporation's
Charter;</P>
<P align=justify></P>
<P align=justify>(v) any stockholder proposal as to specific investment
decisions made or to be made with respect to the Corporation's assets; or</P>
<P align=justify></P>
<P align=justify>(vi) any Business Combination (as hereinafter defined).</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(b) For the purposes of this Article VIII:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(i) "<U>Business Combination</U>" shall mean any of the
transactions described or referred to in any one or more of the following
subparagraphs:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(A) any merger or consolidation of the Corporation with or into
any other person;</P>
<P align=justify></P>
<P align=justify>(B) the liquidation or dissolution of the Corporation;</P>
<P align=justify></P>
<P align=justify>(C) any sale, lease, exchange, mortgage, pledge, transfer or
other disposition (in one transaction or a series of transactions) to or with
any other person of any assets of the Corporation having an aggregate Fair
Market Value of $1,000,000 or more except for transactions of the Corporation
effected in the ordinary course of the Corporation's investment activities;</P>
<P align=justify></P>
<P align=justify>(D) the issuance or transfer by the Corporation (in one
transaction or a series of transactions) of any securities of the Corporation to
any other person in exchange for cash, securities or other property (or a
combination thereof) having an aggregate Fair Market Value of $1,000,000 or more
excluding (1) sales of any securities of the Corporation in connection with a
public offering thereof, (2) issuance of any securities of the Corporation
pursuant to a dividend reinvestment plan adopted by the Corporation, and (3)
issuance of any securities of the Corporation upon the exercise of any stock
subscription rights distributed by the Corporation;</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(ii) "<U>Continuing Director</U>" shall mean any member of the
Board of Directors of the Corporation who has been a member of the Board of
Directors for a period of at least 12 months, or who is a successor of a
Continuing Director and is recommended to succeed a Continuing Director by a
majority of the Continuing Directors then on the Board of Directors.</P>
<P align=justify></P>
<P align=justify>(iii) "<U>Person</U>" shall mean an individual, a corporation,
a trust or a partnership.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(c) Except as otherwise provided in the Corporation's Charter
or as otherwise provided in the Investment Company Act of 1940, notwithstanding
any provision of law requiring authorization of any action by a greater
proportion than a majority of the total number of shares of all classes of the
Corporation's stock or of the total number of shares of any class of the
Corporation's stock, such action shall be valid and effective if authorized by
the affirmative vote of the holders of a majority of the total number of
outstanding shares of all classes of the Corporation's stock outstanding and
entitled to vote thereon.</P><B>
<P align=justify></P>
<P align=justify>ARTICLE IX: <U>Liability; Indemnification</U>.</P>
<P align=justify></P></B>
<P align=justify>(a) <U>Indemnification</U>.</P>
<P align=justify></P>
<P align=justify>The Corporation, including its successors and assigns, shall
indemnify its Directors and Officers and make advanced payment of related
expenses to the fullest extent permitted, and in accordance with the procedures
required, by the General Laws of the State of Maryland and the Investment
Company Act of 1940, as amended. The By-Laws may provide that the Corporation
shall indemnify its employees and/or agents in any manner and within such limits
as permitted by applicable law. Such indemnification shall be in addition to any
other right or claim to which any Director, Officer, employee or agent may
otherwise be entitled. The Corporation may purchase and maintain insurance on
behalf of any person who is or was a Director, Officer, employee or agent of the
Corporation or is or was serving at the request of the Corporation as a
Director, Officer, partner, trustee, employee or agent of another foreign or
domestic corporation, partnership, joint venture, trust or other enterprise or
employee benefit plan, against any liability (including, with respect to
employee benefit plans, excise taxes) asserted against and incurred by such
person in any such capacity or arising out of such person's position, whether or
not the Corporation would have had the power to indemnify against such
liability. The rights provided to any person by this Article IX shall be
enforceable against the Corporation by such person who shall be presumed to have
relied upon such rights in serving or continuing to serve in the capacities
indicated herein. No amendment of the Corporation's Charter shall impair the
rights of any person arising at any time with respect to events occurring prior
to such amendment.</P>
<P align=justify></P>
<P align=justify>(b) <U>Liability for Money Damages</U>.</P>
<P align=justify></P>
<P align=justify>To the fullest extend permitted by the MGCL and the Investment
Company Act of 1940, as amended, no Director or Officer of the Corporation shall
be liable to the Corporation or to its stockholders for money damages. No
amendment to the Corporation's Charter or repeal of any of its provisions shall
limit or eliminate the benefits provided to Directors and Officers under this
provision with respect to any act or omission which occurred prior to such
amendment or repeal.</P>
<P align=justify></P>
<P align=justify>(c) <U>Reliance</U>.</P>
<P align=justify></P>
<P align=justify>In performance of his duties, a director is entitled to rely on
information, opinion, report, or statement, including any financial statement or
other financial data, prepared by others, to the extent not inconsistent with
the General Laws of the State of Maryland. A person who performs his duties in
accordance with the standards of Article 2-405.1 of the MGCL or otherwise in
accordance with applicable law shall have no liability by reason of being or
having been a Director of the Corporation.</P>
<P align=justify></P><B>
<P align=justify>ARTICLE X: <U>Amendment</U>.</P></B>
<P align=justify></P>
<P align=justify>(a) <U>Right to Amend</U>.</P>
<P align=justify></P>
<P align=justify>The Corporation reserves the right to amend, alter, change or
repeal any provision of the Corporation's Charter (including any amendment that
alters the contract rights, expressly set forth in the Charter, of any
outstanding stock), and all rights conferred upon stockholders herein are
granted subject to this reservation.</P>
<P align=justify></P>
<P align=justify>(b) <U>Required Vote</U>.</P>
<P align=justify></P>
<P align=justify>The provisions of this Article X and Articles VI and VIII may
not be amended, altered, changed or repealed except by the approval of holders
of shares of stock representing at least 80% of the outstanding shares of Common
Stock and Preferred Stock of all series voting as a single class.</P>
<P align=justify></P><B>
<P align=justify>ARTICLE XI: <U>References to Statutes, Articles, and
By-Laws</U>.</P>
<P align=justify></P></B>
<P align=justify>All references herein to statutes, the Charter or the By-Laws
shall be deemed to refer to those statutes, the Charter or those By-Laws as they
are amended and in effect from time to time.</P>
<P align=justify></P><B>
<P align=justify>ARTICLE XII:</P>
<P align=justify></P></B>
<P align=justify>The preferences, voting powers, restrictions, limitations as to
dividends, qualifications, and terms and conditions of redemption, of the shares
of the following series of Preferred Stock are:</P>
<P align=justify></P><B>
<P align=center>DESIGNATION</P>
<P align=justify></P></B>
<P align=justify>SERIES W-7: A series of up to 1,200 shares of preferred stock,
par value $.001 per share, liquidation preference $25,000 per share plus an
amount equal to accumulated but unpaid dividends (whether or not earned or
declared) thereon, is hereby designated "Auction Market Preferred Stock, Series
W-7." Each share of Auction Market Preferred Stock, Series W-7 shall be issued
on the Date of Original Issue (as herein defined); have an Initial Dividend
Payment Date (as herein defined) of August 6, 1992; and have such other
preferences, limitations and relative voting rights, in addition to those
required by applicable law or set forth in the Corporation's Charter applicable
to preferred stock of the Corporation, as are set forth in this Article XII. The
Auction Market Preferred Stock, Series W-7 shall constitute a separate series of
preferred stock of the Corporation, and each share of Auction Market Preferred
Stock, Series W-7 shall be identical except as provided in paragraph 3 of this
Article XII.</P>
<P align=justify></P>
<P align=justify>1. <U>Definitions</U>.</P>
<P align=justify></P>
<P align=justify>(a) Capitalized terms not defined in this paragraph 1 shall
have the respective meanings specified in paragraph 8(a) of this Article XII. In
this Article XII, unless the context or use indicates another or different
meaning or intent, the following terms shall have the following meanings,
whether used in the singular or plural:</P>
<P align=justify></P>
<P align=justify>"'AA' Composite Commercial Paper Rate," on any Valuation Date,
means (i) the Interest Equivalent of the rate on commercial paper placed on
behalf of issuers whose corporate bonds are rated "AA" by S&amp;P or "Aa" by
Moody's, or the equivalent of such rating by another nationally recognized
rating agency or any Substitute Rating Agency selected by the Corporation, as
such rate is made available on a discount basis or otherwise by the Federal
Reserve Bank of New York for the Business Day immediately preceding such date,
or (ii) in the event that the Federal Reserve Bank of New York does not make
available such a rate, then the arithmetic average of the Interest Equivalent of
the rate on commercial paper placed on behalf of such issuers, as quoted to the
Auction Agent on a discount basis or otherwise by the Commercial Paper Dealers
for the close of business on the Business Day immediately preceding such date.
If any Commercial Paper Dealer does not quote a rate required to determine the
"AA" Composite Commercial Paper Rate, the "AA" Composite Commercial Paper Rate
will be determined on the basis of the quotation or quotations furnished by any
Substitute Commercial Paper Dealer or Substitute Commercial Paper Dealers
selected by the Corporation to provide such rate or rates not being supplied by
the Commercial Paper Dealer. If the number of Dividend Period Days shall be (i)
7 or more but fewer than 49 days, such rate shall be the Interest Equivalent on
the 30-day rate on such commercial paper; (ii) 49 or more but fewer than 70
days, such rate shall be the Interest Equivalent of the 60-day rate on such
commercial paper; (iii) 70 or more days but fewer than 85 days, such rate shall
be the arithmetic average of the Interest Equivalent on the 60-day and 90-day
rates on such commercial paper; (iv) 85 or more days but fewer than 99 days,
such rate shall be the Interest Equivalent of the 90-day rate on such commercial
paper; (v) 99 or more days but fewer then 120 days, such rate shall be the
arithmetic average of the Interest Equivalent of the 90-day and 120-day rates on
such commercial paper; (vi) 120 or more days but fewer than 141 days, such rate
shall be the Interest Equivalent of the 120-day rate on such commercial paper;
(vii) 141 or more days but fewer than 162 days, such rate shall be the
arithmetic average of the Interest Equivalent of the 120-day and 180-day rates
on such commercial paper; and (viii) 162 or more days but fewer than 183 days,
such rate shall be the Interest Equivalent of the 180-day rate on such
commercial paper.</P>
<P align=justify></P>
<P align=justify>"Accountant's Confirmation" has the meaning set forth in
paragraph 7(b)(iii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Administrator" shall mean Aberdeen Asset Management Inc. or
any successor administrator to the Corporation who acts in such capacity.</P>
<P align=justify></P>
<P align=justify>"Affiliate" shall mean any Person known to the Auction Agent to
be controlled by, in control of, or under common control with, the
Corporation.</P>
<P align=justify></P>
<P align=justify>"Agent Member" means the member of the Securities Depository
that will act on behalf of a Beneficial Owner or a Potential Beneficial
Owner.</P>
<P align=justify></P>
<P align=justify>"AMPS" means the Auction Market Preferred Stock, Series W-7 of
the Corporation, where appropriate, any other series of the Corporation's
Auction Market Preferred Stock.</P>
<P align=justify></P>
<P align=justify>"AMPS Basic Maintenance Amount" means, as of any Valuation
Date, the dollar amount equal to the sum of (i) the product of the number of
shares of AMPS Outstanding on such Valuation Date multiplied by the sum of (A)
$25,000 and (B) any applicable redemption premium attributable to the
designation of a Premium Call Period; (ii) the aggregate amount of cash
dividends (whether or not earned or declared) that will have accumulated for
each share of AMPS Outstanding, in each case, to (but not including) the end of
the current Dividend Period that follows such Valuation Date; (iii) the
aggregate amount of cash dividends that would accumulate at the then current
Maximum Applicable Rate on any shares of AMPS Outstanding from the end of such
Dividend Period through the 48th day after such Valuation Date, multiplied by
the larger of the potential dividend rate increase factors (currently 304%)
determined from time to time by the Rating Agencies (except that if such
Valuation Date occurs during a Non-Payment Period, the cash dividend for
purposes of calculation would accumulate at the then current Non-Payment Period
Rate); (iv) the aggregate principal amount of any then-outstanding indebtedness
of the Corporation for money borrowed; (v) the amount of anticipated expenses of
the Corporation for the 90 days subsequent to such Valuation Date; (vi) the
aggregate amount of termination values (equivalent to the present value of
future cash flows over the remaining life of the contract) or each AMPS Interest
Rate Swap then in effect; and (vii) the greater of $50,000 or the Corporation's
current liabilities as of such Valuation Date not otherwise reflected in any of
(i) through (vi) above.</P>
<P align=justify></P>
<P align=justify>"AMPS Basic Maintenance Cure Date," with respect to the failure
by the Corporation to maintain the AMPS Basic Maintenance Amount (as required by
paragraph 7(b) of this Article XII) as of a given Valuation Date, means the
fifth Business Day following such Valuation Date.</P>
<P align=justify></P>
<P align=justify>"AMPS Basic Maintenance Report" means a report executed by the
Corporation with respect to the valuation (in U.S. dollars) of the Eligible
Portfolio Property, as described in paragraph 7(b) of this Article XII;
<U>provided</U>, that all or any portion of any such report may be prepared by
the Custodian, Aberdeen Asset Management Limited, the Administrator and/or
Aberdeen Asset Management Asia Limited; <U>provided</U> <U>further</U> that such
AMPS Basic Maintenance Report may be delivered to the Auction Agent and the
Rating Agencies in summary form, however, the Corporation shall retain a copy of
the full AMPS Basic Maintenance Report in its files and make such report
available to its Independent Accountants and the Rating Agencies upon their
request.</P>
<P align=justify></P>
<P align=justify>"AMPS Interest Rate Swap" means a contractual agreement whereby
the Corporation contracts with an Eligible AMPS Interest Rate Swap Counterparty
to engage, for a period of time not to exceed five years, in an interest rate
swap with a notional value of up to 100% of the value of the aggregate
liquidation preference of all of the AMPS (in any and all series) Outstanding at
the time the interest rate swap commences. The Corporation may not enter into an
AMPS Interest Rate Swap if, once the transaction has been consummated, the total
of all outstanding AMPS Interest Rate Swaps have a notional value of more than
100% of the aggregate liquidation preference of all of the AMPS (in any and all
series) then Outstanding. If the Corporation fails to maintain the AMPS Basic
Maintenance Amount (as required by paragraph 7 hereof) as of each Valuation
Date, and will not be able to cure such failure by the AMPS Basic Maintenance
Cure Date, the Corporation must terminate any then-outstanding AMPS Interest
Rate Swaps by the close of business on the AMPS Basic Maintenance Cure Date. If
any of the shares of AMPS are redeemed by the Corporation for any reason other
than the failure to maintain the AMPS Basic Maintenance Amount, the Corporation
must terminate a portion of the then outstanding AMPS Interest Rate Swaps in the
amount necessary to assure that the total of all outstanding AMPS Interest Rate
Swaps have a notional value of not more than 100% of the aggregate liquidation
preference of all of the AMPS (in any and all series) Outstanding following the
redemption of AMPS. Assets segregated or earmarked by the Corporation to cover
the AMPS Interest Rate Swaps may not be included in the determination of
Eligible Portfolio Property.</P>
<P align=justify></P>
<P align=justify>"ANNIE MAEs" are securities issued against mortgage pools by
Australian National Mortgage Pool Agency Ltd., an affiliate of Security Pacific
National Bank.</P>
<P align=justify></P>
<P align=justify>"Annual Valuation Date" shall mean, so long as any shares of
AMPS are Outstanding, the last Valuation Date of each fiscal year of the
Corporation.</P>
<P align=justify></P>
<P align=justify>"Applicable Percentage" has the meaning set forth in paragraph
8(a)(vii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Applicable Rate" means the rate per annum at which cash
dividends are payable on the AMPS for any Dividend Period, which rate, after the
Initial Dividend Period, shall be determined by the Auction Agent in accordance
with paragraph 8(d) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Applicable Spread" has the meaning set forth in paragraph
8(a)(vii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Asian Yankee Bonds" means, in the case of Moody's, Yankee
Bonds that are issued by companies from China, Hong Kong, India, Indonesia,
Korea, Malaysia, Thailand and The Philippines and such other countries as are
approved in writing by Moody's from time to time, and, in the case of S&amp;P,
Yankee Bonds that are (i) issued by issuers from China, Hong Kong, India,
Indonesia, Korea, Malaysia, Thailand and The Philippines and such other
countries as are approved in writing by S&amp;P from time to time, and (ii) are
subject to the following ratings limitations (which are cumulative):</P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=1 cellPadding=7 width=570 border=1>

  <TR>
    <TD vAlign=top width="36%">&nbsp;<B><U>
      <P>Rating</B></U></P></TD>
    <TD vAlign=bottom width="64%"><B>
      <P align=center>% of total Discounted Value of Eligible</P><U>
      <P align=center>Portfolio Property allowed at each ratings
      level</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="36%">Aa3/AA- or better</TD>
    <TD vAlign=top width="64%">
      <P align=center>100%</P></TD></TR>
  <TR>
    <TD vAlign=top width="36%">Below Aa3/AA-</TD>
    <TD vAlign=top width="64%">
      <P align=center>50%</P></TD></TR>
  <TR>
    <TD vAlign=top width="36%">Below A3/A-</TD>
    <TD vAlign=top width="64%">
      <P align=center>25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="36%">Below BBB3/BBB-</TD>
    <TD vAlign=top width="64%">
      <P align=center>10%</P></TD></TR></TABLE></CENTER>
<P></P>
<P align=justify>"Auction" means each operation of the Auction Procedures.</P>
<P align=justify></P>
<P align=justify>"Auction Agent" means Deutsche Bank Trust Company Americas
unless and until another commercial bank, trust company or other financial
institution appointed by a resolution of the Board of Directors of the
Corporation or a duly authorized committee thereof enters into an agreement with
the Corporation to follow the Auction Procedures for the purpose of determining
the Applicable Rate and to act as transfer agent, registrar, paying agent and
redemption agent for the AMPS.</P>
<P align=justify></P>
<P align=justify>"Auction Date" has the meaning specified in paragraph 8(a) of
this Article XII.</P>
<P align=justify>"Auction Procedures" means the procedures for conducting
Auctions set forth in paragraph 8 of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Australian Bank Bills" means bills of exchange (as defined in
the Bills of Exchange Act of the Commonwealth of Australia) issued, accepted or
endorsed by Australian banks with (x) in the case of S&amp;P (i) a rating from
S&amp;P at least as high as S&amp;P's then-current rating for the AMPS or (ii)
in the case of any Bank Bill with a remaining term to maturity from the
Valuation Date of 365 days or less, a rating from S&amp;P at least as high as
S&amp;P's short term rating comparable to its then-current rating for the AMPS
and (y) in the case of Moody's (i) a long term foreign currency debt rating from
Moody's of at least Aa2 or (ii) in the case of any Bank Bill with a remaining
term to maturity from the Valuation Date of 180 days or less, a rating from
Moody' s of Prime-1 or (iii) any other rating as Moody's shall approve in
writing.</P>
<P align=justify></P>
<P align=justify>"Australian Convertible or Exchangeable Eurobonds" means
securities which are denominated in Australian Currency issued by the New South
Wales Treasury Corporation or the Queensland Treasury Corporation which confer
upon the holder an option to exchange such securities for, respectively, a like
principal amount of New South Wales Treasury Inscribed Stock or Queensland
Treasury Corporation Inscribed Stock of identical maturity and coupon.</P>
<P align=justify></P>
<P align=justify>"Australian Corporate Bonds" means debt obligations of
Australian corporations (other than Australian Government Securities, Australian
Semi-Government Securities, Australian Bank Bills, Australian Eurobonds,
Australian Exchangeable Eurobonds and Australian Short Term Securities)
<U>provided</U>, that such debt obligations shall not be deemed to be Eligible
Portfolio Property by S&amp;P unless they have the following characteristics:
(a) the principal amount outstanding on the Valuation Date is at least equal to
A$50 million, (b) the security is publicly traded, (c) the security is
non-callable, or, if the security is callable, the basis for pricing is to the
call date, (d) the security has a Tender Panel, (e) the maturity date of the
security is not later than the 10th anniversary of the Valuation Date of such
security, and (f) the security is issued by one of the following issuers:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(i) Issuers with a public long term S&amp;P rating or whose
parent has a public long term rating and there is an explicit guarantee backing
the subsidiary's debt service payments ("<U>Guaranteed Australian Corporate
Bonds</U>"). These issuers currently include:</P>
<P align=justify></P>
<P align=justify>FANMAC Premier Trust Co. No. 1-22 and any subsequent </P>
<P align=justify>issues rated by S&amp;P - Australian Ratings</P>
<P align=justify>Ford Credit Australia</P>
<P align=justify>National Australia Bank</P>
<P align=justify>Commonwealth Bank of Australia</P>
<P align=justify></P>
<P align=justify>(ii) Issuers, which shall be designated in writing from time to
time by S&amp;P, without a public long term S&amp;P rating but whose parent has
a long term S&amp;P rating but has not explicitly guaranteed the subsidiary's
debt service payments ("Non-Guaranteed Corporate Bonds").</P>
<P align=justify></P></DIR></DIR>
<P align=justify>In addition, if the determination is being made for S&amp;P,
(a) not more than 10% of the aggregate Discounted Value of the Eligible
Portfolio Property of the Corporation can consist of Australian Corporate Bonds
issued by a single issuer, (b) not more than 50% (if the issue is rated AAA by
S&amp;P) or 33.3% (if the issue is rated AA or A by S&amp;P) or 20% (if the
issue is rated BBB by S&amp;P) of the aggregate Discounted Value of the Eligible
Portfolio Property of the Corporation can consist of Australian Corporate Bonds
from issues representing a single industry, (c) not more than 5% of the
then-outstanding principal amount of any one issue can be included in Eligible
Portfolio Property, (d) not more than 20% of the outstanding aggregate principal
amount of the Australian Corporate Bonds held by the Corporation and included in
Eligible Portfolio Property shall be comprised of securities with a
then-outstanding issue size of less than A$100 million, and (e) such corporate
debt obligations are subject to the following ratings limitations (which are
cumulative):</P>
<P align=justify></P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=1 cellPadding=7 width=534 border=1>

  <TR>
    <TD vAlign=top width="33%"><B>&nbsp;<U>
      <P>Rating</B></U></P></TD>
    <TD vAlign=top width="67%"><B>
      <P align=center>% of total Discounted Value of Eligible</P><U>
      <P align=center>Portfolio Property allowed at each ratings
      level</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Aa3/AA- or better</TD>
    <TD vAlign=top width="67%">
      <P align=center>100%</P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Below Aa3/AA-</TD>
    <TD vAlign=top width="67%">
      <P align=center>50%</P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Below A3/A-</TD>
    <TD vAlign=top width="67%">
      <P align=center>25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Below BBB3/BBB-</TD>
    <TD vAlign=top width="67%">
      <P align=center>10%</P></TD></TR></TABLE></CENTER>
<P></P>
<P align=justify></P>
<P align=justify>"Australian Currency" means such coin or currency of Australia
as at the time shall be legal tender for payment of public and private debts, as
well as cash deposits with Offshore Banking Units of Banque Nationale de
Paris.</P>
<P align=justify></P>
<P align=justify>"Australian Eurobonds" means, in the case of Moody's, debt
securities (including Australian Exchangeable Eurobonds) which are denominated
in Australian Currency and which have the following characteristics: (a) the
principal amount outstanding on the Valuation Date is at least equal to A$50
million, (b) the security is publicly traded, (c) the security is non-callable,
and (d) 90% or more of the Australian Eurobonds meeting the qualifications of
clauses (a) and (b) are rated at least Aa2 by Moody's; and in the case of
S&amp;P, debt securities (including guaranteed and non-guaranteed Eurobonds)
which are denominated in Australian Currency, and which have the following
characteristics: (a) the principal amount outstanding on the Valuation Date is
at least equal to A$50 million, (b) the security is publicly tradable, (c) the
security is non-callable, or, if the security is callable, the basis for pricing
is to the call date, (d) the maturity date of the security is not later than the
10th anniversary of the Valuation Date of such security, and (e) the security is
issued by one of the following issuers:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(i) Issuers with a public long term S&amp;P rating or whose
parent has a public long term S&amp;P rating and there is an explicit guarantee
backing the subsidiary's debt service payments ("<U>Guaranteed Australian
Eurobonds</U>"). These issuers currently include:</P></DIR></DIR>
<P align=right></P>
<TABLE cellSpacing=0 cellPadding=7 width=636 border=0>

  <TR>
    <TD vAlign=top width="46%">ABN Amro Australia Ltd.</TD>
    <TD vAlign=top width="54%">Mobil Australia Finance Company Inc.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">ANZ Banking Group</TD>
    <TD vAlign=top width="54%">National Australian Bank</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Australian Industry Development Corp.</TD>
    <TD vAlign=top width="54%">New South Wales Treasury Corp.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Australian Telecom</TD>
    <TD vAlign=top width="54%">Primary Industry Bank Australia Ltd.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Barclays Bank Plc</TD>
    <TD vAlign=top width="54%">Prudential Funding Corp.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Coca Cola Amatil Ltd.</TD>
    <TD vAlign=top width="54%">Rural &amp; Industry Bank of Western
    Australia</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Commerzbank US Finance Inc.</TD>
    <TD vAlign=top width="54%">South Australia Government Financing
    Authority</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Commonwealth Bank of Australia</TD>
    <TD vAlign=top width="54%">SBC Warburg Australia Holdings Ltd.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Eksportfinas A/S</TD>
    <TD vAlign=top width="54%">Shell Australia Ltd.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Eurofina</TD>
    <TD vAlign=top width="54%">State Bank of New South Wales</TD></TR>
  <TR>
    <TD vAlign=top width="46%">European Investment Bank</TD>
    <TD vAlign=top width="54%">State Bank of South Australia Ltd.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Export Finance &amp; Insurance Corp.</TD>
    <TD vAlign=top width="54%">State Electricity of Victoria</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Federal Airports Corp.</TD>
    <TD vAlign=top width="54%">Sweden (Kingdom of)</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Finnish Export Credit Corp.</TD>
    <TD vAlign=top width="54%">Swedish Export Credit Corp.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">General Electric Capital Corp.</TD>
    <TD vAlign=top width="54%">Tasmanian Public Finance Corp.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">GG Securities Ltd.</TD>
    <TD vAlign=top width="54%">Toronto Dominion Australia Ltd.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">Guiness Finance BV</TD>
    <TD vAlign=top width="54%">Toyota Finance Australia Ltd.</TD></TR>
  <TR>
    <TD vAlign=top width="46%">International Bank for Reconstruction and
      Development</TD>
    <TD vAlign=top width="54%">Treasury Corporation of Victoria</TD></TR>
  <TR>
    <TD vAlign=top width="46%">McDonald's Australia Ltd.</TD>
    <TD vAlign=top width="54%">Western Australian Treasury
Corp.</TD></TR></TABLE>
<P></P>
<DIR>
<DIR>
<P align=justify>(ii) Issuers, which shall be designated in writing from time to
time by S&amp;P, without a public long term S&amp;P rating but whose parent has
a long term S&amp;P rating but has not explicitly guaranteed the subsidiary's
debt service payments ("<U>Australian Non-Guaranteed Eurobonds</U>").</P>
<P align=justify></P></DIR></DIR>
<P align=justify>In addition, if the determination is being made by S&amp;P, (a)
not more than 10% of the aggregate Discounted Value of the Eligible Portfolio
Property of the Corporation can consist of Australian Eurobonds from a single
issuer, (b) not more than 50% (if the issue is rated AAA by S&amp;P) or 33.3%
(if the issue is rated AA or A by S&amp;P) or 20% (if the issue is rated BBB by
S&amp;P) of the aggregate Discounted Value of the Eligible Portfolio Property of
the Corporation can consist of Australian Eurobonds from issues representing a
single industry, (c) not more than 5% of the then outstanding principal amount
of any one issue can be included in Eligible Portfolio Property, (d) not more
than 20% of the outstanding aggregate principal amount of the Australian
Eurobonds held by the Corporation and included in Eligible Portfolio Property
shall be comprised of securities with an outstanding issue size of less than
A$50 million, and (e) such Australian Eurobonds are subject to the following
ratings limitations (which are cumulative):</P>
<P align=justify></P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=1 cellPadding=7 width=510 border=1>

  <TR>
    <TD vAlign=top width="31%"><B>&nbsp;<U>
      <P>Rating</B></U></P></TD>
    <TD vAlign=top width="69%"><B>
      <P align=center>% of total Discounted Value of Eligible</P><U>
      <P align=center>Portfolio Property allowed at each ratings
      level</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="31%">Aa3/AA- or better</TD>
    <TD vAlign=top width="69%">
      <P align=center>100%</P></TD></TR>
  <TR>
    <TD vAlign=top width="31%">Below Aa3/AA-</TD>
    <TD vAlign=top width="69%">
      <P align=center>50%</P></TD></TR>
  <TR>
    <TD vAlign=top width="31%">Below A3/A-</TD>
    <TD vAlign=top width="69%">
      <P align=center>25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="31%">Below BBB3/BBB-</TD>
    <TD vAlign=top width="69%">
      <P align=center>10%</P></TD></TR></TABLE></CENTER>
<P></P>
<P align=justify>"Australian Government Securities" means, in the case of
S&amp;P, all publicly traded securities issued and guaranteed by the Government
of the Commonwealth of Australia with fixed maturities (i.e., no perpetuals) and
in the case of Moody's, any publicly traded security which is (i) either issued
by the Government of the Commonwealth of Australia and is rated Aa by Moody's or
is guaranteed by the Government of the Commonwealth of Australia, (ii) is
denominated and payable in Australian Currency or is convertible into a security
constituting Eligible Portfolio Property by Moody's, and (iii) is not a variable
rate, index-linked, zero coupon or stripped security.</P>
<P align=justify></P>
<P align=justify>"Australian Ratings" means Australian Ratings Pty. Ltd. or its
successors.</P>
<P align=justify></P>
<P align=justify>"Australian Securities" means ANNIE MAEs, Australian Bank
Bills, Australian Convertible or Exchangeable Eurobonds, Australian Corporate
Bonds, Australian Eurobonds, Australian Government Securities, Australian
Semi-Government Securities, Australian Short Term Securities, MMSs, MTCs and
NMMC Securities.</P>
<P align=justify></P>
<P align=justify>"Australian Semi-Government Securities" means publicly traded
semi-government securities with a fixed maturity (i.e., no perpetuals) issued by
the following entities which, except as indicated are explicitly guaranteed by
the Government of the Commonwealth of Australia or the respective Australian
State and which, in the case of S&amp;P, include Australian Exchangeable
Eurobonds and in the case of Moody's are (i) either rated Aa by Moody's or are
guaranteed by either the Commonwealth of Australia and rated Aa or any
semi-sovereign Australian entity whose domestic long term debt is rated Aa by
Moody's, (ii) are denominated and payable in Australian currency or are
convertible into a security constituting Eligible Portfolio Property by Moody's,
and (iii) are not a variable rate, index-linked, zero coupon or stripped
security.</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) Electricity Trust of South Australia, a body established
under the Electricity Trust of South Australia Act 1946 (South Australia).</P>
<P align=justify></P>
<P align=justify>(2) New South Wales Treasury Corporation, a corporation
constituted under section 4 of the Treasury Corporation Act of 1983 (New South
Wales), including its Australian Convertible Eurobond issues, in the case of
S&amp;P.</P>
<P align=justify></P>
<P align=justify>(3) A Territory authority being an authority within the meaning
of that term under section 43 of the Northern Territory (Self Government) Act
(Commonwealth) provided that the specific issue is guaranteed by the Treasurer
of the Commonwealth of Australia.</P>
<P align=justify></P>
<P align=justify>(4) Queensland Treasury Corporation, a corporation established
under the Treasury Corporation Act 1988 (Qld), including its Australian
Convertible Eurobond issues, in the case of S&amp;P.</P>
<P align=justify></P>
<P align=justify>(5) South Australian Government Financing Authority, an
authority established under the Government Financing Authority Act 1982 (South
Australia).</P>
<P align=justify></P>
<P align=justify>(6) State Electricity Commission of Victoria, a commission
established under the State Electricity Commission Act 1958 (Victoria).</P>
<P align=justify></P>
<P align=justify>(7) The Australian Telecommunications Commission, a commission
established under section 4 of the Telecommunications Act 1975
(Commonwealth).</P>
<P align=justify></P>
<P align=justify>(8) (with respect to S&amp;P only) and without any guarantee by
the Commonwealth of Australia or the respective Australian State: Australian and
Overseas Telecommunications Corporation, Limited.</P>
<P align=justify></P>
<P align=justify>(9) Victorian Public Authorities Finance Agency, an agency
constituted under section 3 of the Victorian Public Authorities Act 1984
(Victoria).</P>
<P align=justify></P>
<P align=justify>(10) Australian Industry Development Corporation, a body
established under section 5 of the Australian Industries Development Corporation
Act (Commonwealth).</P>
<P align=justify></P>
<P align=justify>(11) The Western Australian Treasury Corporation.</P>
<P align=justify></P>
<P align=justify>(12) Tasmanian</P>
<P align=justify></P>
<P align=justify>(13) Public Finance Corp.</P>
<P align=justify></P>
<P align=justify>(14) (with respect to S&amp;P only) FANMAC Premier Trust Co.
(Nos. 1-22) and any subsequent issues rated by S&amp;P - Australian Ratings.</P>
<P align=justify></P>
<P align=justify>(15) (with respect to S&amp;P only) Australian Wool
Corporation.</P>
<P align=justify></P>
<P align=justify>(16) Commonwealth Bank of Australia.</P>
<P align=justify></P>
<P align=justify>(17) State Bank of New South Wales.</P>
<P align=justify></P>
<P align=justify>(18) Securities issued by the Australian State Government of
Victoria through the Treasury Corporation of Victoria.</P>
<P align=justify></P></DIR></DIR></DIR></DIR></DIR></DIR>
<P align=justify>"Australian Short Term Securities" means promissory notes and
other short term commercial paper issued by Australian institutions which, for
purposes of S&amp;P, are rated A-1+ by S&amp;P or have a long term rating from
S&amp;P at least as high as their then-current comparable rating of AMPS and,
for purposes of Moody's, are rated Prime-1 by Moody's or have a long term
foreign currency debt rating from Moody's of at least Aa3 and a maturity of less
than 270 days in the case of commercial paper.</P>
<P align=justify></P>
<P align=justify>"Authorized Newspaper" means <U>The Wall Street Journal</U>, or
if not published on such date, <U>The New York Times</U>, or if neither of such
papers is published on such date, a newspaper, printed in the English language,
of general circulation in the Borough of Manhattan, the City of New York, that
carries financial news and is customarily published on each Business Day,
whether or not published on Saturdays, Sundays or holidays.</P>
<P align=justify></P>
<P align=justify>"Beneficial Owner" means a customer of a Broker-Dealer who is
listed on the records of that Broker-Dealer (or, if applicable, the Auction
Agent) as a holder of shares of AMPS or a Broker-Dealer that holds AMPS for its
own account.</P>
<P align=justify></P>
<P align=justify>"Board of Directors" means the Board of Directors of the
Corporation or, except as used in paragraphs 3(a) and 6 of this Article XII, any
duly authorized and empowered committee thereof, including the AMPS Pricing
Committee.</P>
<P align=justify></P>
<P align=justify>"Brady Bonds" means debt obligations, generally denominated in
U.S. dollars, issued under the framework of the "Brady Plan" that are rated A-
or better by S&amp;P.</P>
<P align=justify></P>
<P align=justify>"Broker-Dealer" shall mean any broker-dealer, or other entity
permitted by law to perform the functions required of a Broker-Dealer in
paragraph 8 of this Article XII, that has been selected by the Corporation and
has entered into a Broker-Dealer Agreement with the Auction Agent that remains
effective.</P>
<P align=justify></P>
<P align=justify>"Broker-Dealer Agreement" shall mean an agreement between the
Auction Agent and a Broker-Dealer pursuant to which such Broker-Dealer agrees to
follow the procedures specified in paragraph 8 of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Business Day" means a day on which the New York Stock Exchange
is open for trading and which is not a Saturday, Sunday or other day on which it
is authorized or obligated by law to close.</P>
<P align=justify></P>
<P align=justify>"Canadian Currency" means such coin or currency of Canada as at
the time shall be legal tender for payment of public and private debts, as well
as time deposits denominated in such currency.</P>
<P align=justify></P>
<P align=justify>"Canadian Government Securities" means, in the case of S&amp;P,
all publicly traded securities issued and guaranteed by the Government of Canada
with fixed maturities (i.e., no perpetuals) and which is non-callable and in the
case of Moody's, (i) any publicly traded security which is either issued by the
Government of Canada and is rated at least Aa1 by Moody's or is guaranteed by
the Government of Canada or any semi-sovereign Canadian entity whose domestic
currency long term debt is rated at least Aa1 by Moody's, (ii) is denominated
and payable in Canadian currency or is convertible into a security constituting
Eligible Portfolio Property by Moody's, and (iii) is not a variable rate,
index-linked, zero coupon or stripped security.</P>
<P align=justify></P>
<P align=justify>"Canadian Provincial Securities" means securities which are
denominated and payable in Canadian Currency, and are direct obligations of, or
fully guaranteed by, the full faith and credit of the appropriate Canadian
Province, (including securities issued by provincially owned crown corporations
carrying the same rating as the appropriate Canadian Province) (i)&nbsp;provided
that, in the case of Moody's, the appropriate Province is rated at least Baa1 by
Moody's, the securities are not callable or pay-in-kind of zero coupon bonds,
and, provided further, that the minimum issue size for Newfoundland, Prince
Edward Island, Nova Scotia and New Brunswick Canadian Provincial Securities is
C$150 million and for other Canadian Provincial Securities is C$500 million,
that investment in Newfoundland, Prince Edward Island, Nova Scotia and New
Brunswick Canadian Provincial Securities is limited to 6.25% of total Eligible
Portfolio Property and that investments in a single Province rated Baa1 shall
not exceed 5% of total Eligible Portfolio Property; investments in a single
Province rated Baa1 or A shall not exceed in the aggregate 15% of total Eligible
Portfolio Property; investments in a single Province rated Baa1, A or Aa shall
not exceed in the aggregate 20% of total Eligible Portfolio Property and
investments in a single Province rated Baa1, A, Aa or Aaa shall not exceed in
the aggregate 25% of total Eligible Portfolio Property, and (ii) provided that,
in the case of S&amp;P, Canadian Provincial Securities do not include securities
issued by Prince Edward Island, that the appropriate Province has a senior
unsecured rating of at least "BBB" and provided further, that such security is
publicly traded, is a non-callable domestic or global issue, has a minimum issue
size of $100 million and, in the case of securities issued by the Province of
Ontario or Quebec, such securities represent no more than 25% of the assets of
the Corporation and, in the case of any other Canadian Province, represent no
more than 15% of the assets of the Corporation.</P>
<P align=justify></P>
<P align=justify>"Canadian Securities" means Canadian Government Securities and
Canadian Provincial Securities.</P>
<P align=justify></P>
<P align=justify>"Cash" means such coin or currency of the United States of
America as at the time shall be legal tender for payment of public and private
debts.</P>
<P align=justify></P>
<P align=justify>"Code" means the Internal Revenue Code of 1986, as amended.</P>
<P align=justify></P>
<P align=justify>"Commercial Paper Dealers" means Merrill Lynch, Pierce, Fenner
&amp; Smith Incorporated and such other commercial paper dealer or dealers as
the Corporation may from time to time appoint, or, in lieu of any thereof, their
respective affiliates or successors.</P>
<P align=justify></P>
<P align=justify>"Commission" means the Securities and Exchange Commission.</P>
<P align=justify></P>
<P align=justify>"Common Stock" means shares of the Common Stock of the
Corporation.</P>
<P align=justify></P>
<P align=justify>"Commonwealth Yankee Bonds" means, in the case of Moody's,
Yankee Bonds that are issued by companies from Australia, Canada, New Zealand
and the United Kingdom and such other countries as are approved in writing by
Moody's from time to time, and, in the case of S&amp;P, Yankee Bonds that are
(i) issued by issuers from Australia, Canada, New Zealand and the United Kingdom
and such other countries as are approved in writing by S&amp;P from time to
time, and (ii) are subject to the following ratings limitations (which are
cumulative):</P>
<P align=justify></P>
<P align=right></P>
<TABLE cellSpacing=1 cellPadding=7 width=528 border=1>

  <TR>
    <TD vAlign=top width="33%"><B>&nbsp;<U>
      <P>Rating</B></U></P></TD>
    <TD vAlign=top width="67%"><B>
      <P align=center>% of total Discounted Value of Eligible</P><U>
      <P align=center>Portfolio Property allowed at each ratings
      level</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Aa3/AA- or better</TD>
    <TD vAlign=top width="67%">
      <P align=center>100%</P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Below Aa3/AA-</TD>
    <TD vAlign=top width="67%">
      <P align=center>50%</P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Below A3/A-</TD>
    <TD vAlign=top width="67%">
      <P align=center>25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="33%">Below BBB3/BBB-</TD>
    <TD vAlign=top width="67%">
      <P align=center>10%</P></TD></TR></TABLE>
<P></P>
<P align=justify>"Corporate Bonds" means debt obligations of U.S. corporations
(other than Short Term Money Market Instruments or U.S. Government Obligations),
which corporate debt obligations (a) provide for the periodic payment of
interest thereon in cash, (b) do not provide for conversion or exchange into
equity capital at any time over their respective lives, (c) have been registered
under the Securities Act of 1933, as amended, and (d) have not had notice given
in respect thereof that any such corporate debt obligations are the subject of
an offer by the issuer thereof or exchange or tender for cash, securities or any
other type of consideration (except that corporate debt obligations and Yankee
Bonds, together, in an amount not exceeding 10% of the aggregate value of the
Corporation's assets at any time shall not be subject to the provisions of this
clause (d)). Such corporate debt obligations are subject to the following
ratings limitations (which are cumulative) in the case of Moody's and S&amp;P,
respectively:</P>
<P align=justify></P>
<TABLE cellSpacing=1 cellPadding=7 width=666 border=1>

  <TR>
    <TD vAlign=bottom width="23%"><B>Rating</B></TD>
    <TD vAlign=bottom width="39%"><B>
      <P align=center>% of total Discounted Value of Eligible Portfolio Property
      allowed <U>at each ratings level for Moody's</B></U></P></TD>
    <TD vAlign=top width="39%"><B>
      <P align=center>% of total Discounted Value of Eligible Portfolio Property
      allowed <U>at each ratings level for S&amp;P</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="23%">Aa3/AA- or better</TD>
    <TD vAlign=top width="39%">
      <P align=center>100%</P></TD>
    <TD vAlign=top width="39%">
      <P align=center>100%</P></TD></TR>
  <TR>
    <TD vAlign=top width="23%">Below Aa3/AA-</TD>
    <TD vAlign=top width="39%">
      <P align=center>0%</P></TD>
    <TD vAlign=top width="39%">
      <P align=center>50%</P></TD></TR>
  <TR>
    <TD vAlign=top width="23%">Below A3/A-</TD>
    <TD vAlign=top width="39%">
      <P align=center>0%</P></TD>
    <TD vAlign=top width="39%">
      <P align=center>25%</P></TD></TR>
  <TR>
    <TD vAlign=top width="23%">Below BBB3/BBB-</TD>
    <TD vAlign=top width="39%">
      <P align=center>0%</P></TD>
    <TD vAlign=top width="39%">
      <P align=center>10%</P></TD></TR></TABLE>
<P align=justify>In addition, no corporate debt obligation held by the
Corporation shall be deemed a Corporate Bond (i) if it fails to meet the
criteria in column (1) below or (ii) to the extent (and only to the
proportionate extent) the acquisition or holding thereof by the Corporation
causes the Corporation to exceed any applicable limitation set forth in column
(2) or (3) below as of any relevant Valuation Date (provided that in the event
that the Corporation shall exceed any such limitation, the Corporation shall
designate, in its sole discretion, the particular Corporate Bond(s) and/or
portions thereof which shall be deemed to have caused the Corporation to exceed
such limitation):</P>
<P align=justify></P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=1 cellPadding=7 width=651 border=1>

  <TR>
    <TD vAlign=top width="17%"><B>&nbsp;
      <P></B>&nbsp;</P></TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="20%"><B><U>
      <P align=center>Column 1</B></U></P></TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="27%"><B><U>
      <P align=center>Column 2</B></U></P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="26%"><B><U>
      <P align=center>Column 3</B></U></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="17%"><B>Rating (1)</B></TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=bottom width="20%"><B>
      <P align=center>Minimum Original Issue Size of Each Issue</P><U>
      <P align=center>($ in millions)</B></U></P></TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="27%"><B>
      <P align=center>Maximum Percent of Value of Corporation Assets, Including
      Eligible Portfolio Property, Invested in <U>any One Issuer
    (2)</B></U></P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="26%"><B>
      <P align=center>Maximum Percent of Value of Corporation Assets, Including
      Eligible Portfolio Property, Invested in any One</P><U>
      <P align=center>Industry Category (2)</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="17%">Aaa/AAA . . . </TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="20%">
      <P align=center>$100</P></TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="27%">
      <P align=center>10.0%</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="26%">
      <P align=center>50.0%</P></TD></TR>
  <TR>
    <TD vAlign=top width="17%">Aa/AA. . . . . . </TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="20%">
      <P align=center>$100</P></TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="27%">
      <P align=center>10.0%</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="26%">
      <P align=center>33.3%</P></TD></TR></TABLE></CENTER>
<P></P>
<P>____________________</P>
<TABLE cellSpacing=0 cellPadding=7 width=638 border=0>

  <TR>
    <TD vAlign=top width="7%"><FONT size=2>(1)</FONT></TD>
    <TD vAlign=top width="93%"><FONT size=2>In the event that a Corporate Bond
      has received a different rating from each of the Rating Agencies, the
      lower of the two ratings will be controlling. Rating designations include
      (+) or (-) modifiers to the rating where appropriate.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>(2)</FONT></TD>
    <TD vAlign=top width="93%"><FONT size=2>The referenced percentages
      represent maximum cumulative totals for the related rating category and
      each lower rating category.</FONT></TD></TR></TABLE>
<P align=justify></P>
<P align=justify>"Cure Date" means the AMPS Basic Maintenance Cure Date or the
1940 Act Cure Date, as the case may be.</P>
<P align=justify></P>
<P align=justify>"Custodian" means State Street Bank and Trust Company or any
successor custodian to the Corporation who acts in such capacity.</P>
<P align=justify></P>
<P align=justify>"Date of Original Issue" means, with respect to any share of
AMPS, the date on which the Corporation originally issues such share.</P>
<P align=justify></P>
<P align=justify>"Deposit Securities" means Cash, U.S. Government Obligations,
Repurchase Agreements and Short Term Money Market Instruments. Except for
purposes of determining compliance with the AMPS Basic Maintenance Amount, each
Deposit Security shall be deemed to have a value equal to its principal or face
amount payable at maturity plus any interest payable thereon after delivery of
such Deposit Security but only if payable on or prior to the applicable payment
date in advance of which the relevant deposit is made.</P>
<P align=justify></P>
<P align=justify>"Derivatives" include options, options on currency, futures
(including, but not limited to, U.S. Treasury Bond futures), options on futures,
forward contracts (including, but not limited to, Forward Contracts as defined
herein), forward currency contracts, interest rate swaps, currency swaps, other
types of swaps (including, but not limited to, swaps on securities, financial
commodities and indices), caps, collars, floors and currency-linked notes.</P>
<P align=justify>"Discount Factor" means, for any asset held by the Corporation,
the number set forth opposite each such type of asset in the following table or
such other factor required under the guidelines established by the Rating
Agencies from time to time (it being understood that any asset held by the
Corporation and either not listed in the following table or not identified as a
type of Eligible Portfolio Property in writing by a Rating Agency shall have a
Discounted Value of zero for each such Rating Agency):</P>
<P align=justify></P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=1 cellPadding=7 width=630 border=1>

  <TR>
    <TD vAlign=bottom width="43%" height=16><B><U><FONT size=2>Issue
      Size</B></U></FONT></TD>
    <TD vAlign=bottom width="27%" height=16><B><U><FONT size=2>
      <P align=center>Term to Maturity</B></U></FONT></P></TD>
    <TD vAlign=bottom width="14%" height=16><B><U><FONT size=2>
      <P align=center>Moody's Discount Factor</B></U></FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><B><U><FONT size=2>
      <P align=center>S&amp;P<BR>Discount<BR>Factor</B></U></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Cash and Short Term
      Money Market Instruments: (other than commercial paper)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt;= 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Commercial
      Paper:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt;= 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.150</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Repurchase
      Agreements:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian Government
      Securities: (2)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.470</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.340</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.340</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.580</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.436</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.436</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;=10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.608</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;=10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.462</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;=10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.462</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;=20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.679</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;=20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.526</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;=20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.526</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian
      Semi-Government Securities: (2)(3) (other than of Tasmania in the case of
      both Moody's and S&amp;P, and of the Australian State Government of
      Victoria in the case of Moody's)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.639</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.490</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.490</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.745</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.586</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.586</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.773</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.612</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.612</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.844</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.676</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.676</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian
      Semi-Government Securities: (2)(4) (Tasmanian and, with respect to Moody's
      only, Australian Semi-Government Securities issued by the Australian State
      Government of Victoria)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.050</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.694</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.540</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.540</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;2 years, &lt;= 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.800</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;2 years, &lt;= 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.636</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;2 years, &lt;= 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.636</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.828</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.662</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.662</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; A$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.899</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= A$100,000,000, &lt;= A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.726</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.726</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian Bank
      Bills:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt;= 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>47-56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.350</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.400</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>57-90 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.350</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.400</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>91-180 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.350</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.450</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian
      Currency:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.350 (5)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.570</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian
      Eurobonds:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt;= 7 year</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>(6)(7)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 7 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>2.000</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>(6)(7)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian Convertible
      or Exchangeable Eurobonds:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16></TD>
    <TD vAlign=top width="27%" height=16></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>(8)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>(9)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Guaranteed Australian
      Eurobonds: (6)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= A$50,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>2.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$50,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.900</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Australian
      Non-Guaranteed Eurobonds: (6)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= A$50,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>2.150</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$50,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>2.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Guaranteed Australian
      Corporate Bonds: (6)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= A$100,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.700</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$100,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Non-Guaranteed
      Australian Corporate Bonds: (6)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= A$100,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.800</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; A$100,000,000 </P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.700</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 56 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Canadian
      Currency</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.070</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.110</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Canadian Government
      Securities: (10)(11)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; C$200,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.290</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$200,000,000, &lt; C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.290</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.203</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.290</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.094</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; C$200,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$200,000,000, &lt; C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.305</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.186</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; C$200,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$200,000,000, &lt; C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.305</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.186</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; C$200,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$200,000,000, &lt; C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.305</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.186</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; C$200,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$200,000,000, &lt; C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.459</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.326</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; C$200,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$200,000,000, &lt; C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.459</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.326</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Canadian Provincial
      Securities: (S&amp;P only) (10)(11)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.286</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.286</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.312</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.312</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.426</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.426</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Canadian Provincial
      Securities: (Moody's only) (10)(11)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.290</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.510</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= C$500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.820</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>GNMA Certificates with
      fixed interest rates:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.500</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.300</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>GNMA Certificates with
      adjustable interest rates:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.450</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.300</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>FHLMC and FNMA
      Certificates with fixed interest rates:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.590</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.350</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>FHLMC and FNMA
      Certificates with adjustable interest rates:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.290</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.350</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>FHLMC Multifamily
      Securities:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.650</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.650</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>FHLMC and FNMA
      Certificates with variable interest rates:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.500</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.350</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>GNMA Graduated Payment
      Securities: (12)(13)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.500</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.500</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>United Kingdom
      Currency:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>N/A</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>N/A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.160</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.600</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>United Kingdom
      Government Securities: (14)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000 (1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= GBP500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.440</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= GBP500,000,000, &lt; GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.440</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.415</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;=GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt; 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.440</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.286</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= GBP500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.530</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= GBP500,000,000, &lt; GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.530</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.415</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;=GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 3 years, &lt; 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.530</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.286</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= GBP500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.630</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= GBP500,000,000, &lt; GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.630</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.443</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;=GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 5 years, &lt; 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.630</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.312</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= GBP500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= GBP500,000,000, &lt; GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.443</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;=GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 7 years, &lt; 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.312</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= GBP500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= GBP500,000,000, &lt; GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.507</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;=GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 10 years, &lt; 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.370</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt;= GBP500,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>l.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= GBP500,000,000, &lt; GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.569</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;=GBP700,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 15 years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.680</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.426</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>U.S. Government
      Obligations:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt;= 90 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.060</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 90 days, &lt;= 1
      year</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.060</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.060</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 1 year, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.110</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.200</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;= 3
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.150</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.200</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 3 years, &lt;= 4
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.200</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.200</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 4 years, &lt;= 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.240</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.200</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 7
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.290</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.250</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 7 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.340</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.250</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 15
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.370</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.300</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 15 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.410</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.380</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 20 years, &lt;= 30
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.380</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Brady Bonds:
      (6)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16></TD>
    <TD vAlign=top width="27%" height=16></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>(15)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Asian Yankee Bonds and
      Commonwealth Yankee Bonds: (Moody's only)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16><FONT size=2>Issued by Australia,
      Canada, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand,
      Thailand, The Philippines and the United Kingdom</FONT></TD>
    <TD vAlign=top width="27%" height=16></TD>
    <TD vAlign=top width="14%" height=16><FONT size=2>
      <P align=center>2.400</FONT></P></TD>
    <TD vAlign=top width="15%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>Asian Yankee Bonds and
      Commonwealth Yankee Bonds: (S&amp;P only)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16 rowSpan=8><FONT size=2>Issued by
      Australia, Canada, China, Hong Kong, India, Indonesia, Korea, Malaysia,
      New Zealand, Thailand, The Philippines and the United Kingdom</FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>AAA</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.420</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>AA</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.470</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>A</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>BBB</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.570</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>BB</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.640</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>B</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.710</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>B-</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.780</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%" height=16><FONT size=2>CCC+</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>N/A</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.850</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>AMPS Interest Rate
      Swaps:</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16><FONT size=2>&lt;= 100% liquidation
      value of outstanding AMPS</FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt;= 5 years</FONT></TD>
    <TD vAlign=top width="14%" height=16><FONT size=2>
      <P align=center>1.18/1.22/1.39(16)</FONT></P></TD>
    <TD vAlign=top width="15%" height=16><FONT size=2>
      <P align=center>1.0526(17)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4 height=16><B><FONT size=2>New Zealand Government
      Securities: (18)</B></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>Any</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&lt; 46 days</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.000(1)</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.000</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; NZ$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.470</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= NZ$100,000,000, &lt;= NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.340</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt;= 46 days, &lt;= 2
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.340</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; NZ$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;=5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.580</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= NZ$100,000,000, &lt;= NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;= 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.436</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 2 years, &lt;= 5
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.436</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; NZ$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.608</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= NZ$100,000,000, &lt;= NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.462</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 5 years, &lt;= 10
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.462</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&lt; NZ$100,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.679</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt;= NZ$100,000,000, &lt;= NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.730</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.526</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="43%" height=16>
      <DIR><FONT size=2>
      <P>&gt; NZ$150,000,000</P></DIR></FONT></TD>
    <TD vAlign=top width="27%" height=16><FONT size=2>&gt; 10 years, &lt;= 20
      years</FONT></TD>
    <TD vAlign=bottom width="14%" height=16><FONT size=2>
      <P align=center>1.520</FONT></P></TD>
    <TD vAlign=bottom width="15%" height=16><FONT size=2>
      <P align=center>1.526</FONT></P></TD></TR></TABLE></CENTER>
<P></P><U><FONT size=3>
<P>_________________________</P></U></FONT>
<TABLE cellSpacing=0 cellPadding=7 width=638 border=0>

  <TR>
    <TD vAlign=top width="6%"><FONT size=2>
      <P align=justify>(1)</FONT></P></TD>
    <TD vAlign=top width="94%"><FONT size=2>
      <P align=justify>In the case of Moody's, the remaining term to maturity of
      Eligible Portfolio Property with a Moody's Discount Factor of 1.000 shall
      be measured from the last Valuation Date on which the AMPS Basic
      Maintenance Amount was met for the purpose of determining the number of
      shares of AMPS to be redeemed which would result in satisfaction of the
      AMPS Basic Maintenance Amount.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="6%"><FONT size=2>
      <P align=justify>(2)</FONT></P></TD>
    <TD vAlign=top width="94%"><FONT size=2>
      <P align=justify>Provided that in the case of S&amp;P, the current
      outstanding issue size (as determined on each Annual Valuation Date) is
      equal to or greater than A$10,000,000.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="6%"><FONT size=2>
      <P align=justify>(3)</FONT></P></TD>
    <TD vAlign=top width="94%"><FONT size=2>
      <P align=justify>Excluding securities of Hydro-Electricity Commission of
      Tasmania, Tasmanian Public Finance Corp. and Tasmanian Development
      Authority.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="6%"><FONT size=2>
      <P align=justify>(4)</FONT></P></TD>
    <TD vAlign=top width="94%"><FONT size=2>
      <P align=justify>Including securities of Hydro-Electricity Commission of
      Tasmania, Tasmanian Public Finance Corp. and Tasmanian Development
      Authority.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="6%"><FONT size=2>
      <P align=justify>(5)</FONT></P></TD>
    <TD vAlign=top width="94%"><FONT size=2>
      <P align=justify>If any Overseas Banking Unit constituting Australian
      Currency has a maturity of more than 46 days from the Valuation Date, the
      principal amount of the cash deposit shall be offset by an amount equal to
      the penalty for early withdrawal and in the event interest earned on any
      Overseas Banking Unit is not exempt from interest withholding tax, the
      Corporation may not include interest earned as a component of the value of
      the deposit unless taxes incurred on interest earned have been
      paid.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="6%"><FONT size=2>
      <P align=justify>(6)</FONT></P></TD>
    <TD vAlign=top width="94%"><FONT size=2>
      <P align=justify>The discount factor in the table assumes that the
      security has a rating of Aa3 or better in the case of Moody's and AA- or
      better in the case of S&amp;P. In the case of S&amp;P, these types of
      securities may be contained in Eligible Portfolio Property, even if they
      have lower ratings, subject to the following percentage restrictions
      (which are cumulative):</FONT></P></TD></TR></TABLE>
<P align=right></P>
<TABLE cellSpacing=1 cellPadding=7 width=638 border=1>

  <TR>
    <TD vAlign=bottom width="30%" colSpan=2><B><U><FONT
      size=2>Rating</B></U></FONT></TD>
    <TD vAlign=top width="70%"><B><FONT size=2>
      <P align=center>% of total Discounted Value of Eligible Portfolio
      <U>Property allowed at each ratings level</B></U></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="30%" colSpan=2><FONT size=2>
      <P align=justify>Aa3/AA- or better</FONT></P></TD>
    <TD vAlign=top width="70%"><FONT size=2>
      <P align=center>100%</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="30%" colSpan=2><FONT size=2>
      <P align=justify>Below Aa3/AA-</FONT></P></TD>
    <TD vAlign=top width="70%"><FONT size=2>
      <P align=center>50%</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="30%" colSpan=2><FONT size=2>
      <P align=justify>Below A3/A-</FONT></P></TD>
    <TD vAlign=top width="70%"><FONT size=2>
      <P align=center>25%</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="30%" colSpan=2><FONT size=2>
      <P align=justify>Below BBB3/BBB-</FONT></P></TD>
    <TD vAlign=top width="70%"><FONT size=2>
      <P align=center>10%</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%">&nbsp;</TD>
    <TD vAlign=top width="93%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">&nbsp;</TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>Discount factors to be applied on these securities, to
      the extent they are rated less than AA- by S&amp;P, are listed in the
      "Leveraged Funds Market Value Ratings" publication dated December,
      1997.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(7)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>See Australian Guaranteed and Non-Guaranteed
      Eurobonds.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(8)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>Included in Australian Eurobonds.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(9)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>Included in Australian Semi-Government
      categories.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(10)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>In the case of Moody's, with an original principal
      balance of at least C$150,000,000.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(11)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>In the case of Moody's assets with a remaining maturity
      of greater than 20 years may not constitute more than 5% of Eligible
      Portfolio Property and, in the case of S&amp;P the applicable discount
      factor shown is for Canadian Provincial Securities for the Provinces of
      British Columbia, Ontario and Quebec (the "Base Discount"). The applicable
      discount factor for the Provinces of Alberta and New Brunswick is 110% of
      the Base Discount, for the Provinces of Manitoba and Sasketshawan 125% of
      Base Discount and for the Provinces of Newfoundland and Nova Scotia, 135%
      of Base Discount.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(12)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>Unless the Rating Agencies shall agree in writing, GNMA
      Graduated Payment Securities with a coupon rate lower than 5% shall not be
      included in Eligible Portfolio Property.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(13)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>A Discount Factor of 1.50 applies in the case of GNMA
      Graduated Payment Securities as to which the Corporation notifies the
      Auction Agent that scheduled principal payments are being made to holders;
      in the case of GNMA Graduated Payment Securities as to which the
      Corporation notifies the Auction Agent that scheduled principal payments
      are not being made to holders, the Discount Factor shall be that which is
      determined in writing by the Rating Agencies.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(14)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>In the case of Moody's, with an original principal
      balance of at least GBP600,000,000.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(15)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>In the case of S&amp;P, discount factors to be applied
      are listed in the "Leveraged Funds Market Value Ratings" publication dated
      December, 1997.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(16)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>With respect to Moody's, the discount factor of 1.18 will
      be applied when the Eligible AMPS Interest Rate Swap Counterparty is rated
      Aaa, the discount factor of 1.22 will be applied when the Eligible AMPS
      Interest Rate Swap Counterparty is rated Aa1 - Aa3, and the discount
      factor of 1.39 will be applied when the Eligible AMPS Interest Rate Swap
      Counterparty is rated A1 - A3, in each case to the extent the AMPS
      Interest Rate Swap is "in the money" based on the then-current marked to
      market valuation of the AMPS Interest Rate Swap provided by the Eligible
      AMPS Interest Rate Swap Counterparty. To the extent that the AMPS Interest
      Rate Swap is "out of the money," 100% of the Market Value of the AMPS
      Interest Rate Swap will be deemed a current liability of the Corporation
      for purposes of calculating the AMPS Basic Maintenance Amount and will not
      be included in Eligible Portfolio Property.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(17)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>With respect to S&amp;P, to the extent the AMPS Interest
      Rate Swap is "in the money" based on the then-current marked to market
      valuation of the AMPS Interest Rate Swap provided by the Eligible AMPS
      Interest Rate Swap Counterparty, the Discount Factor in the table should
      be applied. To the extent that the AMPS Interest Rate Swap is "out of the
      money," 100% of the Market Value of the AMPS Interest Rate Swap will be
      deemed a current liability of the Corporation for purposes of calculating
      the AMPS Basic Maintenance Amount and will not be included in Eligible
      Portfolio Property.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>
      <P align=justify>(18)</FONT></P></TD>
    <TD vAlign=top width="93%" colSpan=2><FONT size=2>
      <P align=justify>Provided that, in the case of S&amp;P, the current
      outstanding issue size (as determined on each Annual Valuation Date) is
      equal to or greater than NZ$10,000,000.</FONT></P></TD></TR></TABLE>
<P></P>
<P align=justify></P>
<P align=justify>"Discounted Value," with respect to any asset held by the
Corporation, means the quotient of the Market Value of such asset divided by the
applicable Discount Factor; provided that in no event shall the Discounted Value
of any asset constituting Eligible Portfolio Property as of any date exceed the
unpaid principal balance or face amount of such asset as of that date; provided
further that the Discounted Value of all Australian Securities, Canadian
Securities, United Kingdom Securities and New Zealand Securities shall be
further discounted by the Discount Factor applicable to, respectively,
Australian Currency, Canadian Currency, United Kingdom Currency and New Zealand
Currency.</P>
<P align=justify></P>
<P align=justify>"Dividend Payment Date," with respect to the AMPS, means each
date of payment of dividends as provided in paragraph 3(b)(i) of this Article
XII.</P>
<P align=justify></P>
<P align=justify>"Dividend Period" means the Initial Dividend Period, any
Regular Dividend Period, and any Special Dividend Period.</P>
<P align=justify></P>
<P align=justify>"Dollar" or "$" shall mean U.S. dollars. Amounts in Canadian,
Australian or New Zealand dollars or United Kingdom pounds sterling shall be
converted to U.S. dollars at the rates reported by the Pricing Service for the
Valuation Date or such other source as shall have been approved in writing by
the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>"Eligible AMPS Interest Rate Swap Counterparty" means (i) with
respect to S&amp;P, a counterparty with at least an A- long-term rating from
S&amp;P, provided, however, that any counterparty with a long-term rating from
S&amp;P of A or below must also have a short-term rating from S&amp;P of at
least A-1; and further provided that a counterparty shall be deemed to have any
higher long-term or short-term rating(s) assigned by S&amp;P to any guarantor(s)
of the counterparty's obligations under a swap agreement; and (ii) with respect
to Moody's, a counterparty with at least an A3 long-term rating from Moody's. In
the event that an Eligible AMPS Interest Rate Swap Counterparty's ratings are
downgraded below the respective levels set forth in the previous sentence, the
counterparty will cease to be an Eligible AMPS Interest Rate Swap Counterparty
and the counterparty must be replaced promptly. In the event that an Eligible
AMPS Interest Rate Swap Counterparty terminates a swap early for reasons related
to its rating status (other than a downgrade), the counterparty will cease to be
an Eligible AMPS Interest Rate Swap Counterparty and the counterparty must be
replaced promptly.</P>
<P align=justify></P>
<P align=justify>"Eligible Portfolio Property" means Australian Bank Bills,
Australian Currency, Australian Convertible or Exchangeable Eurobonds,
Australian Eurobonds, Australian Government Securities, Australian
Semi-Government Securities, Canadian Currency, Canadian Securities, Cash, New
Zealand Government Securities, United Kingdom Currency, United Kingdom
Securities, U.S. Government Obligations, Repurchase Agreements, Brady Bonds,
Asian Yankee Bonds, Commonwealth Yankee Bonds, AMPS Interest Rate Swaps (to the
extent they are "in the money"), Short Term Money Market Instruments, FNMA
Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA
Certificates, and GNMA Graduated Payment Securities and, if the calculation is
being made for S&amp;P, Australian Corporate Bonds; <U>provided</U>, (i) if the
determination is being made by Moody's, (x) that no more than 20% in the
aggregate of the total Discounted Value of Eligible Portfolio Property shall
consist of Australian Government and/or Australian Semi-Government Securities
with a current outstanding issue size less than A$150,000,000 and/or New Zealand
Government Securities with a current outstanding issue size less than
NZ$150,000,000; and (y) not more than 10% in the aggregate of the total
Discounted Value of Eligible Portfolio Property shall consist of Australian
Semi-Government Securities described under item 12 of such definition and (ii)
if the determination is being made for S&amp;P, (x) that no Australian
Government Securities or Australian Semi-Government Securities contained in
Eligible Portfolio Property shall have a current outstanding issue size less
than A$10,000,000 (as determined on each Annual Valuation Date); (y) that no New
Zealand Government Securities contained in Eligible Portfolio Property shall
have a current outstanding issue size less than NZ$10,000,000 (as determined on
each Annual Valuation Date); and (z) that not more than 10% in the aggregate of
the total Discounted Value of the Eligible Portfolio Property shall consist of
Australian Semi-Government Securities issued by any single issuer (except that
in the case of New South Wales Treasury Corporation, such percentage shall be
25%) and that not more than 20% in the aggregate of the total Market Value of
the Eligible Portfolio Property shall consist of Australian Semi-Government
Securities guaranteed by any single state (except that in the case of each of
Victoria and New South Wales, such percentage shall be 25%). Notwithstanding the
above, no asset that is then segregated to cover an AMPS Interest Rate Swap may
be deemed to be Eligible Portfolio Property. The Board of Directors shall have
the authority to specify from time to time other assets as Eligible Portfolio
Property if the Rating Agencies advise the Corporation in writing that the
specification will not adversely affect their respective then-current ratings of
the AMPS; it being understood that the components of Eligible Portfolio Property
may differ between or among the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>"Existing Holder" means a Broker-Dealer or any such other
Person as may be permitted by the Corporation that is listed as the holder of
record of shares of AMPS in the records of the Auction Agent.</P>
<P align=justify></P>
<P align=justify>"Failure to Cure" shall mean a failure by the Corporation to
maintain the AMPS Basic Maintenance Amount or the 1940 Act AMPS Asset Coverage
Requirement, as the case may be, which failure is not cured by the relevant Cure
Date.</P>
<P align=justify></P>
<P align=justify>"FANMAC Certificates" are securities issued by a trustee
against housing loans made through the New South Wales Department of Housing and
consist of a series of closed trusts or pools. The mortgage manager is the First
Australian National Mortgage Acceptance Corporation Ltd. ("FANMAC"). FANMAC is
owned partially by the Government of the State of New South Wales with the
remainder owned by other institutions. The Government of the State of New South
Wales has provided the FANMAC Trust with an assurance as to availability of
funds to meet payments. The securities have been rated by Australian Ratings and
S&amp;P. FANMAC securities are subject to a call provision under which borrowers
(mortgagors) can repay early and the investors in a particular pool can be
repaid on a pro rata basis.</P>
<P align=justify></P>
<P align=justify>"FHLMC" means the Federal Home Loan Mortgage Corporation
created by Title III of the Emergency Home Finance Act of 1970, and includes any
successor thereto.</P>
<P align=justify></P>
<P align=justify>"FHLMC Certificate" means a mortgage participation certificate
in physical or book-entry form, the timely payment of interest on and the
ultimate collection of principal of which is guaranteed by FHLMC, and which
evidences a proportional undivided interest in, or participation interest in,
specified pools of fixed-, variable- or adjustable-rate, fully amortizing, level
pay mortgage loans with terms up to 30 years, secured by first liens on one- to
four-family residences.</P>
<P align=justify></P>
<P align=justify>"FHLMC Multifamily Security" means a "Plan B Multifamily
Security" in physical or book-entry form, the timely payment of interest on and
the ultimate collection of principal of which is guaranteed by FHLMC, and which
evidences a proportional undivided interest in, or participation interest in,
specified pools of fixed-rate, fully amortizing, level pay mortgage loans with
terms up to 30 years, secured by first-priority mortgages on multifamily
residences containing five or more units and which are designed primarily for
residential use, the inclusion of which in the Eligible Portfolio Property will
not, in and of itself, impair, or cause the AMPS to fail to retain, the rating
assigned to such AMPS by each of the Rating Agencies, as evidenced by a letter
to such effect from each of the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>"FNMA" means the Federal National Mortgage Association, a
United States Government-sponsored private corporation established pursuant to
Title VIII of the Housing and Urban Development Act of 1968, and includes any
successor thereto.</P>
<P align=justify></P>
<P align=justify>"FNMA Certificate" means a mortgage pass-through certificate in
physical or book-entry form, the full and timely payment of principal of and
interest on which is guaranteed by FNMA, and which evidences a proportional
undivided interest in specified pools of fixed-, variable- or adjustable-rate,
fully amortizing, level pay mortgage loans with terms up to 30 years, secured by
first liens on one- to four-family residences.</P>
<P align=justify></P>
<P align=justify>"Forward Contract" means a contract, entered into following a
Failure to Cure, between the Corporation and a commercial bank or other
financial institution whose short term debt is rated at least A-l+ by S&amp;P or
whose long term debt is rated at least AA by S&amp;P (an "Eligible Bank"), which
provides that the Corporation will sell a specified amount of Australian
Currency, Canadian Currency, United Kingdom Currency or New Zealand Currency to
such Eligible Bank on a specified date for a specified amount of U.S. dollars.
The date of payment in U.S. dollars shall not be later than the 30th day
following the Valuation Date related to the Failure to Cure and the amount of
U.S. dollars shall be sufficient to redeem all shares of AMPS required to be
redeemed. On the Date of Original Issue and on each Annual Valuation Date
thereafter, the Corporation will confirm in writing to S&amp;P that the
Corporation has a credit-line with an Eligible Bank (the "Credit Line Test").
The Credit Line Test shall be deemed to be satisfied on any date if the
Corporation has delivered such confirmation to S&amp;P on the Date of Original
Issue or the most recent Annual Valuation Date, as the case may be.</P>
<P align=justify></P>
<P align=justify>"GNMA" means the Government National Mortgage Association, and
includes any successor thereto.</P>
<P align=justify></P>
<P align=justify>"GNMA Certificate" means a fully modified pass-through
certificate in physical or book-entry form, the full and timely payment of
principal of and interest on which is guaranteed by GNMA and which evidences a
proportional undivided interest in specified pools of fixed-, variable- or
adjustable-rate, fully amortizing, level pay mortgage loans with terms up to 30
years, secured by first liens on one- to four-family residences.</P>
<P align=justify></P>
<P align=justify>"GNMA Graduated Payment Security" means a fully modified
pass-through certificate in physical or book-entry form, the full and timely
payment of principal of and interest on which is guaranteed by GNMA, which
obligation is backed by the full faith and credit of the United States, and
which evidences a proportional undivided interest in specified pools of
graduated payment mortgage loans with terms up to 30 years, with payments that
increase annually at a predetermined rate for up to the first five or ten years
of the mortgage loan and that are secured by first-priority mortgages on one- to
four-unit residences; <U>provided</U> that such loans shall be past the
graduated payment period.</P>
<P align=justify></P>
<P align=justify>"GNMA Multifamily Security" means a fully modified certificate
in physical or book-entry form, the full and timely payment of principal of and
interest on which is guaranteed by GNMA, which obligation is backed by the full
faith and credit of the United States, and which evidences a proportional
undivided interest in specified pools of fixed-rate mortgage, level pay loans
with terms up to 30 years secured by first-priority mortgages on multifamily
residences, the inclusion of which in the Eligible Portfolio Property will not,
in and of itself, impair or cause the AMPS to fail to retain the rating assigned
to such AMPS by each of the Rating Agencies as evidenced by a letter to such
effect from each of the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>"Holder" means a Person identified as a holder of shares of
AMPS in the Stock Register.</P>
<P align=justify>"Independent Accountant" means a nationally recognized
accountant, or firm of accountants, that is, with respect to the Corporation, an
independent registered public accountant or firm of independent registered
public accountants under the Securities Act of 1933, as amended.</P>
<P align=justify></P>
<P align=justify>"Industry Category" means, as to any Corporate Bond, any of the
industry categories set forth in the following table:</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) Aerospace and Defense: Major Contractor, Subsystems,
Research, Aircraft Manufacturing, Arms, Ammunition;</P>
<P align=justify></P>
<P align=justify>(2) Automobile: Automotive Equipment, Auto-Manufacturing, Auto
Parts Manufacturing, Personal Use Trailers, Motor Homes, Dealers;</P>
<P align=justify></P>
<P align=justify>(3) Banking: Bank Holding, Savings and Loans, Consumer Credit,
Small Loan, Agency, Factoring, Receivables;</P>
<P align=justify></P>
<P align=justify>(4) Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines
and Liquors, Distributors, Soft Drink Syrup, Bottlers, Bakery, Mill Sugar,
Canned Foods, Corn Refiners, Dairy Products, Meat Products, Poultry Products,
Snacks, Packaged Foods, Distributors, Candy, Gum, Seafood, Frozen Food,
Cigarettes, Cigars, Leaf/Snuff, Vegetable Oil;</P>
<P align=justify></P>
<P align=justify>(5) Buildings and Real Estate: Brick, Cement, Climate Controls,
Contracting, Engineering, Construction, Hardware, Forest Products
(building-related only), Plumbing, Roofing, Wallboard, Real Estate, Real Estate
Development, REITs, Land Development;</P>
<P align=justify></P>
<P align=justify>(6) Chemicals, Plastics and Rubber: Chemicals
(non-agriculture), Industrial Gases, Sulphur, Plastics, Plastic Products,
Abrasives, Coatings, Paints, Varnish, Fabricating;</P>
<P align=justify></P>
<P align=justify>(7) Containers, Packaging and Glass: Glass, Fiberglass,
Containers made of: Glass, Metal, Paper, Plastic, Wood or Fiberglass;</P>
<P align=justify></P>
<P align=justify>(8) Personal and Non-Durable Consumer Products (Manufacturing
Only): Soaps, Perfumes, Cosmetics, Toiletries, Cleaning Supplies, School
Supplies;</P>
<P align=justify></P>
<P align=justify>(9) Diversified/Conglomerate Manufacturing;</P>
<P align=justify></P>
<P align=justify>(10) Diversified/Conglomerate Service;</P>
<P align=justify></P>
<P align=justify>(11) Diversified Natural Resources, Precious Metals and
Minerals: Fabricating, Distribution, Mining and Sales;</P>
<P align=justify></P>
<P align=justify>(12) Ecological: Pollution Control, Waste Removal, Waste
Treatment, Waste Disposal;</P>
<P align=justify></P>
<P align=justify>(13) Electronics: Computer Hardware, Electric Equipment,
Components, Controllers, Motors, Household Appliances, Information Service
Communication Systems, Radios, TVs, Tape Machines, Speakers, Printers, Drivers,
Technology;</P>
<P align=justify></P>
<P align=justify>(14) Finance: Investment Brokerage, Leasing, Syndicating,
Securities;</P>
<P align=justify></P>
<P align=justify>(15) Farming and Agriculture: Livestock, Grains, Produce,
Agricultural Chemicals, Agricultural Equipment, Fertilizers;</P>
<P align=justify></P>
<P align=justify>(16) Grocery: Grocery Stores, Convenience Food Stores;</P>
<P align=justify></P>
<P align=justify>(17) Healthcare, Education and Childcare: Ethical Drugs,
Proprietary Drugs, Research, Health Care Centers, Nursing Homes, HMOs,
Hospitals, Hospital Supplies, Medical Equipment;</P>
<P align=justify></P>
<P align=justify>(18) Home and Office Furnishings, Housewares, and Durable
Consumer Products: Carpets, Floor Coverings, Furniture, Cooking, Ranges;</P>
<P align=justify></P>
<P align=justify>(19) Hotels, Motels, Inns and Gaming;</P>
<P align=justify></P>
<P align=justify>(20) Insurance: Life, Property and Casualty, Broker, Agent,
Surety;</P>
<P align=justify></P>
<P align=justify>(21) Leisure, Amusement, Motion Pictures, Entertainment:
Boating, Bowling, Billiards, Musical Instruments, Fishing, Photo Equipment,
Records, Tapes, Sports, Outdoor Equipment (Camping), Tourism, Resorts, Games,
Toy Manufacturing, Motion Picture Production Theaters, Motion Picture
Distribution;</P>
<P align=justify></P>
<P align=justify>(22) Machinery (Non-Agriculture, Non-Construction,
Non-Electronic): Industrial, Machine Tools, Steam Generators;</P>
<P align=justify></P>
<P align=justify>(23) Mining, Steel, Iron and Non-Precious Metals: Coal, Copper,
Lead, Uranium, Zinc, Aluminum, Stainless Steel, Integrated Steel, Ore
Production, Refractories, Steel Mill Machinery, Mini-Mills, Fabricating,
Distribution and Sales;</P>
<P align=justify></P>
<P align=justify>(24) Oil and Gas: Crude Producer, Retailer, Well Supply,
Service and Drilling;</P>
<P align=justify></P>
<P align=justify>(25) Personal, Food and Miscellaneous Services;</P>
<P align=justify></P>
<P align=justify>(26) Printing, Publishing and Broadcasting: Graphic Arts,
Paper, Paper Products, Business Forms, Magazines, Books, Periodicals,
Newspapers, Textbooks, Radio, TV, Cable, Broadcasting Equipment;</P>
<P align=justify></P>
<P align=justify>(27) Cargo Transport: Rail, Shipping, Railroads, Rail-care
Builders, Ship Builders, Containers, Container Builders, Parts, Overnight Mail,
Trucking, Truck Manufacturing, Trailer Manufacturing, Air Cargo, Transport;</P>
<P align=justify></P>
<P align=justify>(28) Retail Stores: Apparel, Toy, Variety, Drugs, Department,
Mail Order Catalog, Showroom;</P>
<P align=justify></P>
<P align=justify>(29) Telecommunications: Local, Long Distance, Independent,
Telephone, Telegraph, Satellite, Equipment, Research, Cellular;</P>
<P align=justify></P>
<P align=justify>(30) Textiles and Leather: Producer, Synthetic Fiber, Apparel
Manufacturer, Leather Shoes;</P>
<P align=justify></P>
<P align=justify>(31) Personal Transportation: Air, Bus, Rail, Car Rental;
and</P>
<P align=justify></P>
<P align=justify>(32) Utilities: Electric, Water, Hydro Power, Gas,
Diversified.</P>
<P align=justify></P></DIR></DIR></DIR></DIR></DIR></DIR>
<P align=justify>"Initial Dividend Payment Date" has the meaning set forth in
paragraph 3(b)(i) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Initial Dividend Period" has the meaning specified in
paragraph 3(c)(i) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Initial Dividend Rate," with respect to the AMPS, means the
rate per annum specified herein applicable to the Initial Dividend Period.</P>
<P align=justify></P>
<P align=justify>"Interest Equivalent" means a yield on a 360-day basis of a
discount basis security which is equal to the yield on an equivalent
interest-bearing security.</P>
<P align=justify></P>
<P align=justify>"Investment Company Act" means the Investment Company Act of
1940 (15 U.S. Code Sections 80 et seq.), as amended from time to time.</P>
<P align=justify></P>
<P align=justify>"Investment Manager" means Aberdeen Asset Management Asia
Limited or any successor manager to the Corporation who acts in such capacity in
conformance with Section 15 of the Investment Company Act.</P>
<P align=justify></P>
<P align=justify>"Lien" has the meaning set forth in paragraph 3(d)(iii) of this
Article XII.</P>
<P align=justify></P>
<P align=justify>"Long Term Dividend Period" means a Special Dividend Period
consisting of a specified period of whole years not greater than five years.</P>
<P align=justify></P>
<P align=justify>"Mandatory Redemption Price" means $25,000 per share of AMPS
plus an amount equal to accumulated but unpaid dividends (whether or not earned
or declared) to the date fixed for redemption.</P>
<P align=justify></P>
<P align=justify>"Market Value" means the amount determined with respect to
specific assets of the Corporation in the manner set forth below, it being
understood that Market Value shall include any interest accrued thereon but, in
the case of Moody's, only if the next interest coupon on such asset is due and
payable within 47 days of the Reporting Date, and that a designated Pricing
Service may be used where indicated.</P>
<P align=justify></P>
<P align=justify>(a) as to Australian, Canadian and United Kingdom Securities,
the Administrator or the Custodian shall value such securities at the last trade
price quoted by a designated Pricing Service if such trade price reflects a
trade on, or within one local business day prior to, the Reporting Date. If no
such trade price is available, the Administrator or the Custodian shall value
such securities, where practicable, at the bid prices or the mean between the
bid and asked price quoted by a designated Pricing Service on the Reporting
Date, or if such quotes are not readily available, at fair value as determined
by a designated Pricing Service (or the Administrator or Custodian if the Rating
Agencies so permit) using methods which include: consideration of yields or
prices of assets of comparable quality, type of issue, coupon, maturity and
rating; indications as to value from dealers; and general market conditions.
Either the Administrator or the Custodian or a designated Pricing Service may
employ electronic data processing techniques and/or a matrix system to determine
valuations. In the event the Administrator or the Custodian or a designated
Pricing Service is unable to value a security, the security shall be valued at
the lower of two dealer bids (both of which shall be in writing or by telecopy,
telex or other electronic transcription, computer obtained quotation reduced to
written form or similar means) provided to the Corporation, by two recognized
securities dealers in either (i) Australia, with respect to Australian
Securities, (ii) Canada, with respect to Canadian Securities or (iii) the United
Kingdom, with respect to United Kingdom Securities, such securities dealers
making a market in the applicable securities.</P>
<P align=justify></P>
<P align=justify>(b) as to GNMA Certificates, GNMA Graduated Payment Securities,
FNMA Certificates, FHLMC Certificates and FHLMC Multifamily Securities, the
Pricing Service (or the Administrator or the Custodian, if the Rating Agencies
so permit) shall value such securities as the product of (i) the aggregate
unpaid principal amount of the mortgage loans evidenced by each such certificate
or security, as the case may be, as of the close of business in New York City on
the last Business Day prior to such Valuation Date and (ii) the lower of the bid
prices for the same kind of certificate or, if not available, some other
security having, as nearly as practicable, comparable interest rates and
maturities, as quoted to the Corporation by two nationally recognized securities
dealers, who are members of the National Association of Securities Dealers
selected by the Corporation and making a market therein, with at least one such
quotation in writing plus, (x) if the determination is being made for Moody's,
accrued interest to the Valuation Date if the next interest coupon on such
security is due and payable within 46 days of such Valuation Date and (y) if the
determination is being made for S&amp;P, accrued interest;</P>
<P align=justify></P>
<P align=justify>(c) as to Australian, Canadian and United Kingdom Currency and
as to Cash, demand deposits (and in the case of S&amp;P only, bankers'
acceptances) included in Short Term Money Market Instruments, the Administrator
or the Custodian shall value such currency or securities as the face value
thereof;</P>
<P align=justify></P>
<P align=justify>(d) as to next Business Day repurchase agreements, the face
value thereof;</P>
<P align=justify></P>
<P align=justify>(e) as to U.S. Government Obligations, the Administrator or the
Custodian shall value such securities at the bid prices quoted by a designated
Pricing Service or the mean between the bid and asked price quoted by a
designated Pricing Service on the Reporting Date, or if such quotes are not
readily available, at fair value as determined by a designated Pricing Service
(or the Administrator or the Custodian, if the Rating Agencies so permit) using
methods which include: consideration of yields or prices of assets of comparable
quality, type of issue, coupon, maturity and rating; indications as to value
from dealers; and general market conditions. Either the Administrator, the
Custodian or a designated Pricing Service may employ electronic data processing
techniques and/or a matrix system to determine valuations. In the event the
Administrator or the Custodian or a designated Pricing Service is unable to
value a security, the security shall be valued at the lower of two dealer bids
(at least one of which shall be in writing or by telecopy or other electronic
transcription, computer obtained quotation reduced to written form or similar
means) provided for the Corporation by two nationally recognized securities
dealers, who are members of the National Association of Securities Dealers
selected by the Corporation and making a market therein; and</P>
<P align=justify></P>
<P align=justify>(f) as to AMPS Interest Rate Swaps, the Administrator shall
determine the net value of the interest rate swaps on a daily marked-to-market
basis in accordance with their Valuation Procedures, as such Valuation
Procedures may be amended from time to time by the Board of Directors of the
Corporation, based on price information received from the Eligible AMPS Interest
Rate Swap Counterparty.</P>
<P align=justify></P>
<P align=justify>Without amending the Charter, (i) the calculation of the Market
Value of an asset constituting Eligible Portfolio Property may be changed to any
method recognized by the Rating Agencies from that set forth in this Article XII
and (ii) a method recognized by the Rating Agencies for calculating the Market
Value of any asset identified as Eligible Portfolio Property may be specified if
the Rating Agencies advise the Corporation in writing that the change or
specification will not adversely affect their respective then-current ratings of
the AMPS.</P>
<P align=justify></P>
<P align=justify>"Maximum Applicable Rate," with respect to AMPS, has the
meaning set forth in paragraph 8(a)(vii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Moody's" means Moody's Investors Service, Inc. or its
successors. Any specific references to Moody's or requirements imposed by
Moody's shall only apply for so long as Moody's provides a rating with respect
to the AMPS.</P>
<P align=justify></P>
<P align=justify>"MMSs" are mortgage-backed securities issued against mortgage
pools by MGICA Securities Ltd., a wholly-owned subsidiary of AMP Society Ltd.,
an Australian insurance company, and rated by Australian Ratings.</P>
<P align=justify></P>
<P align=justify>"MTCs" are securities issued against specific mortgages by a
trustee and are similar to "pass-through" certificates. MTCs are issued on a
continuous basis, insured by Australian insurance companies against both
mortgage default and an early call, and rated by Australian Ratings.</P>
<P align=justify></P>
<P align=justify>"New Zealand Currency" means such coin or currency of the
Government of the Commonwealth of New Zealand as at the time shall be legal
tender for payment of public and private debts.</P>
<P align=justify></P>
<P align=justify>"New Zealand Government Securities" means, in the case of
S&amp;P, all publicly traded securities issued and guaranteed by the Government
of the Commonwealth of New Zealand with fixed maturities (i.e., no perpetuals)
and, in the case of Moody's, any publicly traded security which is (i) either
issued by the Government of the Commonwealth of New Zealand and is rated Aa by
Moody's or is guaranteed by the Government of the Commonwealth of New Zealand,
(ii) are denominated and payable in New Zealand Currency or are convertible into
a security constituting Eligible Portfolio Property by Moody's, and (iii) are
not a variable rate, index-linked, zero coupon or stripped security.</P>
<P align=justify></P>
<P align=justify>"New Zealand Securities" means New Zealand Government
Securities, New Zealand semi-government securities and other securities
determined from time to time in writing by the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>"1940 Act AMPS Asset Coverage Ratio" means, as of the Valuation
Date, the ratio of the Fund's net assets to its senior securities representing
indebtedness plus the liquidation value of its Preferred Stock, including the
shares of AMPS.</P>
<P align=justify></P>
<P align=justify>"1940 Act AMPS Asset Coverage Requirement" means the
requirement that the Corporation maintain, with respect to shares of AMPS, as of
the last Friday of each month in which any shares of AMPS are Outstanding, asset
coverage of at least 200% with respect to senior securities representing
indebtedness plus the liquidation value of its Preferred Stock, including the
shares of AMPS (or such other asset coverage as may in the future be specified
in or under the Investment Company Act as the minimum asset coverage for senior
securities which are stock of a closed-end investment company as a condition of
paying dividends on its common stock).</P>
<P align=justify></P>
<P align=justify>"1940 Act Cure Date," with respect to the failure by the
Corporation to maintain the 1940 Act AMPS Asset Coverage Requirement (as
required by paragraph 7(a) of this Article XII) as of the last Valuation Date of
each month, means the last Valuation Date of the following month.</P>
<P align=justify></P>
<P align=justify>"NMMC Securities" are securities issued by National Mortgage
Market Corporation Ltd. ("NMMC"), which include AUSSIE MACs, which are medium
term bearer securities, and National Mortgage Market Bonds. NMMC is a private
company which is owned partially by the Government of the State of Victoria and
partially by private institutions. Both AUSSIE MACs and National Mortgage Bonds
are rated by Australian Ratings.</P>
<P align=justify></P>
<P align=justify>"Non-Call Period" has the meaning set forth under the
definition of "Specific Redemption Provisions."</P>
<P align=justify></P>
<P align=justify>"Non-Payment Period" means, with respect to the AMPS, any
period commencing on and including the day on which the Corporation shall fail
to (i) declare, prior to the close of business on the second Business Day
preceding any Dividend Payment Date, for payment on or (to the extent permitted
by paragraph 3(c)(i) of this Article XII) within three Business Days after such
Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on
the Business Day preceding such Dividend Payment Date, the full amount of any
dividend on shares of AMPS payable on such Dividend Payment Date or (ii)
deposit, irrevocably in trust, in same-day funds, with the Auction Agent by
12:00 noon, New York City time, (A) on such Dividend Payment Date the full
amount of any cash dividend on such shares payable (if declared) on such
Dividend Payment Date or (B) on any redemption date for any shares of AMPS
called for redemption, the Mandatory Redemption Price per share of such AMPS or,
in the case of an optional redemption, the Optional Redemption Price per share,
and ending on and including the Business Day on which, by 12:00 noon, New York
City time, all unpaid cash dividends and unpaid redemption prices shall have
been so deposited or shall have otherwise been made available to Holders in
same-day funds; <U>provided</U> <U>that</U>, a Non-Payment Period shall not end
unless the Corporation shall have given at least five days' but no more than 30
days' written notice of such deposit or availability to the Auction Agent, all
Existing Holders (at their addresses appearing in the Stock Books) and the
Securities Depository. Notwithstanding the foregoing, the failure by the
Corporation to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above
within three Business Days after any Dividend Payment Date or redemption date,
as the case may be, in each case to the extent contemplated by paragraph 3(c)(i)
of this Article XII shall not constitute a "Non-Payment Period."</P>
<P align=justify></P>
<P align=justify>"Non-Payment Period Rate" means, initially, 300% of the
applicable Reference Rate provided that the Board of Directors of the
Corporation shall have the authority to adjust, modify, alter or change from
time to time the initial Non-Payment Period Rate if the Board of Directors of
the Corporation determines and the Rating Agencies then rating the AMPS advise
the Corporation in writing that such adjustment, modification, alteration or
change will not adversely affect their then-current ratings on the AMPS.</P>
<P align=justify></P>
<P align=justify>"Normal Dividend Payment Date" has the meaning set forth in
paragraph 3(b)(i) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Notice of Redemption" means any notice with respect to the
redemption of shares of AMPS pursuant to paragraph 5 of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Notice of Revocation" has the meaning set forth in paragraph
3(c)(iii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Notice of Special Dividend Period" has the meaning set forth
in paragraph 3(c)(iii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Offshore Banking Units" means cash deposits denominated in the
currency of Australia deposited with an Australian branch of a foreign bank
authorized to operate as an offshore banking unit by the Government of
Australia's Australian Taxation Office which, in the case of Moody's is (i) a
branch carrying the same credit rating as the parent bank, (ii) is a deposit
rated at least P-1 under circumstances in which the rating of the deposit is
capped at the sovereign rating ceiling of the parent bank's home country, as
well as the bank deposit rating ceiling of Australia, or (iii) is a deposit held
by a branch whose parent bank is rated at least Aa3/P-1 under circumstances in
which the rating of the parent bank is capped at the sovereign rating ceiling of
the parent bank's home country, as well as the bank deposit rating ceiling of
Australia and which, to date, are limited to cash deposits with an overseas
banking unit of Banque Nationale de Paris.</P>
<P align=justify></P>
<P align=justify>"Optional Redemption Price" shall mean $25,000 per share plus
an amount equal to accumulated but unpaid dividends (whether or not earned or
declared) to the date fixed for redemption plus any applicable redemption
premium attributable to the designation of a Premium Call Period.</P>
<P align=justify></P>
<P align=justify>"Other Currency" means Australian Currency, Canadian Currency
or United Kingdom Currency.</P>
<P align=justify></P>
<P align=justify>"Other Permitted Assets" means Australian Corporate Bonds,
Australian Eurobonds, Australian Convertible or Exchangeable Eurobonds,
Australian Short Term Securities, Derivatives, New Zealand Securities, FANMAC
Certificates, NMMC Securities, MTCs, MMSs, ANNIE MAEs, GNMA Multifamily
Securities and Corporate Bonds.</P>
<P align=justify></P>
<P align=justify>"Outstanding" means, as of any date (i) with respect to AMPS,
shares of AMPS theretofore issued by the Corporation except, without
duplication, (A) any shares of AMPS theretofore cancelled or delivered to the
Auction Agent for cancellation, or redeemed by the Corporation, or as to which a
Notice of Redemption shall have been given and moneys shall have been deposited
in trust by the Corporation pursuant to paragraph 5(f) and (B) any shares of
AMPS as to which the Corporation or any Affiliate thereof shall be an Existing
Holder, provided that shares of AMPS held by an Affiliate shall be deemed
Outstanding for purposes of calculating the AMPS Basic Maintenance Amount and
(ii) with respect to shares of other Preferred Stock, has the equivalent
meaning.</P>
<P align=justify></P>
<P align=justify>"Paying Agent" means Deutsche Bank Trust Company Americas and
its successors or any other paying agent appointed by the Corporation to perform
the functions performed by the Paying Agent.</P>
<P align=justify></P>
<P align=justify>"Person" means an individual, a corporation, a company, a
voluntary association, a partnership, a trust, an unincorporated organization or
a government or any agency, instrumentality or political subdivision
thereof.</P>
<P align=justify></P>
<P align=justify>"Potential Beneficial Owner" means a customer of a
Broker-Dealer or a Broker-Dealer that is not a Beneficial Owner of shares of
AMPS but that wishes to purchase such shares, or that is a Beneficial Owner that
wishes to purchase additional shares of AMPS.</P>
<P align=justify></P>
<P align=justify>"Potential Holder" shall mean any Broker-Dealer or any such
other Person as may be permitted by the Corporation, including any Existing
Holder, who may be interested in acquiring shares of AMPS (or, in the case of an
Existing Holder, additional shares of AMPS).</P>
<P align=justify></P>
<P align=justify>"Preferred Stock" means the Preferred Stock of the Corporation,
including the AMPS.</P>
<P align=justify></P>
<P align=justify>"Premium Call Period" has the meaning set forth under the
definition of "Specific Redemption Provisions."</P>
<P align=justify></P>
<P align=justify>"Pricing Service" shall mean any of FT Interactive, Reuters
Information Services, Inc., Telerate Systems, Inc., Bloomberg L.P. or Wood Gundy
Inc. or any other pricing service designated by the Board of Directors of the
Corporation provided the Corporation obtains written assurance from the Rating
Agencies then rating the AMPS that such designation will not impair the rating
then assigned by the respective Rating Agency to the AMPS.</P>
<P align=justify></P>
<P align=justify>"Rating" means a rating assigned by a Rating Agency to a
particular security or to a particular issuer; <U>provided</U>, <U>however</U>,
in the case of S&amp;P, a particular unrated security will be deemed to have
received the rating S&amp;P has assigned to a rated debt security if S&amp;P
shall have received a letter from the President, Vice President, or Treasurer of
the Corporation certifying that the unrated issue is identical to the rated
issue in respect of (i) its terms, (ii) its ranking, (iii) its issuer and (iv)
guarantees and any other support mechanisms provided by the issuer or any third
party to enhance the credit of the rated security.</P>
<P align=justify></P>
<P align=justify>"Rating Agency" or "Rating Agencies" means Moody's and S&amp;P
or any Successor Rating Agency so long as such rating agency is then rating the
AMPS.</P>
<P align=justify></P>
<P align=justify>"Reference Rate" means: (i) with respect to a Regular Dividend
Period or a Short Term Dividend Period having fewer than 183 days, the
applicable "AA" Composite Commercial Paper Rate, (ii) with respect to any Short
Term Dividend Period having 183 or more but fewer than 364 days, the applicable
U.S. Treasury Bill Rate and (iii) with respect to any Long Term Dividend Period,
the applicable U.S. Treasury Note Rate.</P>
<P align=justify></P>
<P align=justify>"Regular Dividend Period" means, with respect to the AMPS, a
Dividend Period consisting of 28 days.</P>
<P align=justify></P>
<P align=justify>"Reporting Date," with respect to any price referred to in the
definition of the Market Value of an item of Eligible Portfolio Property, shall
mean the date as of which the Market Value of such item of Eligible Portfolio
Property is to be determined.</P>
<P align=justify></P>
<P align=justify>"Repurchase Agreements" means, repurchase obligations with
respect to a U.S. Government Obligation, FNMA Certificate, FHLMC Certificate or
GNMA Certificate under which the Fund buys such securities from counterparties
who agree to buy back such securities within one Business Day from the date such
repurchase obligations were entered into where the counterparty is either (i) a
depository institution the deposits of which (x) are insured by the Federal
Deposit Insurance Corporation or the Federal Savings and Loan Insurance
Corporation, (y) the commercial paper or other unsecured short term debt
obligations of which are rated Prime-1 by Moody's and A-1+ by S&amp;P, and (z)
the long term debt obligations of which are rated at least A-2 by Moody's; or
(ii) a broker-dealer registered as such with the Securities and Exchange
Commission under the Securities Act of 1934, as amended, (x) the commercial
paper or other unsecured short term debt obligation of which are rated Prime-1
by Moody's and A-1+ by S&amp;P and (y) the long term debt obligations of which
are rated at least A-2 by Moody's.</P>
<P align=justify></P>
<P align=justify>"Request for Special Dividend Period" has the meaning set forth
in paragraph 3(c)(iii) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Response" has the meaning set forth in paragraph 3(c)(iii) of
this Article XII.</P>
<P align=justify></P>
<P align=justify>"S&amp;P" means Standard &amp; Poor's Rating Group or its
successors. Any specific references to S&amp;P or requirements imposed by
S&amp;P shall only apply for so long as S&amp;P provides a rating with respect
to the AMPS.</P>
<P align=justify></P>
<P align=justify>"Securities Depository" means The Depository Trust Company and
any successor thereto.</P>
<P align=justify></P>
<P align=justify>"Short Term Dividend Period" means a Dividend Period consisting
of a specified number of days (other than the number of days in the applicable
Regular Dividend Period), evenly divisible by seven and not fewer than seven or
more than 364.</P>
<P align=justify></P>
<P align=justify>"Short Term Money Market Instruments" means the following kinds
of instruments, if on the date of purchase or other acquisition by the
Corporation of such instrument the remaining term to maturity thereof is not
more than 30 days:</P>
<P align=justify></P>
<P align=justify>(a) demand deposits in, certificates of deposit of, (in the
case of S&amp;P only) bankers' acceptances issued by, and standby letters of
credit or other similar instruments issued by, any depository institution, the
deposits of which are insured by the Federal Deposit Insurance Corporation
("FDIC") or the Savings Association Insurance Fund, administered by the FDIC,
<U>provided</U> <U>that</U>, at the time of the Corporation's investment
therein, the commercial paper or other unsecured short term debt obligations of
such depository institution are rated Prime-1 by Moody's and A-1+ by S&amp;P and
are issued by institutions whose long term debt obligations are rated at least
A2 by Moody's; and</P>
<P align=justify></P>
<P align=justify>(b) commercial paper rated at the time of the Corporation's
investment therein Prime-1 by Moody's and A-1+ by S&amp;P and issued by
institutions whose long term debt obligations are rated at least A2 by Moody's;
<U>provided</U>, <U>however</U>, that in the case of Moody's such commercial
paper must have a maturity of 270 days or less.</P>
<P align=justify></P>
<P align=justify>"Special Dividend Period" means a Dividend Period consisting of
(i) a specified number of days (other than the number of days in the applicable
Regular Dividend Period), evenly divisible by seven, and not fewer than seven
nor more than 364 or (ii) a specified number of whole years not greater than
five years (in each case subject to adjustment as provided in paragraph
3(b)(i)).</P>
<P align=justify></P>
<P align=justify>"Specific Redemption Provisions" means, with respect to a
Special Dividend Period either, or any combination of, (i) a period (a "Non-Call
Period") determined by the Board of Directors of the Corporation, after
consultation with the Auction Agent and the Broker-Dealers, during which the
shares of AMPS subject to such Dividend Period shall not be subject to
redemption at the option of the Corporation and (ii) a period (a "Premium Call
Period"), consisting of a number of whole years and determined by the Board of
Directors after consultation with the Auction Agent and the Broker-Dealers,
during each year of which the shares of AMPS subject to such Dividend Period
shall be redeemable at the Corporation's option at a price per share equal to
$25,000 plus accumulated but unpaid dividends plus a premium expressed as a
percentage of $25,000, as determined by the Board of Directors of the
Corporation after consultation with the Auction Agent and the
Broker-Dealers.</P>
<P align=justify></P>
<P align=justify>"Stock Books" means the books maintained by the Auction Agent
setting forth at all times a current list, as determined by the Auction Agent,
of Existing Holders of the AMPS.</P>
<P align=justify></P>
<P align=justify>"Stock Register" means the register of Holders maintained on
behalf of the Corporation by the Auction Agent in its capacity as transfer agent
and registrar for the AMPS.</P>
<P align=justify></P>
<P align=justify>"Subsequent Dividend Period" has the meaning specified in
paragraph 3(c)(i) of this Article XII.</P>
<P align=justify></P>
<P align=justify>"Substitute Commercial Paper Dealers" means such substitute
Commercial Paper Dealer or Dealers as the Corporation may from time to time
appoint or, in lieu of any thereof, their respective affiliates or
successors.</P>
<P align=justify></P>
<P align=justify>"Substitute Rating Agency" and "Substitute Rating Agencies"
mean a nationally recognized securities rating agency or two nationally
recognized securities rating agencies, respectively, selected by the
Corporation, to act as the substitute rating agency or substitute rating
agencies, as the case may be, to determine the credit ratings of the shares of
AMPS.</P>
<P align=justify></P>
<P align=justify>"Tender Panel" shall mean, for purposes of this Article XII, a
group of financial institutions that bid to purchase an issuer's security, which
makes a market for the security.</P>
<P align=justify></P>
<P align=justify>"United Kingdom Currency" means such coin or currency of the
United Kingdom as at the time shall be legal tender for payment of public and
private debts, as well as time deposits denominated in such currency.</P>
<P align=justify></P>
<P align=justify>"United Kingdom Government Securities" means, in the case of
S&amp;P, all publicly traded securities issued and guaranteed by the Government
of the United Kingdom with fixed maturities (i.e., no perpetuals) and which are
non-callable, non-convertible and not index-linked and in the case of Moody's,
any publicly traded security which is (i) either issued by the Government of the
United Kingdom and is rated Aaa by Moody's or is guaranteed by the Government of
the United Kingdom or any semi-sovereign United Kingdom entity whose domestic
currency long term debt is rated Aaa by Moody's, (ii) is denominated and payable
in United Kingdom Currency or is convertible into a security constituting
Eligible Portfolio Property, and (iii) is not a variable rate, index-linked,
zero coupon or stripped security.</P>
<P align=justify></P>
<P align=justify>"United Kingdom Securities" means all United Kingdom Government
Securities.</P>
<P align=justify></P>
<P align=justify>"U.S. Government Obligations" means direct obligations of the
United States, provided that such direct obligations are entitled to the full
faith and credit of the United States and that any such obligations, other than
United States Treasury Bills, provide for the periodic payment of interest and
the full payment of principal at maturity or call for redemption.</P>
<P align=justify></P>
<P align=justify>"U.S. Treasury Bill Rate" on any date means (i) the Interest
Equivalent of the rate on the actively traded Treasury Bill with a maturity most
nearly comparable to the length of the related Dividend Period, as such rate is
made available on a discount basis or otherwise by the Federal Reserve Bank of
New York in its Composite 3:30 p.m. Quotations for U.S. Government Securities
report for such Business Day, or (ii) if such yield as so calculated is not
available, the Alternate Treasury Bill Rate on such date. "Alternate Treasury
Bill Rate" on any date means the Interest Equivalent of the yield as calculated
by reference to the arithmetic average of the bid price quotations of the
actively traded Treasury Bill with a maturity most nearly comparable to the
length of the related Dividend Period, as determined by bid price quotations as
of any time on the Business Day immediately preceding such date, obtained from
at least three recognized primary U.S. Government securities dealers selected by
the Auction Agent.</P>
<P align=justify></P>
<P align=justify>"U.S. Treasury Note Rate," on any date means (i) the yield as
calculated by reference to the bid price quotation of the actively traded,
current coupon Treasury Note with a maturity most nearly comparable to the
length of the related Dividend Period, as such bid price quotation is published
on the Business Day immediately preceding such date by the Federal Reserve Bank
of New York in its Composite 3:30 p.m. Quotations for U.S. Government Securities
report for such Business Day, or (ii) if such yield as so calculated is not
available, the Alternate Treasury Note Rate on such date. "Alternate Treasury
Note Rate" on any date means the yield as calculated by reference to the
arithmetic average of the bid price quotations of the actively traded, current
coupon Treasury Note with a maturity most nearly comparable to the length of the
related Dividend Period, as determined by the bid price quotations as of any
time on the Business Day immediately preceding such date, obtained from at least
three recognized primary U.S. Government securities dealers selected by the
Auction Agent.</P>
<P align=justify></P>
<P align=justify>"Valuation Date" means each Friday or, if such day is not a
Business Day, the next preceding Business Day, <U>provided</U>, that the first
Valuation Date may occur on any other date established by the Corporation;
<U>provided</U>, <U>further</U>, that such date shall not be earlier than four
Business Days prior to, and not later than, the Date of Original Issue.</P>
<P align=justify></P>
<P align=justify>"Voting Period" has the meaning specified in paragraph 6(b) of
this Article XII.</P>
<P align=justify></P>
<P align=justify>"Yankee Bonds" means bonds issued by foreign governments or
provinces, supranational agencies or foreign corporations, offered and sold in
the United States and denominated in U.S. dollars, which bonds (a) provide for
the periodic payment of interest thereon in cash, (b) do not provide for
conversion or exchange into equity capital at any time over their respective
lives, (c) have been registered under the Securities Act of 1933, as amended,
(d) have a remaining term to maturity of 30 years or less, and (e) have not had
notice given in respect thereof that any such corporate debt obligations are the
subject of an offer by the issuer thereof of exchange or tender for cash,
securities or any other type of consideration (except that Yankee Bonds and
Corporate Bonds, together, in an amount not exceeding 10% of the aggregate value
of the Corporation's assets at any time shall not be subject to the provisions
of this clause (e)). In addition, no debt obligation held by the Corporation
shall be deemed a Yankee Bond (i) if it fails to meet the criteria in column (1)
below or (ii) to the extent (and only to the proportionate extent) the
acquisition or holding thereof by the Corporation causes the Corporation to
exceed any applicable limitation set forth in column (2) or (3) below as of any
relevant Valuation Date (provided that in the event that the Corporation shall
exceed any such limitation, the Corporation shall designate, in its sole
discretion, the particular Yankee Bond(s) and/or portions thereof which shall be
deemed to have caused the Corporation to exceed such limitation):</P>
<P align=justify></P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=1 cellPadding=7 width=632 border=1>

  <TR>
    <TD vAlign=top width="17%">&nbsp;
      <P>&nbsp;</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="24%"><B><U>
      <P align=center>Column 1</B></U></P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="25%"><B><U>
      <P align=center>Column 2</B></U></P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="26%"><B><U>
      <P align=center>Column 3</B></U></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="17%"><B><U>Rating (1)</B></U></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="24%"><B>
      <P align=center>Minimum Original Issue Size of Each <U>Issue ($ in
      millions)</B></U></P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="25%"><B>
      <P align=center>Maximum Percent of Value of Corporation Assets, Including
      Eligible Portfolio Property, Invested in any</P><U>
      <P align=center>One Issuer (2)</B></U></P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=bottom width="26%"><B>
      <P align=center>Maximum Percent of Value of Corporation Assets, Including
      Eligible Portfolio Property, Invested in any One</P><U>
      <P align=center>Industry Category (2)</B></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="17%">Aaa/AAA . . . </TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="24%">
      <P align=center>$100</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="25%">
      <P align=center>10.0%</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="26%">
      <P align=center>50.0%</P></TD></TR>
  <TR>
    <TD vAlign=top width="17%">Aa/AA. . . . . . </TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="24%">
      <P align=center>100</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="25%">
      <P align=center>10.0</P></TD>
    <TD vAlign=top width="3%">&nbsp;</TD>
    <TD vAlign=top width="26%">
      <P align=center>33.3</P></TD></TR></TABLE></CENTER>
<P></P><FONT size=2>
<P>_______________________</P></FONT>
<TABLE cellSpacing=0 cellPadding=7 width=643 border=0>

  <TR>
    <TD vAlign=top width="7%"><FONT size=2>(1)</FONT></TD>
    <TD vAlign=top width="93%"><FONT size=2>
      <P align=justify>In the event that a Yankee Bond has received a different
      rating from each of the Rating Agencies, the lower of the two ratings will
      be controlling. Rating designations include (+) or (-) modifiers to the
      rating where appropriate.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="7%"><FONT size=2>(2)</FONT></TD>
    <TD vAlign=top width="93%"><FONT size=2>
      <P align=justify>The referenced percentages represent maximum cumulative
      totals for the related rating category and each lower rating
      category.</FONT></P></TD></TR></TABLE>
<P align=justify>(b) The foregoing definitions in Paragraph 1(a) have been
established by the Board of Directors of the Corporation in order to obtain a
"Aa" rating from Moody's and a "AA" rating from S&amp;P on the AMPS on the Date
of Original Issue and to maintain such ratings; and the Board of Directors of
the Corporation shall have the authority to adjust, modify, alter or change from
time to time the foregoing definitions and the restrictions and guidelines set
forth thereunder and to add additional definitions or delete definitions if,
where relevant to the rating accorded by each Rating Agency then rating the
AMPS, such Rating Agency advises the Corporation in writing that such
adjustment, modification, alteration, change, addition or deletion will not
adversely affect its then-current rating on the AMPS. </P>
<P align=justify></P>
<P align=justify>2. <U>Fractional Shares</U>. No fractional shares of AMPS shall
be issued.</P>
<P align=justify></P>
<P align=justify>3. <U>Dividends</U>.</P>
<P align=justify></P>
<P align=justify>(a) Holders of shares of AMPS shall be entitled to receive,
when, as, and if declared by the Board of Directors of the Corporation, out of
funds legally available therefor, cumulative cash dividends at the Applicable
Rate per annum (determined as set forth below), and no more, payable on the
respective dates set forth below. Dividends on the shares of AMPS so declared
and payable shall be paid in preference to and in priority over any dividends
declared and payable on the Common Stock.</P>
<P align=justify></P>
<P align=justify>(b) (i) Cash dividends on shares of AMPS shall accumulate from
the Date of Original Issue and shall be payable, when, as, and if declared by
the Board of Directors commencing on the Initial Dividend Payment Date.
Accumulated dividends shall be payable commencing on August 6, 1992 (the 7th day
after the Date of Original Issue), with respect to the Auction Market Preferred
Stock, Series W-7 (hereinafter, such date is referred to as the "Initial
Dividend Payment Date"). Following the Initial Dividend Payment Date, the
dividends on the AMPS will be payable, at the option of the Corporation, either
(A) with respect to any Regular Dividend Period or any Short Term Dividend
Period of 91 or fewer days, on the day next succeeding the last day thereof, (B)
with respect to any Short Term Dividend Period of more than 91 and fewer than
365 days, on the 92nd day thereof, the 183rd day thereof, if any, the 274th day
thereof, if any, and on the day next succeeding the last day thereof and (C)
with respect to any Long Term Dividend Period, quarterly on the first day of
each January, April, July and October during such Long Term Dividend Period and
on the day next succeeding the last day thereof (each such date referred to in
clause (A), (B) or (C) being herein referred to as a "Normal Dividend Payment
Date"), except that if such Normal Dividend Payment Date is not a Business Day,
dividends payable on such Normal Dividend Payment Date shall be paid on the
first Business Day succeeding such Normal Dividend Payment Date. The Initial
Dividend Period, Regular Dividend Periods and Special Dividend Periods are
hereinafter sometimes referred to as Dividend Periods. Each dividend payment
date determined as provided above is hereinafter referred to as a "Dividend
Payment Date."</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(ii) Each dividend shall be paid to Holders as they appear in
the Stock Register as of 12:00 noon, New York City time, on the Business Day
preceding the Dividend Payment Date. Dividends in arrears for any past Dividend
Period may be declared and paid at any time, without reference to any regular
Dividend Payment Date, to the Holders as they appear on the Stock Register on a
date, not exceeding 15 days prior to the payment date therefor, as may be fixed
by the Board of Directors of the Corporation.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(c) (i) During the period from and including the Date of
Original Issue to, but excluding, the Initial Dividend Payment Date (the
"Initial Dividend Period"), the Applicable Rate shall be the Initial Dividend
Rate. The Applicable Rate for the Auction Market Preferred Stock, Series W-7
shall be 3.50% per annum for the Initial Dividend Period. Commencing on the
Initial Dividend Payment Date, the Applicable Rate for each subsequent dividend
period (hereinafter referred to as a "Subsequent Dividend Period"), which
Subsequent Dividend Period shall commence on and include a Dividend Payment Date
and shall end on and include the calendar day prior to the next Dividend Payment
Date, shall be equal to the rate per annum that results from implementation of
the Auction Procedures.</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>The Applicable Dividend Rate for each Dividend Period
commencing during a Non-Payment Period shall be equal to the Non-Payment Period
Rate; and each Dividend Period, commencing after the first day of, and during, a
Non-Payment Period shall be a Regular Dividend Period. Any amount of any
dividend due on any Dividend Payment Date (if, prior to the close of business on
the second Business Day preceding such Dividend Payment Date, the Corporation
has declared such dividend payable on such Divided Payment Date to the Holders
of such shares of AMPS as of 12:00 noon, New York City time, on the Business Day
preceding such Dividend Payment Date) or redemption price with respect to any
shares of AMPS not paid to such Holders when due may be paid to such Holders in
the same form of funds by 12:00 noon, New York City time, on any of the first
three Business Days after such Dividend Payment Date or due date, as the case
may be, provided that, such amount is accompanied by a late charge calculated
for such period of non-payment at the Non-Payment Period Rate applied to the
amount of such non-payment based on the actual number of days comprising such
period divided by 365. For the purposes of the foregoing, payment to a person in
same-day funds on any Business Day at any time shall be considered equivalent to
payment to such person in New York Clearing House (next-day) funds at the same
time on the preceding Business Day, and any payment made after 12:00 noon, New
York City time, on any Business Day shall be considered to have been made
instead in the same form of funds and to the same person before 12:00 noon, New
York City time, on the next Business Day.</P>
<P align=justify></P>
<P align=justify>(ii) The amount of cash dividends per share of AMPS payable (if
declared) on each Dividend Payment Date of each Regular Dividend Period and each
Short Term Dividend Period shall be computed by multiplying the Applicable Rate
for such Dividend Period by a fraction, the numerator of which will be the
number of days in such Dividend Period such share was outstanding and the
denominator of which will be 365, multiplying the amount so obtained by $25,000,
and rounding the amount so obtained to the nearest cent. During any Long Term
Dividend Period, the amount of dividends per share payable on any Dividend
Payment Date shall be computed on the basis of a year consisting of twelve
30-day months.</P>
<P align=justify></P>
<P align=justify>(iii) With respect to each Dividend Period that is a Special
Dividend Period, the Corporation may, at its sole option and to the extent
permitted by law, by telephonic and written notice (a "Request for Special
Dividend Period") to the Auction Agent and to each Broker-Dealer, request that
the next succeeding Dividend Period for the AMPS be a number of days (other than
the number of days in the applicable Regular Dividend Period), evenly divisible
by seven, and not fewer than seven or more than 364 in the case of a Short Term
Dividend Period or a number of whole years not greater than five years in the
case of a Long Term Dividend Period, specified in such notice, provided that for
any Auction occurring after the initial Auction, the Corporation may not give a
Request for Special Dividend Period (and any such request shall be null and
void) unless the Corporation has received written confirmation from each Rating
Agency then rating the AMPS that such action would not impair the ratings then
assigned to the AMPS by the respective Rating Agency and unless Sufficient
Clearing Bids were made in the last occurring Auction and unless full cumulative
dividends and any amounts due with respect to redemptions payable prior to such
date have been paid in full. Such Request for Special Dividend Period, in the
case of a Short Term Dividend Period, shall be given on or prior to the fourth
day but not more than seven days prior to an Auction Date for the AMPS and, in
the case of a Long Term Dividend Period, shall be given on or prior to the 14th
day but not more than 28 days prior to an Auction Date for the AMPS. Upon
receiving such Request for Special Dividend Period, the Broker-Dealer(s) shall
jointly determine whether, given the factors set forth below, it is advisable
that the Corporation issue a Notice of Special Dividend Period for the AMPS as
contemplated by such Request for Special Dividend Period and the Optional
Redemption Price of the AMPS during such Special Dividend Period and the
Specific Redemption Provisions and shall give the Corporation and the Auction
Agent written notice (a "Response") of such determination by no later than the
third day prior to such Auction Date. In making such determination the
Broker-Dealer(s) will consider (A) existing short term and long term market
rates and indices of such short term and long term rates, (B) existing market
supply and demand for short term and long term securities, (C) existing yield
curves for short term and long term securities comparable to the AMPS, (D)
industry and financial conditions which may affect the AMPS, (E) the investment
objective of the Corporation, and (F) the Dividend Periods and dividend rates at
which current and potential beneficial holders of the AMPS would remain or
become Beneficial Holders. If the Broker-Dealer(s) shall not give the
Corporation and the Auction Agent a Response by such third day or if the
Response states that given the factors set forth above it is not advisable that
the Corporation give a Notice of Special Dividend Period for the AMPS, the
Corporation may not give a Notice of Special Dividend Period in respect of such
Request for Special Dividend Period. In the event the Response indicates that it
is advisable that the Corporation give a Notice of Special Dividend Period for
the AMPS, the Corporation may by no later than the second day prior to such
Auction Date give a notice (a "Notice of Special Dividend Period") to the
Auction Agent, the Securities Depository and each Broker-Dealer which notice
will specify (A) the duration of the Special Dividend Period, (B) the Optional
Redemption Price as specified in the related Response, and (C) the Specific
Redemption Provisions, if any, as specified in the related Response. The
Corporation shall not give a Notice of Special Dividend Period or, if the
Corporation shall have already given a Notice of Special Dividend Period, the
Corporation is required to give telephonic and written notice (a "Notice of
Revocation") to the Auction Agent, each Broker-Dealer, and the Securities
Depository on or prior to the Business Day prior to the relevant Auction Date if
(x) either the 1940 Act AMPS Asset Coverage is not satisfied or the Corporation
shall fail to maintain the AMPS Basic Maintenance Amount on each of the two
Valuation Dates immediately preceding the Business Day prior to the relevant
Auction Date on an actual basis and on a pro forma basis giving effect to the
proposed Special Dividend Period (using as a pro forma dividend rate with
respect to such Special Dividend Period the dividend rate which the
Broker-Dealers shall advise the Corporation is an approximately equal rate for
securities similar to the AMPS with an equal dividend period), provided that, in
calculating the aggregate Discounted Value of Eligible Portfolio Property, for
so long as shares of AMPS are rated by Moody's, the Moody's exposure period
shall be deemed to be one week longer than the period utilized to produce the
discount factors assigned by Moody's under the definition of Discount Factors
found in paragraph 1(a), (y) sufficient funds for the payment of dividends
payable on the immediately succeeding Dividend Payment Date have not been
irrevocably deposited with the Auction Agent by the close of business on the
third Business Day preceding the related Auction Date or (z) the
Broker-Dealer(s) jointly advise the Corporation that after consideration of the
factors listed above they have concluded that it is advisable to give a Notice
of Revocation. If the Corporation is prohibited from giving a Notice of Special
Dividend Period as a result of any of the factors enumerated in clause (x), (y)
or (z) of the prior sentence or if the Corporation gives a Notice of Revocation
with respect to a Notice of Special Dividend Period for the AMPS, the next
succeeding Dividend Period for that series will be a Regular Dividend Period. In
addition, in the event Sufficient Clearing Bids are not made in the applicable
Auction or such Auction is not held for any reason, such next succeeding
Dividend Period will be a Regular Dividend Period and the Corporation may not
again give a Notice of Special Dividend Period for the AMPS (and any such
attempted notice shall be null and void) until Sufficient Clearing Bids have
been made in an Auction with respect to a Regular Dividend Period.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(d) (i) Holders shall not be entitled to any dividends, whether
payable in cash, property or stock, in excess of full cumulative dividends and
applicable late charge, as herein provided, on the shares of AMPS. Except for
the late charge payable pursuant to paragraph 3(c)(i) of this Article XII, no
interest, or sum of money in lieu of interest, shall be payable in respect of
any dividend payment on the shares of AMPS that may be in arrears.</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(ii) For so long as any share of AMPS is Outstanding, the
Corporation shall not declare, pay or set apart for payment any dividend or
other distribution (other than a dividend or distribution paid in shares of, or
options, warrants or rights to subscribe for or purchase, Common Stock or other
stock, if any, ranking junior to the shares of AMPS as to dividends or upon
liquidation) in respect of the Common Stock or any other stock of the
Corporation ranking junior to or on a parity with the shares of AMPS as to
dividends or upon liquidation, or call for redemption, redeem, purchase or
otherwise acquire for consideration any shares of the Common Stock or any other
such junior stock (except by conversion into or exchange for stock of the
Corporation ranking junior to the shares of AMPS as to dividends and upon
liquidation), unless, in each case, immediately thereafter, (A) the AMPS Basic
Maintenance Amount would be met, (B) the 1940 Act AMPS Assets Coverage
Requirement would be met, (C) all mandatory redemptions of shares of Preferred
Stock pursuant to paragraph 5(b) of this Article XII have been completed, and
(D) all accumulated and unpaid dividends for all past dividend periods for all
Preferred Stock shall have been or are contemporaneously paid in full (or
declared and sufficient Deposit Securities have been set apart for their
payment). Prior to the payment of any such dividend or other distribution, the
Corporation will provide the Auction Agent and the Rating Agencies with an AMPS
Basic Maintenance Report (which may be the regular weekly report) and a
certificate demonstrating compliance with the foregoing conditions.</P>
<P align=justify>For so long as any shares of AMPS are Outstanding, the
Corporation shall not create, incur or suffer to exist, or agree to create,
incur or suffer to exist, or consent to cause or permit in the future (upon the
happening of a contingency or otherwise) the creation, incurrence or existence
of any lien, mortgage, pledge, charge, security interest, security agreement,
conditional sale or trust receipt or other material encumbrance of any kind
(collectively "Liens") upon any of its Eligible Portfolio Property, except for
(A) Liens the validity of which are being contested in good faith by appropriate
proceedings, (B) Liens for taxes that are not then due and payable or that can
be paid thereafter without penalty, (C) Liens to secure payment for services
rendered by the Auction Agent in connection with the AMPS, and (D) Liens
otherwise incurred in connection with borrowings made in the ordinary course of
business in accordance with the Corporation's stated investment objective,
policies and restrictions.</P>
<P align=justify></P>
<P align=justify>(iii) Any dividend payment made on the shares of AMPS shall
first be credited against the dividends accumulated with respect to the earliest
Dividend Period for which dividends have not been paid.</P>
<P align=justify></P>
<P align=justify>(iv) For so long as the AMPS shall be rated by each Rating
Agency then rating the AMPS, the Corporation shall not:</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(A) issue any other series or class of stock which is senior to
the AMPS;</P>
<P align=justify></P>
<P align=justify>(B) issue any series or class of stock which is on a parity
with the shares of AMPS unless it has been advised in writing by the Rating
Agencies that such issuance will not adversely affect their respective
then-current ratings of the AMPS; or </P>
<P align=justify></P>
<P align=justify>(C) engage in short sales or reverse repurchase agreements.
</P>
<P align=justify></P></DIR></DIR></DIR></DIR>
<P align=justify>(e) Not later than 12:00 noon, New York City time, on the
Business Day next preceding each Dividend Payment Date, the Corporation shall
deposit with the Paying Agent Deposit Securities constituting immediately
available funds in an amount sufficient to pay the dividends that are payable on
such Dividend Payment Date. The Corporation may direct the Paying Agent with
respect to the investment of any such Deposit Securities, provided that the
proceeds of any such investment will be available at the opening of business on
such Dividend Payment Date in immediately available funds.</P>
<P align=justify></P>
<P align=justify>(f) The Board of Directors, or any duly authorized committee
thereof, may make or change allocations of income and/or any designation of
sources with respect to dividends declared on the AMPS, if, in its sole
judgment, it deems it advisable to do so for the purpose of maintaining the
qualification of the Corporation as a regulated investment company for federal
income tax purposes and/or to avoid tax consequences which, in the sole judgment
of the Board of Directors, would be adverse to the Corporation or its
shareholders.</P>
<P align=justify></P>
<P align=justify>4. <U>Liquidation Rights</U>. </P>
<P align=justify></P>
<P align=justify>(a) In the event of any liquidation, dissolution or winding up
of the Corporation, whether voluntary or involuntary, the Holders of shares of
AMPS shall be entitled to receive, out of the assets of the Corporation
available for distribution to shareholders, before any distribution or payment
is made upon any Common Stock or any other capital stock of the Corporation
ranking junior to the AMPS as to liquidation payments, the sum of $25,000 per
share, plus an amount equal to all unpaid dividends accumulated to and including
the date fixed for such distribution or payment (whether or not earned or
declared by the Corporation, but excluding interest thereon), but such Holders
shall be entitled to no further participation in any distribution or payment in
connection with any such liquidation, dissolution or winding up.</P>
<P align=justify></P>
<P align=justify>(b) If, upon any such liquidation, dissolution or winding up of
the Corporation, whether voluntary or involuntary, the assets of the Corporation
available for distribution among the Holders of all Outstanding shares of AMPS
shall be insufficient to permit the payment in full of such Holders of the
amounts to which they are entitled, then such available assets shall be
distributed among the Holders of shares of Preferred Stock, including the AMPS,
ratably in any such distribution of assets according to the respective amounts
which would be payable on all such shares if all amounts thereon were paid in
full.</P>
<P align=justify></P>
<P align=justify>(c) Neither the consolidation or merger of the Corporation with
or into any other corporation or entity, nor the sale, lease or exchange by the
Corporation of all, substantially all, or any part of the property or assets of
the Corporation, shall be deemed or construed to be a voluntary or involuntary
liquidation, dissolution or winding up of the Corporation for purposes of this
paragraph 4.</P>
<P align=justify>5. Redemption.</P>
<P align=justify></P>
<P align=justify>Shares of the AMPS shall be redeemable by the Corporation as
provided below:</P>
<P align=justify>(a) To the extent permitted under the Investment Company Act
and Maryland law, the Corporation at its option, upon filing with the
Commission, mailing and publishing a Notice of Redemption as described in
paragraph 5(e) of this Article XII, may redeem shares of AMPS, in whole or in
part, on the next succeeding scheduled Dividend Payment Dates for those shares
of AMPS called for redemption, out of funds legally available therefor, at the
Optional Redemption Price per share, provided that no share of AMPS may be
redeemed at the option of the Corporation during a Non-Call Period to which such
share is subject. The Corporation may not give a Notice of Redemption relating
to an optional redemption as described in this paragraph 5 unless, at the time
of giving such Notice of Redemption, the Corporation has available Deposit
Securities with maturity or tender dates not later than the day preceding the
applicable redemption date and having a value not less than the amount due to
Holders of shares of AMPS by reason of the redemption of their shares on such
redemption date.</P>
<P align=justify></P>
<P align=justify>(b) The Corporation shall redeem, out of funds legally
available therefor, at the Mandatory Redemption Price, shares of AMPS to the
extent permitted under the Investment Company Act and Maryland law, on a date
fixed by the Board of Directors applicable to those shares of AMPS called for
redemption, if the Corporation fails to maintain the AMPS Basic Maintenance
Amount or 1940 Act AMPS Asset Coverage Requirement, as the case may be, and such
failure is not cured on or before the AMPS Basic Maintenance Cure Date or the
1940 Act Cure Date (hereinafter respectively referred to as a "Cure Date"), as
the case may be, as reflected in an AMPS Basic Maintenance Report delivered to
the Auction Agent and the Rating Agencies and confirmed by the Corporation's
Independent Accountants. The number of shares of AMPS to be redeemed shall be
equal to the lesser of (i) the minimum number of shares of AMPS the redemption
of which, if deemed to have occurred immediately prior to the opening of
business on the Cure Date, together with all shares of other Preferred Stock
subject to redemption or retirement, would result in the satisfaction of the
AMPS Basic Maintenance Amount or the 1940 Act AMPS Asset Coverage Requirement,
as the case may be, on such Cure Date (<U>provided</U> <U>that</U>, if there is
no such minimum number of shares of AMPS and shares of other Preferred Stock the
redemption of which would have such result, all shares of AMPS together with all
shares of other Preferred Stock subject to redemption or retirement then
Outstanding shall be redeemed), and (ii) the maximum number of shares of AMPS,
together with all shares of other Preferred Stock subject to redemption or
retirement, that can be redeemed out of funds expected to be legally available
therefor on such redemption date. In determining the number of shares of AMPS
required to be redeemed in accordance with the foregoing, the Corporation shall
allocate the amount required to be redeemed which would result in the
achievement of (x) the 1940 Act AMPS Asset Coverage Requirement, and (y) the
AMPS Basic Maintenance Amount, pro rata, among the AMPS and any other Preferred
Stock, subject to redemption pursuant to provisions similar to those contained
in this paragraph 5(b); <U>provided</U> <U>that</U>, shares of AMPS which may
not be redeemed at the option of the Corporation due to the designation of a
Non-Call Period applicable to such shares (A) will be subject to mandatory
redemption only to the extent that other shares are not available to satisfy the
number of shares required to be redeemed and (B) will be selected for redemption
in an ascending order of outstanding number of days in the Non-Call Period (with
shares with the lowest number of days to be redeemed first) and by lot in the
event of shares having an equal number of days in such Non-Call Period. The
Corporation shall effect such redemption on a Business Day which is not later
than 30 days after such Cure Date, except that if the Corporation does not have
funds legally available for the redemption of all of the required number of
shares of AMPS and shares of other Preferred Stock which are subject to
mandatory redemption or the Corporation otherwise is unable to effect such
redemption on or prior to such 30th day after such Cure Date, the Corporation
shall redeem those shares of AMPS which it is unable to redeem on the earliest
practicable date on which it is able to effect such redemption out of funds
legally available therefor.</P>
<P align=justify></P>
<P align=justify>(c) Notwithstanding any other provision of this paragraph 5, no
shares of AMPS may be redeemed other than as specified below, unless (i) all
accumulated and unpaid dividends on all Outstanding shares of AMPS and all
remaining Outstanding shares of other Preferred Stock for all past dividend
periods shall have been or are contemporaneously paid or declared and Deposit
Securities maturing on or prior to the date fixed for redemption are set apart
for the payment of such dividends and (ii) if redemption thereof would result in
the Corporation's failure to maintain the 1940 Act AMPS Asset Coverage
Requirement and the AMPS Basic Maintenance Amount; <U>provided</U>,
<U>however</U>, that the Corporation without regard to such limitations, (x) may
redeem, purchase or otherwise acquire shares of AMPS (A) with other Preferred
Stock as a whole, pursuant to an optional redemption or (B) pursuant to a
purchase or exchange offer made for all of the Outstanding shares of AMPS and
other Preferred Stock, and (y) shall redeem, purchase or otherwise acquire
shares of AMPS with other Preferred Stock as a whole if required pursuant to a
mandatory redemption, to the extent permitted under the Investment Company Act,
Maryland law and the Charter. In the event that less than all the outstanding
shares of AMPS are to be redeemed and there is more than one Holder, the shares
of AMPS to be redeemed shall be selected by lot, on a pro rata basis, or in such
other manner as will not discriminate unfairly against any record holder of
shares of such AMPS.</P>
<P align=justify></P>
<P align=justify>(d) So long as the AMPS shall be rated by Moody's, the
Corporation shall, by the fifth Business Day after a Failure to Cure, be
required to hold an amount, composed of Cash or any other asset constituting
Eligible Portfolio Property which has a Moody's Discount Factor as of such fifth
Business Day of 1.000 and which matures prior to the date set for redemption
which has an aggregate Discounted Value at least equal to the redemption payment
for the shares of AMPS to be redeemed; <U>provided</U>, <U>however</U>, that
this obligation may be satisfied by depositing Cash in trust as contemplated by
paragraph 5(f) below; and <U>provided</U> <U>further</U> that the Corporation
shall sell assets prior to such fifth Business Day if necessary to meet the
requirements of this paragraph (d), it being understood that in no event shall
it sell any asset prior to maturity which had a Moody's Discount Factor of 1.000
measured as of the last Valuation Date on which the AMPS Basic Maintenance
Amount was met if it would be necessary to utilize such asset in order to make
any redemption payment contemplated by this paragraph 5.</P>
<P align=justify></P>
<P align=justify>(e) Whenever shares of AMPS are to be redeemed, the Corporation
shall, not less than five nor more than 30 days prior to the applicable
redemption date, file with the Commission as required under the Investment
Company Act, a written notice of redemption (a "Notice of Redemption"). The
Notice of Redemption shall be (i) mailed by first-class mail, postage prepaid or
sent by facsimile transmission, to each Holder of shares of AMPS to be redeemed,
and (ii) published by the Corporation in an Authorized Newspaper, not fewer than
15 nor more than 20 days prior to such redemption date. Not fewer than five nor
more than 10 days before such mailing date, the Corporation shall mail the
Notice of Redemption to the Paying Agent. Each Notice of Redemption shall state
(A) the series of AMPS or other Preferred Stock to be redeemed, (B) the
redemption date, (C) the redemption price, (D) the place or places where such
AMPS are to be surrendered for payment of the redemption price, (E) that
dividends on the shares to be redeemed will cease to accumulate on such
redemption date, (F) the provision of this Article XII under which the
redemption is being made, (G) if less than all the Outstanding shares of AMPS
are to be redeemed, the number of shares to be redeemed and the basis upon which
the shares to be redeemed are to be selected, and (H) the CUSIP number or
numbers of the shares to be redeemed. No defect in the Notice of Redemption or
in the mailing or publication thereof shall affect the validity of the
redemption proceedings, except as required by applicable law.</P>
<P align=justify></P>
<P align=justify>(f) If the Corporation shall give a Notice of Redemption, then
by 12:00 noon, New York City time, on the Business Day next preceding the date
fixed for redemption the Corporation shall deposit with the Paying Agent Deposit
Securities constituting immediately available funds in an amount sufficient to
redeem the shares of AMPS to be redeemed. In such event the Corporation shall
give the Paying Agent irrevocable instructions and authority to pay the
redemption price to the Holders of the shares of AMPS called for redemption upon
the redemption date. The Corporation may direct the Paying Agent with respect to
the investment of any Deposit Securities so deposited provided that the proceeds
of any such investment will be available at the opening of business on such
redemption date. The Deposit Securities deposited with the Paying Agent pursuant
to the immediately preceding sentence and the shares of AMPS to be redeemed and
funds deposited with a paying agent with irrevocable instructions to pay the
redemption price with respect to any other shares of Preferred Stock for which a
notice of redemption has been duly given shall be excluded from the calculation
of the AMPS Basic Maintenance Amount, the 1940 Act AMPS Asset Coverage Ratio,
and the 1940 Act AMPS Asset Coverage Requirement. Upon the date of such deposit,
or if no such deposit is made, then upon such date fixed for redemption (unless
the Corporation shall default in making payment of the redemption price), all
rights of the Holders of the shares of AMPS so called for redemption shall cease
and terminate except the right of the Holders thereof to receive the redemption
price thereof inclusive of accumulated but unpaid dividends, but without any
interest, and such shares shall no longer be deemed Outstanding for any purpose.
The Corporation shall be entitled to receive, promptly after the date fixed for
redemption, any cash in excess of the aggregate redemption price of the shares
of AMPS called for redemption on such date and any remaining Deposit Securities.
Any assets so deposited which are unclaimed at the end of one year from such
redemption date shall, to the extent permitted by law, be repaid to the
Corporation, after which the Holders of the shares of AMPS so called for
redemption shall look only to the Corporation for payment thereof. The
Corporation shall be entitled to receive, from time to time after the date fixed
for redemption, any interest on the Deposit Securities so deposited.</P>
<P align=justify></P>
<P align=justify>(g) Shares of AMPS that have been redeemed, purchased or
otherwise acquired by the Corporation may not be reissued, shall not be deemed
Outstanding, and shall be retired and cancelled.</P>
<P align=justify></P>
<P align=justify>(h) In addition to redemption rights expressly established
under this Article XII, the Corporation may repurchase shares of AMPS to the
extent now or hereafter permitted by the laws of the State of Maryland and by
the Investment Company Act.</P>
<P align=justify></P>
<P align=justify>(i) If the Corporation shall not have funds legally available
for the redemption of all the shares of the AMPS to be redeemed on any
redemption date (or is otherwise legally unable to effect such redemption), the
Corporation shall redeem on such redemption date the number of shares of AMPS as
it shall be legally able to redeem, ratably from each Existing Holder whose
shares are to be redeemed and the remainder of the shares of the AMPS required
to be redeemed shall be redeemed, as provided in paragraph 5(b) above.</P>
<P align=justify></P>
<P>6. <U>Voting Rights</U>.</P>
<P align=justify>(a) General. Each holder of AMPS shall be entitled to one vote
for each share held on each matter on which the holders of the AMPS are entitled
to vote and, except as otherwise provided in the Charter, the By-Laws, this
Article XII or by law, the holders of the AMPS and the Common Stock shall vote
together as one class on all matters submitted to the shareholders;
<U>provided</U>, <U>however</U>, that at any meeting of shareholders of the
Corporation at which directors are to be elected, the holders of Preferred Stock
of all series, voting separately as a single class, shall be entitled to elect
two members of the Board of Directors, and the holders of Common Stock, voting
separately as a single class, shall be entitled to elect the balance of the
members of the Board of Directors.</P>
<P align=justify></P>
<P align=justify>(b) <U>Right to Elect Majority of Board of Directors</U>.</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(i) During any period in which (A) dividends on any Outstanding
Preferred Stock of any series shall be due and unpaid in an amount equal to two
full years' dividends; or (B) the Corporation fails to redeem any shares of
Preferred Stock that are required to be redeemed pursuant to paragraph 5(b)
above or that would have been so redeemed but for the requirement that
redemption be made out of legally available funds, or (C) holders of any other
shares of Preferred Stock are entitled to elect a majority of the directors of
the Corporation (the "Voting Period"), the number of directors constituting the
Board of Directors shall automatically be increased by the smallest number that,
when added to the two directors elected by the holders of Preferred Stock
pursuant to paragraph 6(a) above, will constitute a majority of the total number
of directors so increased; and at a special meeting of shareholders, which shall
be called and held as soon as practicable, and at all subsequent meetings at
which directors are to be elected, the holders of Preferred Stock of all series
voting separately as a single class shall be entitled to elect the smallest
number of additional directors of the Corporation who, together with the two
directors elected by the holders of Preferred Stock pursuant to paragraph 6(a)
above, will constitute a majority of the total number of directors of the
Corporation so increased. The terms of office of the persons who are directors
at the time of that election shall continue.</P>
<P align=justify></P>
<P align=justify>(ii) If the Corporation thereafter shall pay, or declare and
set apart for payment, in full all dividends payable on all Outstanding shares
of Preferred Stock of all series for all past dividend periods and if the
Corporation has remedied any failure to redeem shares of Preferred Stock that
are required to be redeemed pursuant to paragraph 5(b) above, and holders of no
other series of Preferred Stock are entitled to elect a majority of the
directors of the Corporation, the Voting Period and the voting rights stated in
this paragraph 6(b) shall cease, and the terms of office of all additional
directors elected by the holders of Preferred Stock (but not of the directors
elected by the holders of Common Stock or the two directors regularly elected by
the holders of Preferred Stock as provided in paragraph 6(a)) shall terminate
automatically, subject always, however, to the revesting of such voting rights
in the holders of shares of Preferred Stock upon the further occurrence of any
of the events described in clauses (A), (B) or (C) of paragraph 6(b)(i).</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(c) <U>Voting Procedures</U>.</P>
<P align=justify></P>
<DIR>
<DIR>
<P align=justify>(i) As soon as practicable after the accrual of any right of
the holders of shares of Preferred Stock to elect directors pursuant to
paragraph 6(b), the Corporation shall call a special meeting of, and mail a
notice to, such holders of shares of Preferred Stock. Such special meeting shall
be held not less than 10 nor more than 80 days after the date of mailing of such
notice. If the Corporation fails to send such notice, the meeting may be called
by any holder of shares of Preferred Stock on like notice. The record date for
determining the holders of shares of Preferred Stock entitled to notice of and
to vote at such special meeting shall be the close of business on the fifth
Business Day preceding the day on which such notice is given. At any such
special meeting and at each meeting at which directors are elected held during a
Voting Period, the holders of shares of Preferred Stock, voting together as a
class (to the exclusion of the holders of shares of Common Stock), shall be
entitled to elect the number of directors prescribed in paragraph 6(b) above on
a one-vote-per-share basis. At any such meeting or adjournment thereof in the
absence of a quorum, a majority of the holders of shares of Preferred Stock,
present in person or by proxy or any officer of the Corporation present entitled
to preside or act as Secretary of such meeting shall have the power to adjourn
the meeting without further notice to a date not more than 120 days after the
original record date for such meeting.</P>
<P align=justify></P>
<P align=justify>(ii) For purposes of determining any rights of the holders of
shares of Preferred Stock to vote on any matter, whether such right is created
by the Charter, this Article XII, by statute or otherwise, only Holders of
shares of Outstanding Preferred Stock shall be entitled to vote.</P>
<P align=justify></P>
<P align=justify>(iii) The directors elected by the holders of shares of
Preferred Stock pursuant to paragraph 6(b) shall (subject to the provisions of
any applicable law) be subject to removal for cause only by the vote of the
holders of at least 80% of the shares of Preferred Stock Outstanding and any
vacancy resulting from such removal shall be filled for the unexpired term by
the same vote. Any vacancy on the Board of Directors occurring for any other
reason (in the case of directors subject to election by the holders of shares of
Preferred Stock) may be filled only by vote of the holders of at least a
majority of shares of Preferred Stock Outstanding, and if not so filled, such
vacancy shall (subject to the provisions of any applicable law) be filled by a
majority of the remaining directors (or the remaining director) who were elected
by the holders of shares of Preferred Stock. Any other vacancy on the Board of
Directors during a Voting Period shall be filled as provided in the
Corporation's By-Laws.</P>
<P align=justify></P>
<P align=justify>(iv) At any time when the holders of shares of Preferred Stock
become entitled to elect additional directors pursuant to paragraph 6(b), the
maximum number of directors fixed by the By-Laws of the Corporation or otherwise
shall automatically be increased by the number of such additional directors if
required; and at such time as the holders of shares of Preferred Stock shall no
longer be entitled to elect directors pursuant to paragraph 6(b), such exact
number shall automatically be decreased by the number by which they were
increased by reason of this provision.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>(d) <U>Corporate Acts</U>. So long as any shares of AMPS are
Outstanding, the Corporation shall not, subject to the requirements of the
Investment Company Act and Maryland law, without the affirmative vote of the
holders of a majority of the shares of Preferred Stock Outstanding at the time,
voting separately as one class: (i) authorize, create or issue, or increase the
authorized or issued amount of, any class or series of stock ranking prior to or
on a parity with any series of Preferred Stock with respect to payment of
dividends or the distribution of assets on liquidation, other than the
authorization, creation or issuance of other series of AMPS or increase the
authorized amount of AMPS or any other Preferred Stock, (ii) amend, alter or
repeal the provisions of the Charter<A name=_DV_C2609>, whether by merger,
consolidation or otherwise,</A> so as to materially and adversely affect any of
the contract rights expressly set forth in the Charter of holders of shares of
AMPS or any other Preferred Stock, or (iii) create, authorize, issue, incur or
suffer to exist any indebtedness for borrowed money or any direct or indirect
guarantee of any such indebtedness, provided, however, that the Corporation may
authorize the issuance of indebtedness for borrowed money, for temporary or
emergency purposes or for the clearance of transactions, in an aggregate amount
not to exceed the lesser of $10,000,000 or 10% of the aggregate liquidation
preference of the shares of AMPS Outstanding at any one time without any such
consent or approval, provided that, with or without the consent or approval of
the holders, such action would not result in the lowering of the then-current
rating of the shares of AMPS by the Rating Agencies (as evidenced in writing by
the Rating Agencies). To the extent permitted under the Investment Company Act,
in the event shares of more than one series of AMPS are outstanding, the
Corporation shall not approve any of the actions set forth in clause (i) or (ii)
which materially and adversely affects the contract rights expressly set forth
in the Charter of a Holder of shares of a series of AMPS differently than those
of a Holder of shares of any other series of AMPS without the affirmative vote
of the holders of at least a majority of the shares of AMPS of each series
materially and adversely affected and outstanding at such time (each such
materially and adversely affected series voting separately as a class). Unless a
higher percentage is provided for under the Charter, the affirmative vote of the
holders of a majority of the Outstanding shares of Preferred Stock, including
AMPS, voting together as a single class, will be required to approve any plan of
reorganization (including bankruptcy proceedings) adversely affecting such
shares or any action requiring a vote of security holders under Section 13(a) of
the Investment Company Act. The class vote of holders of shares of Preferred
Stock, including AMPS, described above will, in each case, be in addition to a
separate vote of the requisite percentage of shares of Common Stock and shares
of Preferred Stock, including AMPS, voting together as a single class necessary
to authorize the action in question.</P>
<P align=justify></P>
<P align=justify>The foregoing voting provisions shall not apply if, at or prior
to the time when the act with respect to which such vote would otherwise be
required shall be effected, all Outstanding shares of AMPS shall have been
redeemed or called for redemption and sufficient funds shall have been deposited
in trust to effect such redemption.</P>
<P align=justify>(e) <U>Exclusive Remedy</U>. Unless otherwise required by law,
the Holders shall not have any relative rights or preferences or other special
rights other than those specifically set forth herein. In the event that the
Corporation fails to pay any dividends on the shares of AMPS or the Corporation
fails to redeem any shares of AMPS which it is required to redeem, or any other
event occurs which requires the mandatory redemption of AMPS and the required
Notice of Redemption has not been given, the exclusive remedy of the Holders
shall be the right to vote for directors pursuant to the provisions of this
paragraph 6. In no event shall the Holders have any right to sue for, or bring a
proceeding with respect to, such dividends or redemptions or damages for the
failure to receive the same.</P>
<P align=justify></P>
<P align=justify>(f) <U>Notification to Rating Agencies</U>. In the event a vote
of Holders of AMPS is required pursuant to the provisions of Section 13(a) of
the Investment Company Act, the Corporation shall, not later than ten Business
Days prior to the date on which such vote is to be taken, notify the Rating
Agencies that such vote is to be taken and the nature of the action with respect
to which such vote is to be taken and, not later than ten Business Days after
the vote is taken, notify the Rating Agencies of the result of such vote.</P>
<P align=justify></P>
<P align=justify>7. <U>Asset Coverage</U>.</P>
<P align=justify></P>
<P align=justify>(a) <U>1940 Act AMPS Asset Coverage Requirement</U>.</P>
<P align=justify></P>
<P align=justify>The Corporation shall maintain, as of the last Valuation Date
of each month in which any share of AMPS is Outstanding, the 1940 Act AMPS Asset
Coverage Requirement. The calculation of the 1940 Act AMPS Asset Coverage Ratio
shall be included in each AMPS Basic Maintenance Report.</P>
<P align=justify>(b) <U>AMPS Basic Maintenance Amount</U>.</P>
<P align=justify></P>
<P align=justify>(i) For so long as any shares of AMPS are Outstanding, the
Corporation will maintain, on each Valuation Date, as evidenced by the
completion of an AMPS Basic Maintenance Report, Eligible Portfolio Property
having an aggregate Discounted Value at least equal to the AMPS Basic
Maintenance Amount, each as of such Valuation Date. Upon any failure to maintain
the AMPS Basic Maintenance Amount, the Corporation will use its best efforts to
alter the composition of its portfolio so as to satisfy such test on or prior to
the AMPS Basic Maintenance Cure Date.</P>
<P align=justify></P>
<P align=justify>(ii) On or before 10:00 A.M., New York City time, on the fourth
Business Day after (A) the Date of Original Issuance, (B) each Annual Valuation
Date thereafter, (C) any Valuation Date on which the Corporation shall fail to
meet the AMPS Basic Maintenance Amount, (D) any Valuation Date on which it cures
its failure to satisfy the AMPS Basic Maintenance Amount, (E) any Valuation Date
on which it fails to meet the AMPS Basic Maintenance Amount by 25% or more, or
(F) any Valuation Date as may be specified by S&amp;P, the Corporation shall
complete and deliver to the Rating Agencies and the Auction Agent, in the case
of clauses (A) and (B) and to the relevant Rating Agency, in the case of clauses
(C) - (F), an AMPS Basic Maintenance Report as of the relevant Valuation Date.
All such AMPS Basic Maintenance Reports shall be deemed to have been delivered
to the Rating Agencies or the Auction Agent upon receipt of a copy or telecopy
or other electronic transcription thereof if on the same day the Corporation
mails the AMPS Basic Maintenance Report for delivery on the next possible
Business Day. A failure by the Corporation to deliver an AMPS Basic Maintenance
Report as contemplated by this paragraph 7(b)(ii) shall be deemed to be delivery
of an AMPS Basic Maintenance Report indicating a failure to satisfy the AMPS
Basic Maintenance Amount.</P>
<P align=justify></P>
<P align=justify>(iii) Within seven Business Days after the required date of
delivery of the initial AMPS Basic Maintenance Report or any AMPS Basic
Maintenance Report delivered with respect to an Annual Valuation Date in
accordance with paragraph 7(b)(ii) above, the Corporation shall deliver to the
Auction Agent and the Rating Agencies a report or reports (the "Accountant's
Confirmation") reviewing the portfolio calculations, prepared by the
Corporation's Independent Accountants, relating to such AMPS Basic Maintenance
Report substantially to the effect that (A) the Independent Accountants have
read such AMPS Basic Maintenance Reports (each, a "Report"); (B) with respect to
the 1940 Act AMPS Asset Coverage Ratio and the AMPS Basic Maintenance Amount,
the result of the calculations set forth in each Report have been recalculated
and are numerically correct; (C) with respect to the excess or deficiency of the
aggregate Discounted Value of the Eligible Portfolio Property amount when
compared to the AMPS Basic Maintenance Amount, the results of the calculation
set forth in each Report have been recalculated and are numerically correct; (D)
with respect to (x) any trade price, bid or mean price (or such alternative
permissible factor used in calculating the Market Value) provided to the
Corporation for purposes of valuing securities in the Corporation's portfolio,
the Independent Accountant has compared the price used in such Report to the
trade price, the bid or mean price listed in such Report as provided to the
Corporation and verified that such information agrees; (y) with respect to the
lower of two bid prices provided to the Corporation for purposes of valuing
securities in the portfolio, the Independent Accountants have compared the price
used in each Report with the lower of the two bid prices listed in the Report
and verified that such information agrees (in the event such information does
not agree, the Independent Accountants will provide a listing in their report of
such differences); and (E) that the assets listed in each Report conform with
the definition of Eligible Portfolio Property. If any letter reviewing the
portfolio calculations delivered pursuant to this paragraph shows that an error
was made in an AMPS Basic Maintenance Report for a particular Valuation Date for
which such Accountant's Confirmation was required to be delivered or shows that
a lower aggregate Discounted Value for the aggregate of all Eligible Portfolio
Property was determined by the Independent Accountants, the calculation or
determination made by such Independent Accountants shall be final and conclusive
and shall be binding on the Corporation, and the Corporation shall promptly
amend the AMPS Basic Maintenance Report and deliver the amended AMPS Basic
Maintenance Report to the Auction Agent and the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>(iv) For so long as shares of AMPS are rated by Moody's, in
managing the Corporation's portfolio, the Investment Manager will not alter the
composition of the Corporation's portfolio if, in the reasonable belief of the
Investment Manager, the effect of any such alteration would be to cause the
Corporation to have Eligible Portfolio Property with an aggregate Discounted
Value, as of the immediately preceding Valuation Date, less than the AMPS Basic
Maintenance Amount as of such Valuation Date; <U>provided</U>, <U>however</U>,
that in the event that, as of the immediately preceding Valuation Date, the
aggregate Discounted Value of Eligible Portfolio Property exceeded the AMPS
Basic Maintenance Amount by 25% or less, the Investment Manager will not alter
the composition of the Corporation's portfolio in a manner reasonably expected
to reduce the aggregate Discounted Value of Eligible Portfolio Property unless
the Corporation shall have confirmed that, after giving effect to such
alteration, the aggregate Discounted Value of Eligible Portfolio Property would
exceed the AMPS Basic Maintenance Amount.</P>
<P align=justify></P>
<P>(c) <U>Calculation of AMPS Basic Maintenance Amount; Accounting
Treatment</U>.</P>
<P align=justify>(i) Eligible Portfolio Property of the Corporation shall be
determined on an accrual basis in accordance with customary practice under which
Eligible Portfolio Property purchased and not yet received are so reflected as
Eligible Portfolio Property.</P>
<P align=justify></P>
<P align=justify>(ii) Dividends on the Common Stock which are payable in Common
Stock shall, after the effective date of any election by a holder of Common
Stock to receive such dividend, be excluded from current liabilities.</P>
<P align=justify></P>
<P align=justify>(iii) Withholding taxes with respect to interest earned on any
asset of the Corporation if such interest is not included in Eligible Portfolio
Property, shall be excluded from current liabilities.</P>
<P align=justify></P>
<P align=justify>(iv) With respect to Eligible Portfolio Property sold by the
Corporation as of or prior to the Valuation Date, the Market Value of such
property will be reflected in Eligible Portfolio Property and will be discounted
at the appropriate Discount Factor, <U>provided</U>, <U>however</U>, that if the
determination is being made by Moody's (for so long as the shares of AMPS are
rated by Moody's), the sales price of such property will be reflected as Cash or
Other Currency, as appropriate, to the extent that such receivable is due and
payable within five Business Days (determined as for a Valuation Date) and
trades generating the receivable are (A) settled through clearing house firms
with respect to which the issuer has received prior authorization from Moody's
or (B) with counterparties having a long term rating by Moody's of at least
Baa3, and, if the determination is being made for S&amp;P (for so long as the
shares of AMPS are rated by S&amp;P), the sales price of such property will be
reflected in Cash or Other Currency, as appropriate, to the extent that such
receivable is due and payable within five Business Days (determined as for a
Valuation Date). </P>
<P align=justify></P>
<P>(d) <U>Other Permitted Assets</U>.</P>
<P align=justify>(i) In addition to Eligible Portfolio Property, the Corporation
may own Other Permitted Assets and may also own other securities, if the
inclusion of any such type of other securities is deemed by the Board of
Directors to be in the best interest of the Corporation. </P>
<P align=justify></P>
<P align=justify>(ii) Other Permitted Assets and such other securities may be
included in Eligible Portfolio Property if the Rating Agencies have advised the
Corporation in writing that the inclusion of such Other Permitted Assets or
other securities in Eligible Portfolio Property would not adversely affect their
respective then-current ratings of the shares of AMPS.</P>
<P align=justify></P>
<P align=justify>(iii) The Fund may engage in transactions in Derivatives,
subject to any limitations imposed by the Rating Agencies. Derivatives may be
included in a Rating Agency's Eligible Portfolio Property if such Rating Agency
has advised the Corporation in writing that the inclusion of such assets or
securities in Eligible Portfolio Property would not adversely affect its
respective then-current ratings of the shares of AMPS. With respect to options,
the Fund may purchase and sell (write) options, subject to any limitations
imposed by the Rating Agencies.</P>
<P align=justify></P>
<P>8. <U>Auction Procedures</U>.</P>
<P>(a) <U>Certain Definitions</U>.</P>
<P align=justify>As used in this paragraph 8, the following terms shall have the
following meanings, unless the context otherwise requires:</P>
<P align=justify>(i) "AMPS" shall mean the shares of AMPS being auctioned
pursuant to this paragraph 8.</P>
<P align=justify></P>
<P align=justify>(ii) "Auction Date" shall mean the first Business Day preceding
the first day of a Dividend Period.</P>
<P align=justify></P>
<P align=justify>(iii) "Available AMPS" shall have the meaning specified in
paragraph 8(d)(i) below.</P>
<P align=justify></P>
<P align=justify>(iv) "Bid" shall have the meaning specified in paragraph
8(b)(i) below.</P>
<P align=justify></P>
<P align=justify>(v) "Bidder" shall have the meaning specified in paragraph
8(b)(i) below.</P>
<P align=justify></P>
<P align=justify>(vi) "Hold Order" shall have the meaning specified in paragraph
8(b)(i) below.</P>
<P align=justify></P>
<P align=justify>(vii) "Maximum Applicable Rate" for any Dividend Period will be
the <U>greater</U> of (A) the Applicable Percentage of the Reference Rate on the
date of such Auction or (B) the Applicable Spread plus the Reference Rate on the
date of such Auction. The Applicable Percentage and the Applicable Spread will
be determined as set forth below based on the lower of the credit rating or
ratings assigned on such date to the AMPS by each Rating Agency then rating the
AMPS (or, in the event that only one such rating shall be available, the
percentage will be based on such rating).</P>
<P align=justify></P>
<P align=right></P>
<TABLE cellSpacing=1 cellPadding=7 width=576 border=1>

  <TR>
    <TD vAlign=top width="38%" colSpan=2><B><U><FONT size=2>
      <P align=center>Credit Ratings</B></U></FONT></P></TD>
    <TD vAlign=top width="31%" rowSpan=2><B><FONT size=2>
      <P align=center>Applicable Percentage of<U> Reference
      Rate</B></U></FONT></P></TD>
    <TD vAlign=top width="31%" rowSpan=2><B><FONT size=2>
      <P align=center>Applicable Spread Plus<U> Reference
    Rate</B></U></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="19%"><B><U><FONT size=2>
      <P align=center>Moody's</B></U></FONT></P></TD>
    <TD vAlign=top width="19%"><B><U><FONT size=2>
      <P align=center>S&amp;P</B></U></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="19%"><FONT size=2>"aa3" or higher</FONT></TD>
    <TD vAlign=top width="19%"><FONT size=2>AA- or higher</FONT></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>200%</FONT></P></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>200 bps</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="19%"><FONT size=2>"a3" to "a1"</FONT></TD>
    <TD vAlign=top width="19%"><FONT size=2>A- to A+</FONT></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>210%</FONT></P></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>210 bps</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="19%"><FONT size=2>"baa3" to "baa1"</FONT></TD>
    <TD vAlign=top width="19%"><FONT size=2>BBB- to BBB+</FONT></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>300%</FONT></P></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>300 bps</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="19%"><FONT size=2>Below "baa3"</FONT></TD>
    <TD vAlign=top width="19%"><FONT size=2>Below BBB-</FONT></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>325%</FONT></P></TD>
    <TD vAlign=top width="31%"><FONT size=2>
      <P align=center>325 bps</FONT></P></TD></TR></TABLE>
<P></P><FONT size=3>
<P align=justify></P></FONT>
<P align=justify>The Corporation shall take all reasonable action necessary to
enable the Rating Agencies to provide a Rating for the AMPS. If one or more of
the Rating Agencies then rating the AMPS shall not make a rating available, of
if no Rating Agency makes such a rating available, the Corporation shall select
a nationally recognized statistical rating organization or two nationally
recognized statistical rating organizations to act as a Substitute Rating Agency
or Substitute Rating Agencies, as the case may be.</P>
<P align=justify>(viii) "Order" shall have the meaning specified in paragraph
8(b)(i) below.</P>
<P align=justify></P>
<P align=justify>(ix) "Sell Order" shall have the meaning specified in paragraph
8(b)(i) below.</P>
<P align=justify></P>
<P align=justify>(x) "Submission Deadline" shall mean 1:00 P.M., New York City
time, on any Auction Date or such other time on any Auction Date as may be
specified by the Auction Agent from time to time as the time by which each
Broker-Dealer must submit to the Auction Agent in writing all Orders obtained by
it for the Auction to be conducted on such Auction Date.</P>
<P align=justify></P>
<P align=justify>(xi) "Submitted Bid" shall have the meaning specified in
paragraph 8(d)(i) below.</P>
<P align=justify></P>
<P align=justify>(xii) "Submitted Hold Order" shall have the meaning specified
in paragraph 8(d)(i) below.</P>
<P align=justify></P>
<P align=justify>(xiii) "Submitted Order" shall have the meaning specified in
paragraph 8(d)(i) below.</P>
<P align=justify></P>
<P>(xiv) "Submitted Sell Order" shall have the meaning specified in paragraph
8(d)(i) below.</P>
<P>(xv) "Sufficient Clearing Bids" shall have the meaning specified in paragraph
8(d)(i) below.</P>
<P>(xvi) "Winning Bid Rate" shall have the meaning specified in paragraph
8(d)(i) below.</P>
<P>(b) Orders by Beneficial Owners, Potential Beneficial Owners, Existing
Holders and Potential Holders.</P>
<P align=justify>(i) Unless otherwise permitted by the Corporation, Beneficial
Owners and Potential Beneficial Owners may only participate in Auctions through
their Broker-Dealers. Broker-Dealers will submit the Orders of their respective
customers who are Beneficial Owners and Potential Beneficial Owners to the
Auction Agent, designating themselves as Existing Holders in respect of shares
subject to Orders submitted or deemed submitted to them by Beneficial Owners and
as Potential Holders in respect of shares subject to Orders submitted to them by
Potential Beneficial Owners. A Broker-Dealer may also hold shares of AMPS in its
own account as a Beneficial Owner. A Broker-Dealer may thus submit Orders to the
Auction Agent as a Beneficial Owner or a Potential Beneficial Owner and
therefore participate in an Auction as an Existing Holder or Potential Holder on
behalf of both itself and its customers. On or prior to the Submission Deadline
on each Auction Date:</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(A) each Beneficial Owner may submit to its Broker-Dealer
information as to:</P>
<P align=justify>(1) the number of Outstanding shares, if any, of AMPS held by
such Beneficial Owner which such Beneficial Owner desires to continue to hold
without regard to the Applicable Rate for the next succeeding Dividend
Period;</P>
<P align=justify>(2) the number of Outstanding shares, if any, of AMPS held by
such Beneficial Owner which such Beneficial Owner desires to continue to hold,
provided that the Applicable Rate for the next succeeding Dividend Period shall
not be less than the rate per annum specified by such Beneficial Owner;
and/or</P>
<P align=justify></P>
<P align=justify>(3) the number of Outstanding shares, if any, of AMPS held by
such Beneficial Owner which such Beneficial Owner offers to sell without regard
to the Applicable Rate for the next succeeding Dividend Period; and</P>
<P align=justify></P>
<P align=justify>(B) each Broker-Dealer, using a list of Potential Beneficial
Owners that shall be maintained in good faith for the purpose of conducting a
competitive Auction, shall contact Potential Beneficial Owners, including
Persons that are not Beneficial Owners, on such list to determine the number of
Outstanding shares, if any, of AMPS which each such Potential Beneficial Owner
offers to purchase, provided that the Applicable Rate for the next succeeding
Dividend Period shall not be less than the rate per annum specified by such
Potential Beneficial Owner.</P>
<P align=justify></P>
<P align=justify>For the purposes hereof, the communications by a Beneficial
Owner or Potential Beneficial Owner to a Broker-Dealer, or the communication by
a Broker-Dealer acting for its own account to the Auction Agent, or the
communications by a Broker-Dealer on behalf of a Beneficial Owner or Potential
Beneficial Owner to the Auction Agent, of information referred to in clause (A)
or (B) of this paragraph 8(b)(i) is hereinafter referred to as an "Order" and
each Beneficial Owner and each Potential Beneficial Owner placing an Order,
including a Broker-Dealer acting in such capacity for its own account and each
Broker-Dealer placing an Order on behalf of a Beneficial Owner or Potential
Beneficial Owner, is hereinafter referred to as a "Bidder"; an Order containing
the information referred to in clause (A)(1) of this paragraph 8(b)(i) or clause
(C) of paragraph 8(b)(ii) is hereinafter referred to as a "Hold Order"; an Order
containing the information referred to in clause (A)(2) or (B)<B> </B>of this
paragraph 8(b)(i) is hereinafter referred to as a "Bid;" and an Order containing
the information referred to in clause (A)(3) of this paragraph 8(b)(i) is
hereinafter referred to as a "Sell Order." Inasmuch as a Broker-Dealer
participates in an Auction as an Existing Holder or a Potential Holder only to
represent the interests of a Beneficial Owner or Potential Beneficial Owner,
whether it be its customers or itself, all discussion herein relating to the
consequences of an Auction for Existing Holders and Potential Holders also
applies to the underlying beneficial ownership interests represented.</P>
<P align=justify></P></DIR></DIR></DIR></DIR>
<P align=justify>(ii) (A) A Bid by an Existing Holder shall constitute an
irrevocable offer to sell:</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) the number of Outstanding shares of AMPS specified in such
Bid if the Applicable Rate determined on such Auction Date shall be less than
the rate per annum specified in such Bid; or</P>
<P align=justify></P>
<P align=justify>(2) such number or a lesser number of Outstanding shares of
AMPS to be determined as set forth in paragraph 8(e)(i)(D) if the Applicable
Rate determined on such Auction Date shall be equal to the rate per annum
specified therein; or</P>
<P align=justify></P>
<P align=justify>(3) a lesser number of Outstanding shares of AMPS to be
determined as set forth in paragraph 8(e)(ii)(C) if such specified rate per
annum shall be higher than the Maximum Applicable Rate and Sufficient Clearing
Bids do not exist.</P>
<P align=justify></P></DIR></DIR></DIR></DIR></DIR></DIR>
<P align=justify>(B) A Sell Order by an Existing Holder shall constitute an
irrevocable offer to sell:</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(i) the number of Outstanding shares of AMPS specified in such
Sell Order; or</P>
<P align=justify></P>
<P align=justify>(ii) such number or a lesser number of Outstanding shares of
AMPS to be determined as set forth in paragraph 8(e)(ii)(C) if Sufficient
Clearing Bids do not exist.</P>
<P align=justify></P></DIR></DIR></DIR></DIR></DIR></DIR>
<P align=justify>(C) A Bid by a Potential Holder shall constitute an irrevocable
offer to purchase:</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) the number of Outstanding shares of AMPS specified in such
Bid if the Applicable Rate determined on such Auction Date shall be higher than
the rate per annum specified in such Bid; or</P>
<P align=justify></P>
<P align=justify>(2) such number or a lesser number of Outstanding shares of
AMPS to be determined as set forth in paragraph 8(e)(i)(E) if the Applicable
Rate determined on such Auction Date shall be equal to the rate per annum
specified therein.</P>
<P align=justify></P></DIR></DIR></DIR></DIR>
<P align=justify>(c) <U>Submissions of Orders by Broker-Dealers to Auction
Agent</U>.</P>
<P align=justify></P>
<P align=justify>(i) Each Broker-Dealer shall submit in writing or through the
Auction Agent's Auction Processing System to the Auction Agent prior to the
Submission Deadline on each Auction Date all Orders obtained by such
Broker-Dealer, designating itself (unless otherwise permitted by the
Corporation) as an Existing Holder in respect of shares subject to Orders
submitted or deemed submitted to it by Beneficial Owners and as a Potential
Holder in respect of shares subject to Orders submitted to it by Potential
Beneficial Owners, and specifying with respect to each Order:</P>
<P align=justify></P>
<P align=justify>(A) the name of the Bidder placing such Order (which shall be
the Broker-Dealer unless otherwise permitted by the Corporation);</P>
<P align=justify></P>
<P align=justify>(B) the aggregate number of Outstanding shares of AMPS that are
the subject of such Order;</P>
<P align=justify></P>
<P align=justify>(C) to the extent that such Bidder is an Existing Holder:</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) the number of Outstanding shares, if any, of AMPS subject
to any Hold Order placed by such Existing Holder;</P>
<P align=justify></P>
<P align=justify>(2) the number of Outstanding shares, if any, of AMPS subject
to any Bid placed by such Existing Holder and the rate per annum specified in
such Bid; and</P>
<P align=justify></P>
<P align=justify>(3) the number of Outstanding shares, if any, of AMPS subject
to any Sell Order placed by such Existing Holder; and</P>
<P align=justify></P></DIR></DIR></DIR></DIR>
<P align=justify>(D) to the extent such Bidder is a Potential Holder, the rate
per annum specified in such Potential Holder's Bid.</P>
<P align=justify></P>
<P align=justify>(ii) If any rate per annum specified in any Bid contains more
than three figures to the right of the decimal point, the Auction Agent shall
round such rate up to the next highest one-thousandth (.001) of 1%.</P>
<P align=justify></P>
<P align=justify>(iii) If an Order or Orders covering all of the Outstanding
shares of AMPS held by an Existing Holder are not submitted to the Auction Agent
prior to the Submission Deadline, the Auction Agent shall deem a Hold Order (in
the case of an Auction relating to a Dividend Period which is not a Special
Dividend Period) and a Sell Order (in the case of an Auction relating to a
Special Dividend Period) to have been submitted on behalf of such Existing
Holder covering the number of Outstanding shares of AMPS held by such Existing
Holder and not subject to Orders submitted to the Auction Agent.</P>
<P align=justify></P>
<P align=justify>(iv) If one or more Orders on behalf of an Existing Holder
covering in the aggregate more than the number of Outstanding shares of AMPS
held by such Existing Holder are submitted to the Auction Agent, such Orders
shall be considered valid as follows and in the following order of priority:</P>
<P align=justify></P>
<P align=justify>(A) any Hold Order submitted on behalf of such Existing Holder
shall be considered valid up to and including the number of Outstanding shares
of AMPS held by such Existing Holder; provided that if more than one Hold Order
is submitted on behalf of such Existing Holder and the number of shares of AMPS
subject to such Hold Orders exceeds the number of Outstanding shares of AMPS
held by such Existing Holder, the number of shares of AMPS subject to each of
such Hold Orders shall be reduced pro rata so that such Hold Orders, in the
aggregate, will cover exactly the number of Outstanding shares of AMPS held by
such Existing Holder;</P>
<P align=justify></P>
<P align=justify>(B) any Bids submitted on behalf of such Existing Holder shall
be considered valid, in the ascending order of their respective rates per annum
if more than one Bid is submitted on behalf of such Existing Holder, up to and
including the excess of the number of Outstanding shares of AMPS held by such
Existing Holder over the number of shares of AMPS subject to any Hold Order
referred to in paragraph 8(c)(iv)(A) above (and if more than one Bid submitted
on behalf of such Existing Holder specifies the same rate per annum and together
they cover more than the remaining number of shares that can be the subject of
valid Bids after application of paragraph 8(c)(iv)(A) above and of the foregoing
portion of this paragraph 8(c)(iv)(B) to any Bid or Bids specifying a lower rate
or rates per annum, the number of shares subject to each of such Bids shall be
reduced pro rata so that such Bids, in the aggregate, cover exactly such
remaining number of shares); and the number of shares, if any, subject to Bids
not valid under this paragraph 8(c)(iv)(B) shall be treated as the subject of a
Bid by a Potential Holder; and</P>
<P align=justify></P>
<P align=justify>(C) any Sell Order shall be considered valid up to and
including the excess of the number of Outstanding shares of AMPS held by such
Existing Holder over the number of shares of AMPS subject to Hold Orders
referred to in paragraph 8(c)(iv)(A) and Bids referred to in paragraph
8(c)(iv)(B); provided that if more than one Sell Order is submitted on behalf of
any Existing Holder and the number of shares of AMPS subject to such Sell Orders
is greater than such excess, the number of shares of AMPS subject to each of
such Sell Orders shall be reduced pro rata so that such Sell Orders, in the
aggregate, cover exactly the number of shares of AMPS equal to such excess.</P>
<P align=justify></P>
<P>(v) If more than one Bid is submitted on behalf of any Potential Holder, each
Bid submitted shall be a separate Bid with the rate per annum and number of
shares of AMPS therein specified.</P>
<P>(vi) Any Order submitted by a Beneficial Owner or a Potential Beneficial
Owner to its Broker-Dealer, or by a Broker-Dealer to the Auction Agent, prior to
the Submission Deadline on any Auction Date shall be irrevocable.</P>
<P align=justify></P>
<P align=justify>(d) <U>Determination of Sufficient Clearing Bids, Winning Bid
Rate and Applicable Rate</P></U>
<P align=justify>.</P>
<P align=justify>(i) Not earlier than the Submission Deadline on each Auction
Date, the Auction Agent shall assemble all Orders submitted or deemed submitted
to it by the Broker-Dealers (each such Order as submitted or deemed submitted by
a Broker-Dealer being hereinafter referred to individually as a "Submitted Hold
Order," a "Submitted Bid" or a "Submitted Sell Order," as the case may be, or as
a "Submitted Order") and shall determine:</P>
<P align=justify></P>
<P align=justify>(A) the excess of the total number of Outstanding shares of
AMPS over the number of Outstanding shares of AMPS that are the subject of
Submitted Hold Orders (such excess being hereinafter referred to as the
"Available AMPS");</P>
<P align=justify></P>
<P align=justify>(B) from the Submitted Orders whether the number of Outstanding
shares of AMPS that are the subject of Submitted Bids by Potential Holders
specifying one or more rates per annum equal to or lower than the Maximum
Applicable Rate exceeds or is equal to the sum of:</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) the number of Outstanding shares of AMPS that are the
subject of Submitted Bids by Existing Holders specifying one or more rates per
annum higher than the Maximum Applicable Rate; and</P>
<P align=justify></P>
<P align=justify>(2) the number of Outstanding shares of AMPS that are subject
to Submitted Sell Orders.</P>
<P align=justify></P></DIR></DIR>
<P align=justify>If such excess or such equality exists (other than because the
number of Outstanding shares of AMPS in clauses (1) and (2) above are each zero
because all of the Outstanding shares of AMPS are the subject of Submitted Hold
Orders), then "Sufficient Clearing Bids" exist; and</P>
<P align=justify></P></DIR></DIR></DIR></DIR>
<P align=justify>(C) if Sufficient Clearing Bids exist, the lowest rate per
annum specified in the Submitted Bids (the "Winning Bid Rate") that if:</P>
<P align=justify></P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<P align=justify>(1) each Submitted Bid from Existing Holders specifying the
Winning Bid Rate and all other Submitted Bids from Existing Holders specifying
lower rates per annum were rejected, thus entitling such Existing Holders to
continue to hold the shares of AMPS that are the subject of such Submitted Bids,
and</P>
<P align=justify></P>
<P align=justify>(2) each Submitted Bid from Potential Holders specifying the
Winning Bid Rate and all other Submitted Bids from Potential Holders specifying
lower rates per annum were accepted, thus entitling those Potential Holders to
purchase the shares of AMPS that are the subject of such Submitted Bids, would
result in the number of shares subject to all Submitted Bids specifying the
Winning Bid Rate or a lower rate per annum being at least equal to the Available
AMPS.</P>
<P align=justify></P></DIR></DIR></DIR></DIR></DIR></DIR>
<P align=justify>(ii) Promptly after the Auction Agent has made the
determinations pursuant to paragraph 8(d)(i), the Auction Agent shall advise the
Corporation of the Maximum Applicable Rate and, based on such determinations,
the Applicable Rate for the next succeeding Dividend Period as follows:</P>
<P align=justify></P>
<P align=justify>(A) if Sufficient Clearing Bids exist, that the Applicable Rate
for the next succeeding Dividend Period shall be equal to the Winning Bid
Rate;</P>
<P align=justify></P>
<P align=justify>(B) if Sufficient Clearing Bids do not exist (other than
because all of the Outstanding shares of AMPS are the subject of Submitted Hold
Orders), that the Applicable Rate for the next succeeding Dividend Period shall
be equal to the Maximum Applicable Rate; or</P>
<P align=justify></P>
<P align=justify>(C) if all of the Outstanding shares of AMPS are the subject of
Submitted Hold Orders, that the Dividend Period next succeeding the Auction
shall automatically be the same length as the immediately preceding Dividend
Period and the Applicable Rate for the next succeeding Dividend Period shall be
equal to 90% of the Reference Rate on the date of the Auction.</P>
<P align=justify></P>
<P align=justify>(e) <U>Acceptance and Rejection of Submitted Bids and Submitted
Sell Orders and Allocation of Shares</U>.</P>
<P align=justify></P>
<P align=justify>Based on the determinations made pursuant to paragraph 8(d)(i),
the Submitted Bids and Submitted Sell Orders shall be accepted or rejected and
the Auction Agent shall take such other action as set forth below:</P>
<P align=justify>(i) If Sufficient Clearing Bids have been made, subject to the
provisions of paragraph 8(e)(iii) and paragraph 8(e)(iv), Submitted Bids and
Submitted Sell Orders shall be accepted or rejected in the following order of
priority and all other Submitted Bids shall be rejected:</P>
<P align=justify></P>
<P align=justify>(A) the Submitted Sell Orders of Existing Holders shall be
accepted and the Submitted Bid of each of the Existing Holders specifying any
rate per annum that is higher than the Winning Bid Rate shall be accepted, thus
requiring each such Existing Holder to sell the Outstanding shares of AMPS that
are the subject of such Submitted Sell Order or Submitted Bid;</P>
<P align=justify></P>
<P align=justify>(B) the Submitted Bid of each of the Existing Holders
specifying any rate per annum that is lower than the Winning Bid Rate shall be
accepted, thus entitling each such Existing Holder to continue to hold the
Outstanding shares of AMPS that are the subject of such Submitted Bid;</P>
<P align=justify></P>
<P align=justify>(C) the Submitted Bid of each of the Potential Holders
specifying any rate per annum that is lower than the Winning Bid Rate shall be
accepted, thus requiring each such Potential Holder to purchase the shares of
AMPS that are the subject of such Submitted Bids;</P>
<P align=justify></P>
<P align=justify>(D) the Submitted Bid of each of the Existing Holders
specifying a rate per annum that is equal to the Winning Bid Rate shall be
rejected, thus entitling each such Existing Holder to continue to hold the
Outstanding shares of AMPS that are the subject of such Submitted Bid, unless
the number of Outstanding shares of AMPS subject to all such Submitted Bids
shall be greater than the number of Outstanding shares of AMPS ("Remaining
Shares") equal to the excess of Available AMPS over the number of Outstanding
shares of AMPS subject to Submitted Bids described in paragraph 8(e)(i)(B) and
paragraph 8(e)(i)(C), in which event the Submitted Bids of each such Existing
Holder shall be accepted, and each such Existing Holder shall be required to
sell Outstanding shares of AMPS, but only in an amount equal to the difference
between (1) the number of Outstanding shares of AMPS then held by such Existing
Holder subject to such Submitted Bid and (2) the number of shares of AMPS
obtained by multiplying (x) the number of Remaining Shares by (y) a fraction,
the numerator of which shall be the number of Outstanding shares of AMPS held by
such Existing Holder subject to such Submitted Bid and the denominator of which
shall be the sum of the numbers of Outstanding shares of AMPS subject to such
Submitted Bids made by all such Existing Holders that specified a rate per annum
equal to the Winning Bid Rate; and</P>
<P align=justify></P>
<P align=justify>(E) the Submitted Bid of each of the Potential Holders
specifying a rate per annum that is equal to the Winning Bid Rate shall be
accepted, thus requiring each such Potential Holder to purchase the shares of
AMPS that are the subject of such Submitted Bids, but only in an amount equal to
the number of Outstanding shares of AMPS obtained by multiplying (x) the
difference between the Available AMPS and the number of Outstanding shares of
AMPS subject to Submitted Bids described in paragraph 8(e)(i)(B), paragraph
8(e)(i)(C) and paragraph 8(e)(i)(D) by (y) a fraction the numerator of which
shall be the number of Outstanding shares of AMPS subject to such Submitted Bids
and the denominator of which shall be the sum of the number of Outstanding
shares of AMPS subject to such Submitted Bids made by all such Potential Holders
that specified rates per annum equal to the Winning Bid Rate.</P>
<P align=justify></P>
<P align=justify>(ii) If Sufficient Clearing Bids have not been made (other than
because all of the Outstanding shares of AMPS are subject to Submitted Hold
Orders), subject to the provisions of paragraph 8(e)(iii), Submitted Orders
shall be accepted or rejected as follows in the following order of priority and
all other Submitted Bids shall be rejected:</P>
<P align=justify></P>
<P align=justify>(A) the Submitted Bid of each Existing Holder specifying any
rate per annum that is equal to or lower than the Maximum Applicable Rate shall
be rejected, thus entitling such Existing Holder to continue to hold the
Outstanding shares of AMPS that are the subject of such Submitted Bid;</P>
<P align=justify></P>
<P align=justify>(B) the Submitted Bid of each Potential Holder specifying any
rate per annum that is equal to or lower than the Maximum Applicable Rate shall
be accepted, thus requiring such Potential Holder to purchase the Outstanding
shares of AMPS that are the subject of such Submitted Bid; and</P>
<P align=justify></P>
<P align=justify>(C) the Submitted Bids of each Existing Holder specifying any
rate per annum that is higher than the Maximum Applicable Rate shall be accepted
and the Submitted Sell Orders of each Existing Holder shall be accepted, thus
requiring each such Existing Holder to sell shares of AMPS that are the subject
of such Submitted Bid or Submitted Sell Order, in both cases only in an amount
equal to the difference between (1) the number of Outstanding shares of AMPS
then held by such Existing Holder subject to such Submitted Bid or Submitted
Sell Order and (2) the number of shares of AMPS obtained by multiplying (x) the
difference between the Available AMPS and the aggregate number of Outstanding
shares of AMPS subject to Submitted Bids described in paragraph 8(e)(ii)(A) and
paragraph 8(e)(ii)(B) by (y) a fraction the numerator of which shall be the
number of Outstanding shares of AMPS held by such Existing Holder subject to
such Submitted Bid or Submitted Sell Order and the denominator of which shall be
the number of Outstanding shares of AMPS subject to all such Submitted Bids and
Submitted Sell Orders.</P>
<P align=justify></P>
<P align=justify>(iii) If, as a result of the procedures described in paragraph
8(e)(i) or paragraph 8(e)(ii), any Existing Holder would be entitled or required
to sell, or any Potential Holder would be entitled or required to purchase, a
fraction of a share of AMPS on any Auction Date, the Auction Agent shall, in
such manner as in its sole discretion it shall determine, round up or down the
number of shares of AMPS to be purchased or sold by an Existing Holder or
Potential Holder on such Auction Date so that each Outstanding share of AMPS
purchased or sold by each Existing Holder or Potential Holder on such Auction
Date shall be a whole share of AMPS.</P>
<P align=justify></P>
<P align=justify>(iv) If, as a result of the procedures described in paragraph
8(e)(i), any Potential Holder would be entitled or required to purchase less
than a whole share of AMPS on any Auction Date, the Auction Agent, in such
manner as in its sole discretion it shall determine, shall allocate shares of
AMPS for purchase among Potential Holders so that only whole shares of AMPS are
purchased on such Auction Date by any Potential Holder, even if such allocation
results in one or more of such Potential Holders not purchasing any shares of
AMPS on such Auction Date.</P>
<P align=justify></P>
<P align=justify>(v) Based on the results of each Auction, the Auction Agent
shall determine, with respect to each Broker-Dealer that submitted Bids or Sell
Orders on behalf of Existing Holders or Potential Holders, the aggregate number
of Outstanding shares of AMPS to be purchased and the aggregate number of
Outstanding shares of AMPS to be sold by such Potential Holders and Existing
Holders and, to the extent that such aggregate number of Outstanding shares to
be purchased and such aggregate number of Outstanding shares to be sold differ,
the Auction Agent shall determine to which other Broker-Dealer or Broker-Dealers
acting for one or more purchasers such Broker-Dealer shall deliver, or from
which other Broker-Dealer or Broker-Dealers acting for one or more sellers such
Broker-Dealer shall receive, as the case may be, Outstanding shares of AMPS.</P>
<P align=justify></P>
<P align=justify>(f) <U>Force Majeure</U>. Notwithstanding any other provision
of this Article XII, in the event that an Auction does not occur on an Auction
Date because of any act of God, strike, riot, act of war, act of terrorism,
equipment failure, power failure or damage or other causes reasonably beyond the
control of the Corporation or the Auction Agent, each Existing Holder as of such
Auction Date will continue to hold the shares of AMPS held by such Existing
Holder until the next Auction Date. The Applicable Rate for any Dividend Period
during which Existing Holders continue to hold such shares of AMPS by operation
of this paragraph 8(f) shall be the same Applicable Rate as applied during the
last Dividend Period following an Auction at which there were Sufficient
Clearing Bids prior to the applicability of this paragraph 8(f). Any Dividend
Period during which Existing Holders continue to hold such shares of AMPS by
operation of this paragraph 8(f) shall consist of the same number of days as the
last Dividend Period following an Auction at which there were Sufficient
Clearing Bids prior to the applicability of this paragraph 8(f).</P>
<P align=justify></P>
<P>9. <U>Miscellaneous</U>.</P>
<P align=justify>(a) To the extent permitted by applicable law, the Board of
Directors may interpret or adjust the provisions of this Article XII to resolve
any inconsistency or ambiguity, remedy any formal defect or make any other
change or modification which does not substantially adversely affect the rights
of Beneficial Owners of shares of AMPS and if such inconsistency or ambiguity
reflects an incorrect provision hereof then the Board of Directors may authorize
the filing of a Certificate of Amendment or a Certificate of Correction, as the
case may be.</P>
<P align=justify></P>
<P align=justify>(b) A Beneficial Owner or an Existing Holder (A) may sell,
transfer or otherwise dispose of shares of AMPS only pursuant to a Bid or Sell
Order in accordance with the procedures described in paragraph 8 or to or
through a Broker-Dealer, provided that in the case of all transfers other than
pursuant to Auctions such Existing Holder or Broker-Dealer (acting on its own
behalf or on behalf of a Beneficial Owner), if applicable, or its Agent Member
advises the Auction Agent of such transfer and (B) except as otherwise required
by law, shall have the ownership of the shares of AMPS held by it maintained in
book entry form by the Securities Depository in the account of its Agent Member,
which in turn will maintain records of such Beneficial Owner's beneficial
ownership. Neither the Corporation nor any Affiliate shall submit an Order in
any Auction. Any Beneficial Owner that is an Affiliate shall not sell, transfer
or otherwise dispose of shares of AMPS to any Person other than the Corporation.
All of the Outstanding shares of AMPS shall be represented by a single
certificate registered in the name of the nominee of the Securities Depository
unless otherwise required by law or unless there is no Securities Depository. If
there is no Securities Depository, at the Corporation's option and upon its
receipt of such documents as it deems appropriate, any shares of AMPS may be
registered in the Stock Register in the name of the Beneficial Owner thereof and
such Beneficial Owner thereupon will be entitled to receive certificates
therefor and required to deliver certificates therefor upon transfer or exchange
thereof.</P>
<P align=justify></P>
<P align=justify>(c) The Corporation will exercise its best efforts to maintain
an Auction Agent pursuant to an agreement containing terms not materially less
favorable to the Corporation than the terms of the Auction Agent Agreement first
entered into by the Corporation on July 30, 1992.</P>
<P align=justify></P>
<P align=justify>(d) The Corporation will use its best efforts to maintain a
rating of the AMPS from each of the Rating Agencies.</P>
<P align=justify></P>
<P align=justify>(e) All notices or communications, unless otherwise specified
in the By-Laws of the Corporation or this Article XII, will be sufficiently
given if in writing and delivered in person or mailed by first-class mail,
postage prepaid. Notice will be deemed given on the earlier of the date received
or the date seven days after which such notice is mailed.</P>
<P align=justify></P>
<P align=justify>10. <U>Notice and Amendments</U>.</P>
<P align=justify></P>
<P align=justify>In addition to the authority given the Board of Directors to
from time to time, adjust, modify, alter, change, add to or delete certain
definitions and related terms set forth in paragraph 1(a) as contemplated by
paragraph 1(b) of this Article XII and the authority given the Corporation to
interpret the provisions of paragraph 8 as contemplated by paragraph 9(a), the
Board of Directors of the Corporation shall have the authority to amend, adjust,
modify, alter or change the terms of this Article XII establishing the Series
W-7 AMPS also without shareholder approval to reflect changes required in
connection with the creation of one or more additional series of Auction Market
Preferred Stock of the same class as the Series W-7 AMPS; <U>provided</U>,
<U>however</U>, that no such additional series shall have any rights or
preferences upon liquidation as to payments of dividends or conditions of
redemption or voting power which are superior to the rights and conditions
applicable to the Series W-7 AMPS, it being intended that every series of
Auction Market Preferred Stock issued by the Corporation is to constitute a
series of the same class for purposes of the Investment Company Act.</P><B><FONT
size=1></B></FONT>
<P align=justify>The Corporation through its Board, has elected to be subject to
the following provisions of Subtitle 8 of the MGCL:</P>
<P align=justify>(i) Section 3-804(a): Under Section 3-804(a), the stockholders
of the Corporation may remove any director by the affirmative vote of at least
two-thirds of all the votes entitled to be cast by the stockholders generally in
the election of directors.</P>
<P align=justify></P>
<P align=justify>(ii) Section 3-804(b): Under Section 3-804(b), the number of
directors of the Corporation shall be fixed only by the vote of the Board.</P>
<P align=justify></P>
<P align=justify>(iii) Section 3-804(c): Under Section 3-804(c), a vacancy on
the Board due to an increase in the size of the Board or the death, resignation,
or removal of a director, may be filled only by the affirmative vote of the
majority of the remaining directors in office, even if the remaining directors
do not constitute a quorum. Any director so elected to fill a vacancy shall hold
office for the remainder of the full term of the class of directors in which the
vacancy occurred, and until a successor is elected and qualifies.</P>
<P align=justify></P>
<P align=justify>(iv) Section 3-805: Under Section 3-805, the Secretary of the
Corporation may call a special meeting of stockholders only on the written
request of the stockholders entitled to cast at least a majority of all votes
entitled to be cast at the meeting; and in accordance with the procedures set
forth under Section 2-502(b)(2) and (3) and (e) of the MGCL.</P>
<P align=justify></P>
<P align=center>* * * * *</P>
<P align=justify>3. The number of shares of authorized stock of the Corporation
is not increased by this amendment to and restatement of the Charter.</P>
<P align=justify></P>
<P align=justify>4. The amendment to and restatement of the Charter as
hereinabove set forth have been duly advised by the Board of Directors and
approved by the stockholders of the Corporation as required by law.</P>
<P align=justify></P>
<P align=justify>5. The current address of the principal office of the
Corporation is as set forth in Article IV of the foregoing amendment and
restatement of the Charter.</P>
<P align=justify></P>
<P align=justify>6. The name and address of the Corporation's resident agent is
as set forth in Article IV of the foregoing amendment and restatement of the
Charter.</P>
<P align=justify></P>
<P align=justify>7. The number of directors of the Corporation and the names of
those currently in office are as set forth in Article VI of the foregoing
amendment and restatement of the Charter.</P>
<P align=justify></P>
<P align=justify>8. The number of directors of the Corporation is ten and the
names of the Corporation's current ten directors are as follows: David L. Elsum,
Martin J. Gilbert, P. Gerald Malone, Neville J. Miles, William J. Potter, Peter
D. Sacks, Anton E. Schrafl, E. Duff Scott, John T. Sheehy and Warren C. Smith.
</P>
<P align=justify></P><FONT size=3>
<P align=justify>The undersigned President acknowledges these Articles of
Amendment and Restatement to be the corporate act of the Corporation and as to
all matters or facts required to be verified under oath, the undersigned
President acknowledges that to the best of his knowledge, information and
belief, these matters and facts are true in all material respects and that this
statement is made under the penalties for perjury.</P></FONT>
<P align=justify>IN WITNESS WHEREOF, the Corporation has caused these Articles
of Amendment and Restatement to be signed in its name and on its behalf by its
President and attested to by its Assistant Secretary on this 26<SUP>th</SUP> day
of April, 2006.</P>
<P align=justify></P>
<TABLE cellSpacing=0 cellPadding=0 width=638 border=0 style="border-collapse: collapse" bordercolor="#111111">

  <TR>
    <TD vAlign=top width="50%"><FONT size=3>
      <P align=justify>ATTEST:</FONT></P></TD>
    <TD vAlign=top width="50%"><FONT size=3>
      <P align=justify>ABERDEEN GLOBAL INCOME FUND, INC.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">&nbsp;</TD>
    <TD vAlign=top width="50%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="50%"><FONT size=3>
      <P align=justify>By: <U>/s/ Sander M. Bieber </U></FONT></P></TD>
    <TD vAlign=top width="50%"><FONT size=3>
      <P align=justify>By: <U>/s/ Martin J. Gilbert </U>(SEAL)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%"><FONT size=3>Sander M. Bieber<BR>Assistant
      Secretary</FONT></TD>
    <TD vAlign=top width="50%"><FONT size=3>Martin
    Gilbert<BR>President</FONT></TD></TR></TABLE><FONT size=3>
<P>&nbsp;</P>
</FONT>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>3
<FILENAME>posamiexa20.htm
<DESCRIPTION>CERTIFICATE OF NOTICE
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>ABERDEEN GLOBAL INCOME FUND, INC</TITLE>
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<FONT SIZE=2>

<B><P ALIGN="right">Exhibit (a)(20)</P>
<U><P ALIGN="CENTER">ABERDEEN GLOBAL INCOME FUND, INC.</P>
</U><P ALIGN="CENTER">CERTIFICATE OF NOTICE</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; <U>FIRST</U>:&#9;Aberdeen Global Income Fund, Inc., a Maryland corporation (the "Corporation"), certifies that:</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;
<U>SECOND</U>:&#9;There has been a change to facts ascertainable outside of the charter (the "Charter") of the Corporation within the meaning of Section 2-105(b) of the Maryland General Corporation Law (the "MGCL") relating to the Auction Market Preferred Stock ("AMPS").</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;
<U>THIRD</U>:&#9;The change to the facts ascertainable outside of the Charter is as set forth below:</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">On December 13, 2005, in light of written confirmation from Moody's Investors Service and Standard &amp; Poor's that surprise quarterly audits of the calculation of the AMPS Basic Maintenance Amount (as defined in the Charter) were no longer required, provided an annual audit as of the last Valuation Date (as defined in the Charter) of the Corporation's fiscal year end is performed, the Board of Directors (the "Board") of the Corporation, in accordance with its powers under Article XII, Section (1)(b) of the Charter, determined that the definition of "Quarterly Surprise Valuation Date" in Article XII, Section 1 of the Corporation's Charter, which currently means "so long as any shares of AMPS are Outstanding, any Valuation Date during the quarter ended January, April, July or October of each year" be modified and deemed to reflect that an annual audit rather than quarterly surprise audits are now required.</P>
<P ALIGN="JUSTIFY">Accordingly, "Quarterly Surprise Valuation Date" is now deemed to mean "so long as any shares of AMPS are Outstanding, (i) any Valuation Date during the quarter ended January, April, July or October of each year, or (ii) the last Valuation Date of each fiscal year of the Corporation, provided that that the Corporation complies with the then current requirements of each Rating Agency in this regard."</P>
<P ALIGN="JUSTIFY">All references to Quarterly Surprise Valuation Date in the Charter will henceforth be interpreted in accordance with this Board determination.  The terms of the AMPS and the rights of the beneficial owners of the AMPS are not changed by this Certificate of Notice.</P></DIR>
</DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;

<U>FOURTH</U>: This Certificate of Notice is being filed at the election of the Corporation pursuant to Section 1-207.1 of the MGCL and is not a part of the Charter of the Corporation.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the Corporation has caused this Certificate of Notice to be executed in its name and on its behalf by its President and attested by its Secretary this 5 day of January, 2006.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=446 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>ATTEST:</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>ABERDEEN GLOBAL INCOME FUND, INC.</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="62%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<U><FONT SIZE=2><P>/s/ Alan Goodson</U></FONT></TD>
<TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>By: <U>/s/ Martin J. Gilbert</U></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp; Alan R. Goodson</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin J. Gilbert</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp; Secretary</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P></FONT></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>4
<FILENAME>posamiexa21.htm
<DESCRIPTION>CERTIFICATE OF NOTICE
<TEXT>
<HTML>
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<B><FONT SIZE=3><P ALIGN="RIGHT">Exhibit (a)(21)</P>
<U><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">ABERDEEN GLOBAL INCOME FUND, INC.</P>
<P ALIGN="CENTER"></P>
</U><P ALIGN="CENTER">CERTIFICATE OF NOTICE</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;&nbsp;&nbsp;&nbsp; &#9;&#9;<U>FIRST</U>:  Aberdeen Global Income Fund, Inc., a Maryland corporation (the "Corporation"), certifies that:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;&nbsp;&nbsp;&nbsp; &#9;&#9;<U>SECOND</U>:  There has been a change to facts ascertainable outside of the charter (the "Charter") of the Corporation within the meaning of Section 2-105(b) of the Maryland General Corporation Law (the "MGCL") relating to the Auction Market Preferred Stock ("AMPS").</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;&nbsp;&nbsp;&nbsp; &#9;&#9;<U>THIRD</U>:  The change to the facts ascertainable outside of the Charter is as set forth below:  </P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">&#9;1.&#9;On September 12, 2006, in light of written confirmation from Standard &amp; Poor's ("S&amp;P") that the percentage of the discounted value of Eligible Portfolio Property (as defined in the Charter) that could be made up of Asian Yankee Bonds (as defined in the Charter) and Commonwealth Yankee Bonds (as defined in the Charter) rated below investment grade could be increased from 10% to 25%, the Board of Directors of the Corporation determined, in accordance with its powers under Article XII, Section 1(b) of the Charter, that it is in the best interests of the Corporation to modify the definitions contained in </FONT>Article XII, Section 1(a)<FONT SIZE=3> of the Charter to reflect the new limit allowed by S&amp;P.  Accordingly, the terms listed below shall now be deemed to have the definitions set forth below in their entirety: </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">"Asian Yankee Bonds" means, in the case of Moody's, Yankee Bonds that are issued by<B> </B>companies<B> </B>from China, Hong Kong, India, Indonesia, Korea, Malaysia, Thailand and The Philippines and such other countries as are approved in writing by Moody's from time to time, and, in the case of S&amp;P, Yankee Bonds that are (i) issued by issuers from China, Hong Kong, India, Indonesia, Korea, Malaysia, Thailand and The Philippines and such other countries as are approved in writing by S&amp;P from time to time, and (ii) are subject to the following ratings limitations (which are cumulative):</P></DIR>
</DIR>
</FONT>
<P ALIGN="CENTER"><CENTER>
<TABLE BORDER CELLSPACING=0 CELLPADDING=7 WIDTH=476 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P><BR>
<B><U>Rating</B></U></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="CENTER">% of total Discounted Value of Eligible <BR>
<U>Portfolio Property allowed at each ratings level</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P>Aa3/AA- or better</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">100%</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P>Below Aa3/AA-</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">50%</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P>Below A3/A-</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">25%</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

</FONT><FONT SIZE=3><P ALIGN="JUSTIFY">"Commonwealth Yankee Bonds" means, in the case of Moody's, Yankee Bonds that are issued by companies<B> </B>from Australia, Canada, New Zealand and the United Kingdom and such other countries as are approved in writing by Moody's from time to time, and, in the case of S&amp;P, Yankee Bonds that are (i) issued by issuers from Australia, Canada, New Zealand and the United Kingdom and such other countries as are approved in writing by S&amp;P from time to time, and (ii) are subject to the following ratings limitations (which are cumulative):</P></DIR>
</DIR>
</FONT>
<P ALIGN="CENTER"><CENTER>
<TABLE BORDER CELLSPACING=0 CELLPADDING=7 WIDTH=476 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P><BR>
<B><U>Rating</B></U></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="CENTER">% of total Discounted Value of Eligible <BR>
<U>Portfolio Property allowed at each ratings level</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P>Aa3/AA- or better</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">100%</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P>Below Aa3/AA-</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">50%</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT SIZE=2><P>Below A3/A-</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">25%</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=3><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">&#9;2.&#9;On September 12, 2006, in light of correspondence from Moody's Investors Service ("Moody's") requiring that the Discount Factor (as defined in the Charter) to be applied to AMPS Interest Rate Swaps (as defined in the Charter) be changed to clarify that the applicable discount factor should vary depending on the credit rating of the counterparty and the remaining term to maturity of the AMPS Interest Rate Swap, the Board of Directors of the Corporation determined, in accordance with its powers under Article Sixth, Section 1(b) of the Charter, that it is in the best interests of the Corporation to modify the definition of "Discount Factor" to reflect the discount factor supplied by Moody's.  Accordingly, the following row (and related footnote) shall now be deemed to be included in the definition of "Discount Factor:"</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</FONT>
<P ALIGN="CENTER"><CENTER>
<TABLE BORDER CELLSPACING=0 CELLPADDING=7 WIDTH=565 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD VALIGN="TOP" COLSPAN=4 HEIGHT=16>
<B><P>AMPS Interest Rate Swaps:</B></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP" HEIGHT=16>
<P>&lt;= 100% liquidation value of outstanding AMPS</TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<P>&lt;= 5 years</TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=16>
<P ALIGN="CENTER">(13)</TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=16>
<P ALIGN="CENTER">1.0526(14)</TD>
</TR>
</TABLE>
</CENTER></P>
<DIR>
<DIR>

<FONT SIZE=2><P ALIGN="JUSTIFY">(13) &#9;With respect to Moody's, the discount <A NAME="_DV_C52">factors below</a> will be applied <A NAME="_DV_C54">based on the current rating of</a></A> the Eligible AMPS Interest Rate Swap Counterparty<A NAME="_DV_C56"> and the remaining term of the AMPS Interest Rate Swap,</a> in each case to the extent the AMPS Interest Rate Swap is "in the money" based on the then-current marked to market valuation of the AMPS Interest Rate Swap provided by the Eligible AMPS Interest Rate Swap Counterparty. </P>
<B><P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</B></FONT>
<P ALIGN="LEFT">
<div align="center">
  <center>
  <TABLE BORDER CELLSPACING=0 CELLPADDING=0 WIDTH=469 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2>
<B><P><A NAME="_DV_C57">Term to Maturity</A></B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="CENTER"><A NAME="_DV_C58">Aaa</A></B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="CENTER"><A NAME="_DV_C59">Aa</A></B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="CENTER"><A NAME="_DV_C60">A</A></B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY"><A NAME="_DV_C61">1 year or less</A></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C62">1.09</A></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C63">1.12</A></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C64">1.15</A></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY"><A NAME="_DV_C65">1-2 years</A></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C66">1.15</A></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C67">1.18</A></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C68">1.22</A></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY"><A NAME="_DV_C69">2-3 years</A></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C70">1.20</A></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C71">1.23</A></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C72">1.27</A></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY"><A NAME="_DV_C73">3-4 years</A></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C74">1.26</A></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C75">1.29</A></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C76">1.33</A></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY"><A NAME="_DV_C77">4-5 years</A></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C78">1.32</A></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C79">1.35</A></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"><A NAME="_DV_C80">1.39</A></FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">&#9;To the extent that the AMPS Interest Rate Swap is "out of the money," 100% of the Market Value of the AMPS Interest Rate Swap will be deemed a current liability of the Corporation for purposes of calculating the AMPS Basic Maintenance Amount and will not be included in Eligible Portfolio Property. <A NAME="_DV_C81">  If the AMPS Interest Rate Swap pays interest in other than U.S. dollars the applicable Moody's currency conversion rate must also be applied.</A></P>
<P ALIGN="JUSTIFY"></P>
</FONT><FONT SIZE=3>
<P ALIGN="JUSTIFY">All references to the defined term identified above in the Charter will henceforth be interpreted in accordance with this Board determination.  The terms of the AMPS and the rights of the beneficial owners of the AMPS are not changed by this Certificate of Notice.</P>
<U><P ALIGN="JUSTIFY"></P></DIR>
</DIR>

</U>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;
<U>FOURTH</U>:&#9;This Certificate of Notice is being filed at the election of the Corporation pursuant to Section 1-207.1 of the MGCL.</P>
<P ALIGN="JUSTIFY">&#9;&#9;&nbsp;&nbsp;&nbsp; &#9;&#9;IN WITNESS WHEREOF, the Corporation has caused this Certificate of Notice to be executed in its name and on its behalf by its President and attested by its Secretary and Assistant Treasurer this 12<SUP>th</SUP> day of September, 2006.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT SIZE=3><P>ATTEST:</FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P>ABERDEEN GLOBAL INCOME FUND, INC.</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<U><FONT SIZE=3><P>/s/ Alan Goodson&#9;&#9;</U></FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P>By:&#9;<U>/s/ Martin Gilbert&#9;&#9;&#9;&#9;</U></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT SIZE=3><P>Alan Goodson</FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Martin Gilbert</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT SIZE=3><P>Secretary and Assistant Treasurer</FONT></TD>
<TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;President</FONT></TD>
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<DOCUMENT>
<TYPE>EX-99.2B BYLAWS
<SEQUENCE>5
<FILENAME>posamiexb4.htm
<DESCRIPTION>AMENDED AND RESTATED BYLAWS
<TEXT>
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<DIR><FONT size=3><B>
<P align=right>Exhibit
(b)(4)</P></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></DIR></B></FONT>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=7 width=600 border=0>
  <TR>
    <TD vAlign=top><B>
      <P align=center>ABERDEEN GLOBAL INCOME FUND, INC.</B></P></TD></TR>
  <TR>
    <TD vAlign=top><B>
      <P align=center>A Maryland Corporation</B></P></TD></TR>
  <TR>
    <TD vAlign=top><B>
      <P align=center>BYLAWS</B></P></TD></TR>
  <TR>
    <TD vAlign=top><B>
      <P align=center>Amended and Restated</B></P></TD></TR>
  <TR>
    <TD vAlign=top><B>
      <P align=center>as of June 7, 2006</B></P></TD></TR></TABLE>
<P style="PAGE-BREAK-BEFORE: always">
<P>&nbsp;</P><B>
<P>&nbsp;</P></B>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 height=756
cellSpacing=0 cellPadding=0 width=600 border=0>
  <TR>
    <TD vAlign=top width=571 colSpan=3 height=19>
      <P align=center><B>TABLE OF CONTENTS</B></P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=106 colSpan=2 height=3></TD>
    <TD vAlign=top width=451 height=3></TD>
    <TD vAlign=top width=9 height=3></TD></TR>
  <TR>
    <TD vAlign=top width=106 colSpan=2 height=19>
      <P>ARTICLE I</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>NAME OF CORPORATION, LOCATION OF OFFICES AND SEAL</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 1.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Name</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=11></TD>
    <TD vAlign=top width=76 height=11>
      <P>Section 2.</P></TD>
    <TD vAlign=top width=451 height=11>
      <P>Principal Offices</P></TD>
    <TD vAlign=top width=9 height=11></TD></TR>
  <TR>
    <TD vAlign=top width=16 height=9></TD>
    <TD vAlign=top width=76 height=9>
      <P>Section 3.</P></TD>
    <TD vAlign=top width=451 height=9>
      <P>Seal</P></TD>
    <TD vAlign=top width=9 height=9></TD></TR>
  <TR>
    <TD vAlign=top width=16 height=1></TD>
    <TD vAlign=top width=76 height=1></TD>
    <TD vAlign=top width=451 height=1></TD>
    <TD vAlign=top width=9 height=1></TD></TR>
  <TR>
    <TD vAlign=top width=106 colSpan=2 height=19>
      <P>ARTICLE II</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>STOCKHOLDERS</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 1.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Place of Meeting</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 2.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Annual Meetings</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=11></TD>
    <TD vAlign=top width=76 height=11>
      <P>Section 3.</P></TD>
    <TD vAlign=top width=451 height=11>
      <P>Special Meetings</P></TD>
    <TD vAlign=top width=9 height=11></TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 4.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Notice of Meetings</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 5.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Quorum; Adjournment of Meetings</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 6.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Voting and Inspector</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 7.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Stockholders Entitled to Vote</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 8.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Validity of Proxies, Ballots</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 9.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Conduct of Stockholders' Meetings</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 10.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Action Without a Meeting</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=13></TD>
    <TD vAlign=top width=76 height=13>
      <P>Section 11.</P></TD>
    <TD vAlign=top width=451 height=13>
      <P>Stockholder Proposals.</P></TD>
    <TD vAlign=top width=9 height=13></TD></TR>
  <TR>
    <TD vAlign=top width=16 height=1></TD>
    <TD vAlign=top width=76 height=1></TD>
    <TD vAlign=top width=451 height=1></TD>
    <TD vAlign=top width=9 height=1></TD></TR>
  <TR>
    <TD vAlign=top width=106 colSpan=2 height=19>
      <P>ARTICLE III</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>BOARD OF DIRECTORS</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=10></TD>
    <TD vAlign=top width=76 height=10>
      <P>Section 1.</P></TD>
    <TD vAlign=top width=451 height=10>
      <P>Powers</P></TD>
    <TD vAlign=top width=9 height=10></TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 2.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Number; Terms; Qualifications.</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 3.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Election</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 4.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Vacancies and Newly Created Directorships</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 5.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Removal</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 6.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Place of Meeting</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 7.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Annual and Regular Meetings</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 8.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Special Meetings</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 9.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Waiver of Notice</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 10.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Quorum and Voting</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 11.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Action Without a Meeting</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 12.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Compensation of Directors</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=19>&nbsp;</TD>
    <TD vAlign=top width=76 height=19>
      <P>Section 13.</P></TD>
    <TD vAlign=top width=451 height=19>
      <P>Authorization for Independent Directors to Retain Employees and
      Advisers</P></TD>
    <TD vAlign=top width=9 height=19>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=16 height=9></TD>
    <TD vAlign=top width=76 height=9>
      <P>Section 14.</P></TD>
    <TD vAlign=top width=451 height=9>
      <P>Director Emeritus</P></TD>
    <TD vAlign=top width=9 height=9></TD></TR></TABLE>
<P style="PAGE-BREAK-BEFORE: always">
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=3 width=600 border=0>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE IV</P></TD>
    <TD vAlign=top width="73%">
      <P>COMMITTEES</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>Organization</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 2.</P></TD>
    <TD vAlign=top width="73%">
      <P>Proceedings and Quorum</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE V</P></TD>
    <TD vAlign=top width="73%">
      <P>OFFICERS</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>General</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 2.</P></TD>
    <TD vAlign=top width="73%">
      <P>Election, Tenure and Qualifications</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 3.</P></TD>
    <TD vAlign=top width="73%">
      <P>Removal and Resignation</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 4.</P></TD>
    <TD vAlign=top width="73%">
      <P>President</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 5.</P></TD>
    <TD vAlign=top width="73%">
      <P>Vice President</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 6.</P></TD>
    <TD vAlign=top width="73%">
      <P>Treasurer and Assistant Treasurers</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 7.</P></TD>
    <TD vAlign=top width="73%">
      <P>Secretary and Assistant Secretaries</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 8.</P></TD>
    <TD vAlign=top width="73%">
      <P>Subordinate Officers</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 9.</P></TD>
    <TD vAlign=top width="73%">
      <P>Remuneration</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 10.</P></TD>
    <TD vAlign=top width="73%">
      <P>Surety Bonds</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE VI</P></TD>
    <TD vAlign=top width="73%">
      <P>CAPITAL STOCK</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>Certificates of Stock</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 2.</P></TD>
    <TD vAlign=top width="73%">
      <P>Transfer of Shares</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 3.</P></TD>
    <TD vAlign=top width="73%">
      <P>Stock Ledgers</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 4.</P></TD>
    <TD vAlign=top width="73%">
      <P>Transfer Agents and Registrars</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 5.</P></TD>
    <TD vAlign=top width="73%">
      <P>Fixing of Record Date</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 6.</P></TD>
    <TD vAlign=top width="73%">
      <P>Lost, Stolen or Destroyed Certificates</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE VII</P></TD>
    <TD vAlign=top width="73%">
      <P>FISCAL YEAR AND ACCOUNTANT</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>Fiscal Year</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 2.</P></TD>
    <TD vAlign=top width="73%">
      <P>Accountant</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR></TABLE>
<P style="PAGE-BREAK-BEFORE: always">
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=3 width=600 border=0>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE VIII</P></TD>
    <TD vAlign=top width="73%">
      <P>CUSTODY OF SECURITIES</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>Employment of a Custodian</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 2.</P></TD>
    <TD vAlign=top width="73%">
      <P>Termination of Custodian Agreement</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE IX</P></TD>
    <TD vAlign=top width="73%">
      <P>INDEMNIFICATION AND ADVANCEMENT OF EXPENSES</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>Indemnification of Directors and Officers</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 2.</P></TD>
    <TD vAlign=top width="73%">
      <P>Advances</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 3.</P></TD>
    <TD vAlign=top width="73%">
      <P>Procedure</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 4.</P></TD>
    <TD vAlign=top width="73%">
      <P>Indemnification of Employees and Agents</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 5.</P></TD>
    <TD vAlign=top width="73%">
      <P>Other Rights</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 6.</P></TD>
    <TD vAlign=top width="73%">
      <P>Amendments</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 7.</P></TD>
    <TD vAlign=top width="73%">
      <P>Insurance</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="18%" colSpan=2>
      <P>ARTICLE X</P></TD>
    <TD vAlign=top width="73%">
      <P>AMENDMENTS</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">
      <P>Section 1.</P></TD>
    <TD vAlign=top width="73%">
      <P>General</P></TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="14%">&nbsp;</TD>
    <TD vAlign=top width="73%">&nbsp;</TD>
    <TD vAlign=top width="9%">&nbsp;</TD></TR></TABLE>
<P style="PAGE-BREAK-BEFORE: always">
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center>BYLAWS
<P align=center>OF
<P align=center>ABERDEEN GLOBAL INCOME FUND, INC.
<P align=center>(A MARYLAND CORPORATION)<U><B>
<P align=center>ARTICLE I</B></U><BR><BR><B>NAME OF CORPORATION, LOCATION
OF<BR><U>OFFICES AND SEAL</U></B><U>
<P>Section 1.</U> <U>Name</U>. The name of the Corporation is Aberdeen Global
Income Fund, Inc.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Principal Offices</U>. The principal office of the Corporation in the
State of Maryland shall be located in Baltimore, Maryland. The Corporation may,
in addition, establish and maintain such other offices and places of business as
the Board of Directors may, from time to time, determine.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 200%">Section 3.</U>
<U>Seal</U>. The corporate seal of the Corporation shall be circular in form and
shall bear the name of the Corporation, the year of its incorporation, and the
word "Maryland." The form of the seal shall be subject to alteration by the
Board of Directors and the seal may be used by causing it or a facsimile to be
impressed or affixed or printed or otherwise reproduced. Any officer or Director
of the Corporation shall have authority to affix the corporate seal of the
Corporation to any document requiring the same.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 200%">&nbsp;</P>
<P style="PAGE-BREAK-BEFORE: always"><B><U>
<P align=center>ARTICLE II</B></U><BR><BR><B>STOCKHOLDERS</P></B><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Place of Meeting</U>. All meetings of the stockholders shall be held
at the principal office of the Corporation in the State of Maryland or at such
other place within the United States as may from time to time be designated by
the Board of Directors and stated in the notice of such meeting.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"><U>Section
2.</U> <U>Annual Meetings</U>. An annual meeting of stockholders for election of
Directors and the transaction of such other business as may properly come before
the meeting shall be held at such time and place within the United States as the
Board of Directors, or any duly constituted committee of the Board, shall select
between March 6 and April 5.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"><U>Section
3.</U> <U>Special Meetings</U>. Special meetings of stockholders may be called
at any time by the President or a majority of the Board of Directors and shall
be held at such time and place as may be stated in the notice of the
meeting.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">Special
Meetings of the stockholders shall be called by the Secretary upon receipt of
the written request of the holders of shares entitled to not less than a
majority of all the votes entitled to be cast at such meeting, provided that (1)
the information specified in Article II, Section 11 is given; and (2) the
stockholders requesting such meeting shall have paid to the Corporation the
reasonably estimated cost of preparing and mailing the notice thereof, which the
Secretary shall determine and specify to such stockholders. No special meeting
shall be called upon the request of stockholders to consider any matter which is
substantially the same as a matter voted upon at any special meeting of the
stockholders held during the preceding 12 months, unless requested by the
holders of a majority of all shares entitled to be voted at such meeting.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">&nbsp;</P>
<P align=center>- 2 -</P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
4.</U> <U>Notice of Meetings</U>. The Secretary shall cause written or printed
notice of the place, date and hour, and, in the case of a special meeting, the
purpose or purposes for which the meeting is called, to be given, not less than
10 and not more than 90 days before the date of the meeting, to each stockholder
entitled to vote at, or entitled to notice of, such meeting by leaving the same
with such stockholder or at such stockholder's residence or usual place of
business or by mailing it, postage prepaid, and addressed to such stockholder at
his address as it appears on the records of the Corporation at the time of such
mailing, or by transmitting it to the stockholder by electronic mail to any
electronic mail address of the stockholder or by any other electronic means. If
mailed, notice shall be deemed to be given when deposited in the United States
mail addressed to the stockholder as aforesaid. Notice of any stockholders'
meeting need not be given to any stockholder who shall sign a written waiver of
such notice either before or after the time of such meeting, which waiver shall
be filed with the records of such meeting, or to any stockholder who is present
at such meeting in person or by proxy. Notice of adjournment of a stockholders'
meeting to another time or place need not be given if such time and place are
announced at the meeting.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
5.</U> <U>Quorum; Adjournment of Meetings</U>. The presence at any stockholders'
meeting, in person or by proxy, of stockholders entitled to cast a majority of
all votes entitled to be cast constitutes a quorum for the transaction of
business. In the absence of a quorum, (a) the chairman of the meeting or (b) the
stockholders entitled to vote at such meeting, present in person or by proxy, by
a vote of a majority of the votes validly cast, may adjourn the meeting from
time to time to a date not more than 120 days after the original record date
without notice other than announcement at the meeting. Any business that might
have been transacted at the meeting originally called may be transacted at any
such adjourned meeting at which a quorum is present.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">&nbsp;</P>
<P align=center>- 3 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
6.</U> <U>Voting and Inspector</U>. Unless otherwise provided by the Charter, at
each stockholders' meeting, each stockholder entitled to vote thereat shall be
entitled to one vote for each share of stock of the Corporation validly issued
and outstanding and standing in his name on the books of the Corporation on the
record date fixed in accordance with Section 5 of Article VI hereof (and each
stockholder of record holding fractional shares, if any, shall have
proportionate voting rights). Stockholders may vote their shares owned of record
either in person or by proxy appointed by instrument in writing subscribed by
such stockholder or his duly authorized attorney. Except as otherwise
specifically provided in the Charter or these bylaws or as required by
provisions of the Investment Company Act of 1940, as amended from time to time
("1940 Act"), all matters shall be decided by a vote of the majority of all
votes validly cast at a meeting at which a quorum is present. The vote upon any
question shall be by ballot whenever requested by any person entitled to vote,
but, unless such a request is made, voting may be conducted in any way approved
by the meeting.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">At
any election of Directors, the Chairman of the meeting may, and upon the request
of the holders of ten percent (10%) of the stock entitled to vote at such
election shall, appoint one inspector of election who shall first subscribe an
oath or affirmation to execute faithfully the duties of inspector at such
election with strict impartiality and according to the best of his ability, and
shall after the election make a certificate of the result of the vote taken. No
candidate for the office of Director shall be appointed such Inspector.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%"></P>
<P align=center>- 4 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
7.</U> <U>Stockholders Entitled to Vote</U>. If the Board of Directors sets a
record date for the determination of stockholders entitled to notice of or to
vote at any stockholders' meeting in accordance with Section 5 of Article VI
hereof, each stockholder of the Corporation shall be entitled to vote, in person
or by proxy, each share of stock standing in his name on the books of the
Corporation on such record date. If no record date has been fixed, the record
date for the determination of stockholders entitled to notice of or to vote at a
meeting of stockholders shall be the later of the close of business on the day
on which notice of the meeting is mailed or the thirtieth day before the
meeting, or, if notice is waived by all stockholders, at the close of business
on the tenth day next preceding the day on which the meeting is held.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
8.</U> <U>Validity of Proxies, Ballots</U>. The right to vote by proxy shall
exist only if the instrument authorizing such proxy to act shall have been
signed by the stockholder or by his duly authorized attorney. Unless a proxy
provides otherwise, it shall not be valid more than eleven months after its
date. At every meeting of the stockholders, all proxies shall be received and
taken in charge of and all ballots shall be received and canvassed by the
Secretary of the Corporation or the person acting as Secretary of the meeting
before being voted, who shall decide all questions touching the qualification of
voters, the validity of the proxies and the acceptance or rejection of votes,
unless an inspector of election has been appointed by the Chairman of the
meeting in which event such inspector of election shall decide all such
questions. A proxy with respect to stock held in the name of two or more persons
shall be valid if executed by one of them unless at or prior to exercise of such
proxy the Corporation receives a specific written notice to the contrary from
any one of them. A proxy purporting to be executed by or on behalf of a
stockholder shall be deemed valid unless challenged at or prior to its
exercise.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">&nbsp;</P>
<P align=center>- 5 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
9.</U> <U>Conduct of Stockholders' Meetings</U>. The meetings of the
stockholders shall be presided over by the President, or if he is not present,
by the Chairman, or if he is not present, by any Vice President, or if none of
them is present, then by any other officer of the Corporation appointed by the
President to act on his behalf shall preside over the meeting. The Secretary of
the Corporation, if present, shall act as a Secretary of such meeting, or if he
is not present, an Assistant Secretary shall so act; if neither the Secretary
nor any Assistant Secretary is present, then any such person appointed by the
Secretary to act on his behalf shall act as the Secretary of such
meeting.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
10.</U> <U>Action Without a Meeting</U>. Any action to be taken by stockholders
may be taken without a meeting to the fullest extent permitted by law.</P><U>
<P>Section 11.</U> <U>Stockholder Proposals</U>.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(a)
No business proposed by a stockholder to be considered at an annual meeting of
stockholders shall be considered by the stockholders at that meeting unless no
less than 90 days nor more than 120 days prior to the first anniversary date
("anniversary date") of the annual meeting for the preceding year, or, with
respect to annual meetings not scheduled to be held within a period that
commences 30 days before the anniversary date and ends 30 days after the
anniversary date, by the later of the close of business on the date 90 days
prior to such meeting or 14 days following the date such meeting is first
publicly announced or disclosed, the Secretary of the Corporation receives a
written notice from the stockholder proposing a business matter to be considered
at an annual meeting that sets forth the information required by Section 11(c)
of this Article II.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">&nbsp;</P>
<P align=center>- 6 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(b)
No business matter shall be considered at a special meeting of stockholders
unless such matter is specifically listed as a purpose of the special meeting
and listed as a matter proposed to be acted on at the special meeting pursuant
to the Corporation's notice of meeting.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(i)
In the event a special meeting is called at the request of stockholders,
pursuant to Section 3 of this Article II, the written request shall be delivered
to the Secretary of the Corporation, and shall state the business proposed by
stockholders to be the purpose of the meeting and the matters proposed to be
acted upon, and shall set forth the information required by Section 11(c) of
this Article II.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(ii)
In the event the Corporation calls a special meeting of stockholders for the
purpose of electing one or more directors to the Board of Directors, any
stockholder may nominate a person or persons (as the case may be) for election
to such position(s) as specified in the Corporation's notice of meeting, if the
stockholder delivers a written notice to the Secretary of the Corporation, which
shall set forth the information required by Section 11(c) of this Article II,
not later than the close of business 21 days following the day on which the date
of the special meeting and the nominees proposed by the Board of Directors to be
elected at such meeting are publicly announced or disclosed.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%"></P>
<P align=center>- 7 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(c)
The written notice or written request to the Secretary of the Corporation,
required to be provided pursuant to Section 11(a) or 11(b) of this Article II,
shall include the following information: (1) the nature of the proposed business
with reasonable particularity, including the exact text of any proposal to be
presented for adoption, and the reasons for conducting that business at the
meeting of stockholders, (2) with respect to each such stockholder, that
stockholder's name and address (as they appear on the records of the
Corporation), business address and telephone number, residence address and
telephone number, and the number of shares of each class of stock of the
Corporation beneficially owned by that stockholder, (3) any interest of the
stockholder in the proposed business, (4) the name or names of each person
nominated by the stockholder to be elected or reelected as a director, if any,
and (5) with respect to each nominee, that nominee's name, business address and
telephone number, and residence address and telephone number, the number of
shares, if any, of each class of stock of the Corporation owned directly and
beneficially by that nominee, and all information relating to that nominee that
is required to be disclosed in solicitations of proxies for elections of
directors, or is otherwise required, pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended ("Exchange Act") (or any provisions
of law subsequently replacing Regulation 14A), together with a notarized letter
signed by the nominee stating his or her acceptance of the nomination by that
stockholder, stating his or her intention to serve as director if elected, and
consenting to being named as a nominee for director in any proxy statement
relating to such election.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%"></P>
<P align=center>- 8 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(d)
The chairman of the annual or special meeting shall determine whether notice of
matters proposed to be brought before a meeting has been duly given in the
manner provided by this Section 11. If the facts warrant, the chairman shall
declare to the meeting that business has not been properly brought before the
meeting in accordance with the provisions of this Section 11, and, it,
therefore, shall not be considered or transacted.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(e)
The requirement of the Corporation to include in the Corporation's proxy
statement a stockholder proposal shall be governed by Rule 14a-8 under the
Exchange Act (or any provisions of law subsequently replacing Rule 14a-8) ("Rule
14a-8"). Accordingly, the deadline for including a stockholder proposal in the
Corporation's proxy statement shall be governed by Rule 14a-8.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(f)
The adjournment of an annual or special meeting, or any announcement thereof,
shall not commence a new period for the giving of notice as provided in this
Section 11.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(g)
For purposes of this Section 11, a meeting date shall be deemed to have been
"publicly announced or disclosed" if such date is disclosed in a press release
disseminated by the Corporation to a national news service or contained in a
document publicly filed by the Corporation with the Securities and Exchange
Commission.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%"></P>
<P align=center>- 9 - </P>
<P style="PAGE-BREAK-BEFORE: always"><B><U>
<P align=center>ARTICLE III</B></U><BR><BR><B><U>BOARD OF DIRECTORS</P></B>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Powers.</U> Except as otherwise provided by law, by the Charter or by
these bylaws, the business and affairs of the Corporation shall be managed under
the discretion of, and all the powers of the Corporation shall be exercised by
or under the authority of, its Board of Directors. The Board of Directors shall
designate a Chairman of the Board of Directors who shall preside at all
Directors' meetings, and who shall exercise such powers and perform such other
duties as from time to time may be assigned to him by the Board of
Directors.</P><U>
<P>Section 2.</U> <U>Number; Terms; Qualifications</U>.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(a)
<U>Number of Directors</U>. The Board of Directors shall consist of no fewer
than three, nor more than twenty Directors, as specified by resolution of the
majority of the entire Board of Directors, provided that at least 75% of the
entire Board of Directors, including the Chairman, shall be persons who are not
"interested persons" of the Corporation or its Investment Manager or Investment
Adviser ("Independent Directors"), as the term "interested person" is defined in
the 1940 Act. The total number of Directors of the Corporation may be fixed only
by a vote of the Board of Directors.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%"></P>
<P align=center>- 10 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(b)&nbsp;
<U>Terms of Directors</U>.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(i)
<U>Directors Elected by Common Stockholders</U>. The Directors elected by common
stockholders at the 1992 Annual Meeting of Shareholders shall be divided into
three classes, as nearly equal in number as possible, and shall be designated as
Class I, Class II, and Class III Directors, respectively. The Class I Directors
to be originally elected for a term expiring at the annual meeting held in 1993,
the Class II Directors to be originally elected for a term expiring at the
annual meeting held in 1994 and the Class III Directors to be originally elected
for a term expiring at the annual meeting held in 1995. After expiration of the
terms of office specified for such Directors, the Directors of each class shall
serve for terms of three (3) years, or, when filling a vacancy, for the
unexpired portion of such term and until their successors are elected and have
qualified.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(ii)
<U>Directors Elected by Preferred Stockholders</U>. At any meeting of
stockholders of the Corporation at which Directors are to be elected, the
holders of shares of preferred stock of all series, voting separately as a
single class, shall be entitled to elect two members of the Board of Directors,
and the holders of common stock, voting separately as a single class, shall be
entitled to elect the balance of the members of the Board of Directors.</P>
<P>&nbsp;</P>
<P align=center>- 11 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 65px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">If
at any time dividends on any outstanding preferred stock of any series shall be
unpaid in an amount equal to two full years' dividends, the number of Directors
constituting the Board of Directors shall automatically be increased by the
smallest number that, when added to the number of Directors then constituting
the Board of Directors, shall together with the two Directors elected by the
holders of preferred stock pursuant to the preceding paragraph, constitute a
majority of such increased number; and at a special meeting of stockholders,
which shall be called and held as soon as practicable, and at all subsequent
meetings at which Directors are to be elected, the holders of preferred stock of
all series voting separately as a single class shall be entitled to elect the
smallest number of additional Directors of the Corporation who, together with
the two Directors elected by the holders of preferred stock pursuant to the
preceding paragraph, will constitute a majority of the total number of Directors
of the Corporation so increased. If the Corporation thereafter shall pay, or
declare and set apart for payment, in full all dividends accrued and payable on
all outstanding shares of preferred stock of all series for all past dividend
periods, the voting rights stated in this paragraph shall cease, and the terms
of office of all additional Directors elected by the holders of preferred stock
shall terminate automatically.</P>
<DIR></DIR>
<DIR></DIR>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(c)
<U>Qualifications of Directors</U>. (1) To qualify as a nominee for a
directorship, each candidate, at the time of nomination, must possess at least
the following specific minimum qualifications: (i) a nominee shall have at least
five years' experience in either investment management, economics, public
accounting or Australian business; (ii) a nominee shall have a college
undergraduate or graduate degree in economics, finance, business administration,
accounting or engineering, or a professional degree in law, engineering, or
medicine from an accredited university or college in the United States,
Australia, the United Kingdom, Canada or New Zealand, or the equivalent degree
from an equivalent institution of higher learning in another country; and (iii)
a nominee shall not have violated any provision of the U.S. federal or state
securities laws, or comparable laws of another country.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%"></P>
<P align=center>12 </P>
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(2)
The Nominating and Corporate Governance Committee of the Board of Directors, in
its sole discretion, shall determine whether an individual satisfies the
foregoing qualifications. Any individual who does not satisfy the qualifications
set forth under the foregoing provision of this section shall not be eligible
for nomination or election as a director.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(3)
The Nominating and Corporate Governance Committee of the Board of Directors
shall apply the Fund's Conflict of Interest and Corporate Opportunities Policy
adopted by the Board on September 13, 2004 as subsequently amended or modified
(the "Policy") as a standard in selecting nominees to ensure that (i) an
incumbent nominee shall not have violated any provision of the Policy, and (ii)
an individual who is not an incumbent Director shall not have a relationship,
hold any position or office or otherwise engage in any activity that would
result in a violation of the Policy if the individual were elected as a
Director.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(4)
In addition, no person shall be qualified to be a director unless the Nominating
and Corporate Governance Committee, in consultation with counsel to the
Corporation, has determined that such person, if elected as a director, would
not cause the Corporation to be in violation of, or not in compliance with,
applicable law, regulation or regulatory interpretation, or the Corporation's
charter (as amended and supplemented from time to time), or any general policy
adopted by the Board of Directors regarding either retirement age or the
percentage of "interested persons" (as defined in the 1940 Act) and
non-interested persons to comprise the Corporation's Board of Directors.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%"></P>
<P align=center>- 13 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(5)
The provisions of subsections (1) and (2) of this section shall not apply to the
nomination for an additional term of any person who was a director of the
Corporation as of September 13, 2004, the date of the adoption of subsections
(1) and (2).</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 130px; LINE-HEIGHT: 200%">(6)
The Nominating and Corporate Governance Committee of the Board of Directors
shall apply the Fund's Retirement Policy, as in effect from time to time, as a
standard in selecting nominees.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
3.</U> <U>Election</U>. At the first annual meeting of stockholders and at each
annual meeting thereafter, Directors to be elected by common shareholders and
Directors to be elected by preferred stockholders shall be elected by vote of
the holders of a majority of the shares of each respective class of stock
present in person or by proxy and entitled to vote thereon.</P><U>
<P>Section 4.</U> <U>Vacancies and Newly Created Directorships</U>.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(a)
<U>Directors Elected by Common Stockholders</U>. Any vacancy, by reason of
death, resignation, removal or otherwise, in the office of any Director elected
by the holders of shares of common stock, or any vacancy resulting from an
increase in the number of Directors elected by the holders of shares of common
stock, may be filled solely by the affirmative vote of a majority of the
remaining Directors (or Director) so elected, even if the remaining directors so
elected do not constitute a quorum.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%"></P>
<P align=center>- 14 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(b)
<U>Directors Elected by Preferred Stockholders</U>.<FONT color=#ff0000>
</FONT>Any vacancy, by reason of death, resignation, removal or otherwise, in
the office of any Director elected by the holders of shares of preferred stock,
or (subject to the provisions of Section 2(b) of Article III) any vacancy
resulting from an increase in the number of Directors elected by the holders of
shares of preferred stock, may be filled solely by the remaining Directors (or
Director) so elected, even if the remaining Directors so elected do not
constitute a quorum; provided, however, if preferred stock of any series is
issued and, at the time of such issuance, no existing Directors have been
elected by preferred stockholders, then a majority of the Corporation's
Directors, whether or not sufficient to constitute a quorum, may fill such
vacancy or vacancies.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">(c)
Notwithstanding the foregoing, the provisions in (a) and (b) above, are
contingent upon the condition that immediately after filling any such vacancy,
at least two-thirds (2/3) of the total Directors then holding office shall have
been elected to such office by the stockholders of the Corporation. In the event
that at any time, other than the time preceding the first annual stockholders'
meeting, less than a majority of the total Directors of the Corporation holding
office at that time were elected by the stockholders, a meeting of the
stockholders shall be held promptly and in any event within 60 days for the
purpose of electing Directors to fill any existing vacancies in the Board of
Directors unless the Securities and Exchange Commission shall by order extend
such period.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
5.</U> <U>Removal</U>. At any meeting of stockholders duly called and at which a
quorum is present, the stockholders of any class of stock may, by the
affirmative vote of the holders of at least two-thirds (2/3) of the votes
entitled to be cast thereon, remove for cause any Director or Directors of the
class from office.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 15 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
6.</U> <U>Place of Meeting</U>. The Directors may hold their meetings, have one
or more offices, and keep the books of the Corporation, outside the State of
Maryland, and within or without the United States of America, at any office or
offices of the Corporation or at any other place as they may from time to time
by resolution determine, or in the case of meetings, as they may from time to
time by resolution determine or as shall be specified or fixed in the respective
notices or waivers of notice thereof; provided, however, that Board meetings
shall not be held in Australia.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
7.</U> <U>Annual and Regular Meetings.</U> The annual meeting of the Board of
Directors for choosing officers and transacting other proper business shall be
the next regularly scheduled Board Meeting following the annual stockholders'
meeting, at such time and place as the Board may determine. The Board of
Directors from time to time may provide by resolution for the holding of regular
meetings and fix their time and place as the Board of Directors may determine.
Notice of such annual and regular meetings need not be in writing, provided that
notice of any change in the time or place of such meetings shall be communicated
promptly to each Director not present at the meeting at which such change was
made in the manner provided in Section 8 of this Article III for notice of
special meetings. Members of the Board of Directors or any committee designated
thereby may participate in a meeting of such Board or committee by means of a
conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other at the same time, and
participation by such means shall constitute presence in person at a
meeting.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
8.</U> <U>Special Meetings.</U> Special meetings of the Board of Directors may
be held at any time or place and for any purpose when called by the President,
the Secretary or two or more of the Directors. Notice of special meetings,
stating the time and place, shall be communicated to each Director personally by
telephone or transmitted to him by telegraph, telefax, telex, cable, wireless,
electronic mail, or any other electronic method, at least one day before the
meeting.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 16 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
9.</U> <U>Waiver of Notice.</U> No notice of any meeting of the Board of
Directors or a committee of the Board need be given to any Director who is
present at the meeting or who waives notice of such meeting in writing (which
waiver shall be filed with the records of such meeting), either before or after
the meeting.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
10.</U> <U>Quorum and Voting.</U> At all meetings of the Board of Directors, the
presence of a majority of the number of Directors then in office shall
constitute a quorum for the transaction of business. In the absence of a quorum,
a majority of the Directors present may adjourn the meeting, from time to time,
until a quorum shall be present. The action of a majority of the Directors
present at a meeting at which a quorum is present shall be the action of the
Board of Directors, unless the concurrence of a greater proportion is required
for such action by law, by the Charter or by these bylaws.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
11.</U> <U>Action Without a Meeting.</U> Any action required or permitted to be
taken at any meeting of the Board of Directors or of any committee thereof may
be taken without a meeting if a written consent to such action is signed by all
members of the Board or of any committee, as the case may be, and such written
consent is filed with the minutes of proceedings of the Board or
committee.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
12.</U> <U>Compensation of Directors.</U> Directors shall be entitled to receive
such compensation from the Corporation for their services as may from time to
time be determined by resolution of the Board of Directors.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
13.</U> <U>Authorization for Independent Directors to Retain Employees and
Advisers.</U> Independent Directors are authorized, at the expense of the Fund,
to hire employees and to retain advisers and experts necessary to carry out
their duties.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 17 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
14.</U> <U>Director Emeritus.</U> The Nominating and Corporate Governance
Committee of the Board may select a director emeritus to serve for a one-year
term in accordance with the Corporation's Director Emeritus Policy, as in effect
from time to time.</P><U>
<P align=center>ARTICLE IV</U><BR><BR><U>COMMITTEES</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Organization</U>. By resolution adopted by the Board of Directors, the
Board may designate one or more committees, including an Executive Committee,
composed of two or more Directors. The Chairmen of such committees shall be
elected by the Board of Directors. The Board of Directors shall have the power
at any time to change the members of such committees and to fill vacancies in
the committees. The Board may delegate to these committees any of its powers,
except the power to authorize the issuance of stock (other than as provided in
the next sentence), declare a dividend or distribution on stock, recommend to
stockholders any action requiring stockholder approval, amend these bylaws, or
approve any merger or share exchange which does not require stockholder
approval. If the Board of Directors has given general authorization for the
issuance of stock, a committee of the Board, in accordance with a general
formula or method specified by the Board by resolution or by adoption of a stock
option or other plan, may fix the terms of stock subject to classification or
reclassification and the terms on which any stock may be issued, including all
terms and conditions required or permitted to be established or authorized by
the Board of Directors.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Proceedings and Quorum</U>. In the absence of an appropriate
resolution of the Board of Directors, each committee, consistent with law, may
adopt such rules and regulations governing its proceedings, quorum and manner of
acting as it shall deem proper and desirable. In the event any member of any
committee is absent from any meeting, the members thereof present at the
meeting, whether or not they constitute a quorum, may appoint a member of the
Board of Directors to act in the place of such absent member.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">&nbsp;</P>
<P align=center>- 18 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P align=center>ARTICLE V<BR><BR>OFFICERS</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>General</U>. The officers of the Corporation shall be a President, a
Secretary and a Treasurer, and may include one or more Vice Presidents,
Assistant Secretaries or Assistant Treasurers, and such other officers as may be
appointed in accordance with the provisions of Section 8 of this Article.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Election, Tenure and Qualifications.</U> The officers of the
Corporation, except those appointed as provided in Section 8 of this Article V,
shall be elected by the Board of Directors at its first meeting or such meetings
as shall be held prior to its first annual meeting, and thereafter annually at
its annual meeting. If any officers are not chosen at any annual meeting, such
officers may be chosen at any subsequent regular or special meeting of the
Board. Except as otherwise provided in this Article V, each officer chosen by
the Board of Directors shall hold office until the next annual meeting of the
Board of Directors and until his successor shall have been elected and
qualified. Any person may hold one or more offices of the Corporation except the
offices of President and Vice President.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
3.</U> <U>Removal and Resignation.</U> Whenever in the judgment of the Board of
Directors the best interest of the Corporation will be served thereby, any
officer may be removed from office by the vote of a majority of the members of
the Board of Directors given at a regular meeting or any special meeting called
for such purpose. Any officer may resign his office at any time by delivering a
written resignation to the Board of Directors, the President, the Secretary, or
any Assistant Secretary. Unless otherwise specified therein, such resignation
shall take effect upon delivery.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 19 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
4.</U> <U>President</U>. The President shall be the chief executive officer of
the Corporation and he shall preside at all stockholders' meetings. Subject to
the supervision of the Board of Directors, he shall have general charge of the
business, affairs and property of the Corporation and general supervision over
its officers, employees and agents. Except as the Board of Directors may
otherwise order, he may sign in the name and on behalf of the Corporation all
deeds, bonds, contracts, or agreements. He shall exercise such other powers and
perform such other duties as from time to time may be assigned to him by the
Board of Directors.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
5.</U> <U>Vice President.</U> The Board of Directors may from time to time elect
one or more Vice Presidents who shall have such powers and perform such duties
as from time to time may be assigned to them by the Board of Directors or the
President. At the request or in the absence or disability of the President, the
Vice President (or, if there are two or more Vice Presidents, then the senior of
the Vice Presidents present and able to act) may perform all the duties of the
President and, when so acting, shall have all the powers of and be subject to
all the restrictions upon the President.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
6.</U> <U>Treasurer and Assistant Treasurers.</U> The Treasurer shall be the
principal financial and accounting officer of the Corporation and shall have
general charge of the finances and books of account of the Corporation. Except
as otherwise provided by the Board of Directors, he shall have general
supervision of the funds and property of the Corporation and of the performance
by the Custodian of its duties with respect thereto. He shall render to the
Board of Directors, whenever directed by the Board, an account of the financial
condition of the Corporation and of all his transactions as Treasurer; and as
soon as possible after the close of each fiscal year he shall make and submit to
the Board of Directors a like report for such fiscal year. He shall perform all
acts incidental to the office of Treasurer, subject to the control of the Board
of Directors.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 20 - </P>
<P style="PAGE-BREAK-BEFORE: always">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">Any
Assistant Treasurer may perform such duties of the Treasurer as the Treasurer or
the Board of Directors may assign, and, in the absence of the Treasurer, he may
perform all the duties of the Treasurer.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
7.</U> <U>Secretary and Assistant Secretaries.</U> The Secretary shall attend to
the giving and serving of all notices of the Corporation and shall record all
proceedings of the meetings of the stockholders and Directors in books to be
kept for that purpose. He shall keep in safe custody the seal of the
Corporation, and shall have charge of the records of the Corporation, including
the stock books and such other books and papers as the Board of Directors may
direct and such books, reports, certificates and other documents required by law
to be kept, all of which shall at all reasonable times be open to inspection by
any Director. He shall perform such other duties as appertain to his office or
as may be required by the Board of Directors.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; TEXT-INDENT: 65px; LINE-HEIGHT: 200%">Any
Assistant Secretary may perform such duties of the Secretary as the Secretary or
the Board of Directors may assign, and, in the absence of the Secretary, he may
perform all the duties of the Secretary.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
8.</U> <U>Subordinate Officers.</U> The Board of Directors from time to time may
appoint such other officers or agents as it may deem advisable, each of whom
shall have such title, hold office for such period, have such authority and
perform such duties as the Board of Directors may determine. The Board of
Directors from time to time may delegate to one or more officers or agents the
power to appoint any such subordinate officers or agents and to prescribe their
respective rights, terms of office, authorities and duties.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 21 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
9.</U> <U>Remuneration.</U> The salaries or other compensation of the officers
of the Corporation shall be fixed from time to time by resolution of the Board
of Directors, except that the Board of Directors may by resolution delegate to
any person or group of persons the power to fix the salaries or other
compensation of any subordinate officers or agents appointed in accordance with
the provisions of Section 8 of this Article V.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
10.</U> <U>Surety Bonds.</U> The Board of Directors may require any officer or
agent of the Corporation to execute a bond (including, without limitation, any
bond required by the 1940 Act, and the rules and regulations of the Securities
and Exchange Commission) to the Corporation in such sum and with such surety or
sureties as the Board of Directors may determine, conditioned upon the faithful
performance of his duties to the Corporation, including responsibility for
negligence and for the accounting of any of the Corporation's property, funds or
securities that may come into his hands.</P><U>
<P align=center>ARTICLE VI<BR><BR>CAPITAL STOCK</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Certificates of Stock.</U> The interest of each stockholder of the
Corporation shall be evidenced by certificates for shares of stock in such form
as the Board of Directors may from time to time prescribe. No certificate shall
be valid unless it is signed by the President or a Vice President and
countersigned by the Secretary or an Assistant Secretary or the Treasurer or an
Assistant Treasurer of the Corporation and sealed with its seal, or bears the
facsimile signatures of such officers and a facsimile of such seal.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 22 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Transfer of Shares</U>. Shares of the Corporation shall be
transferable on the books of the Corporation by the holder thereof in person or
by his duly authorized attorney or legal representative upon surrender and
cancellation of a certificate or certificates for the same number of shares of
the same class, duly endorsed or accompanied by proper instruments of assignment
and transfer, with such proof of the authenticity of the signature as the
Corporation or its agents may reasonably require. The shares of stock of the
Corporation may be freely transferred, and the Board of Directors may, from time
to time, adopt rules and regulations with reference to the method of transfer of
the shares of stock of the Corporation.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
3.</U> <U>Stock Ledgers</U>. The stock ledgers of the Corporation, containing
the names and addresses of the stockholders and the number of shares held by
them respectively, shall be kept at the principal offices of the Corporation or,
if the Corporation employs a transfer agent, at the offices of the transfer
agent of the Corporation.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
4.</U> <U>Transfer Agents and Registrars</U>. The Board of Directors may from
time to time appoint or remove transfer agents and/or registrars of transfers of
shares of stock of the Corporation, and it may appoint the same person as both
transfer agent and registrar. Upon any such appointment being made all
certificates representing shares of capital stock thereafter issued shall be
countersigned by one of such transfer agents or by one of such registrars of
transfers or by both and shall not be valid unless so countersigned. If the same
person shall be both transfer agent and registrar, only one countersignature by
such person shall be required.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 23 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
5.</U> <U>Fixing of Record Date</U>. The Board of Directors may fix in advance a
date as a record date for the determination of the stockholders entitled to
notice of, or to vote at, any stockholders' meeting or any adjournment thereof,
or to express consent to corporate action in writing without a meeting, or to
receive payment of any dividend or other distribution or to be allotted any
other rights, or for the purpose of any other lawful action, provided that (1)
such record date shall not exceed 90 days preceding the date on which the
particular action requiring such determination will be taken; (2) the transfer
books shall remain open regardless of the fixing of a record date; (3) in the
case of a meeting of stockholders, the record date shall be at least 10 days
before the date of the meeting; and (4) in the event a dividend or other
distribution is declared, the record date for stockholders entitled to a
dividend or distribution shall be at least 10 days after the date on which the
dividend is declared (declaration date).</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
6.</U> <U>Lost, Stolen or Destroyed Certificates</U>. Before issuing a new
certificate for stock of the Corporation alleged to have been lost, stolen or
destroyed, the Board of Directors or any officer authorized by the Board may, in
its discretion, require the owner of the lost, stolen or destroyed certificate
(or his legal representative) to give the Corporation a bond or other indemnity,
in such form and in such amount as the Board or any such officer may direct and
with such surety or sureties as may be satisfactory to the Board or any such
officer, sufficient to indemnify the Corporation against any claim that may be
made against it on account of the alleged loss, theft or destruction of any such
certificate or the issuance of such new certificate.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 24 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P align=center>ARTICLE VII<BR><BR>FISCAL YEAR AND ACCOUNTANT</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Fiscal Year</U>. The fiscal year of the Corporation shall, unless
otherwise ordered by the Board of Directors, be twelve calendar months ending on
the 31st day of October.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Accountant</U>. The Corporation shall employ an independent public
accountant or a firm of independent public accountants as its Accountants to
examine the accounts of the Corporation and to sign and certify financial
statements filed by the Corporation. The employment of the Accountant shall be
conditioned upon the right of the Corporation to terminate the employment
forthwith without any penalty by vote of a majority of the outstanding voting
securities at any stockholders' meeting called for that purpose.</P><U>
<P align=center>ARTICLE VIII<BR><BR>CUSTODY OF SECURITIES</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Employment of a Custodian</U>. The Corporation shall place and at all
times maintain in the custody of a Custodian (including any sub-custodian for
the Custodian) all funds, securities and similar investments owned by the
Corporation. The Custodian (and any sub-custodian) shall be a bank or trust
company of good standing having a capital, surplus and undivided profits
aggregating not less than fifty million dollars ($50,000,000) or such other
financial institution as shall be permitted by rule or order of the United
States Securities and Exchange Commission. The Custodian shall be appointed from
time to time by the Board of Directors, which shall fix its remuneration.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 25 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Termination of Custodian Agreement</U>. Upon termination of the
agreement for services with the Custodian or inability of the Custodian to
continue to serve, the Board of Directors shall promptly appoint a successor
Custodian, but in the event that no successor Custodian can be found who has the
required qualifications and is willing to serve, the Board of Directors shall
call as promptly as possible a special meeting of the stockholders to determine
whether the Corporation shall function without a Custodian or shall be
liquidated. If so directed by vote of the holders of a majority of the
outstanding shares of stock of the Corporation, the Custodian shall deliver and
pay over all property of the Corporation held by it as specified in such
vote.</P><U>
<P align=center>ARTICLE IX<BR><BR>INDEMNIFICATION AND ADVANCEMENT OF
EXPENSES</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>Indemnification of Directors and Officers</U>. The Corporation shall
indemnify its Directors and officers to the fullest extent permitted by the
Maryland General Corporation Law and the 1940 Act. The Corporation shall
indemnify its Directors and officers who, while serving as Directors or
officers, also serve at the request of the Corporation as a director, officer,
partner, trustee, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust, other enterprise or employee benefit plan to
the fullest extent consistent with law. The indemnification and other rights
provided by this Article shall continue as to a person who has ceased to be a
Director or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person. This Article shall not protect any such person
against any liability to the Corporation or any stockholder thereof to which
such person would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the
conduct of his office ("disabling conduct").</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 26 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
2.</U> <U>Advances</U>. Any current or former Director or officer of the
Corporation seeking indemnification within the scope of this Article shall be
entitled to advances from the Corporation for payment of the reasonable expenses
incurred by him in connection with the matter as to which he is seeking
indemnification in the manner and to the fullest extent permissible under the
Maryland General Corporation Law and the 1940 Act, without a preliminary
determination of entitlement to indemnification (except as provided below). The
person seeking advances shall provide to the Corporation a written affirmation
of his good faith belief that the standard of conduct necessary for
indemnification by the Corporation has been met and a written undertaking to
repay any such advance if it should ultimately be determined that the standard
of conduct has not been met. In addition, at least one of the following
additional conditions shall be met: (i) the person seeking advances shall
provide security in form and amount acceptable to the Corporation for his
undertaking; (ii) the Corporation is insured against losses arising by reason of
the advance; or (iii) a majority of a quorum of Directors of the Corporation who
are neither "interested persons" as defined in section 2(a)(19) of the 1940 Act
nor parties to the proceeding ("disinterested non-party directors"), or
independent legal counsel, in a written opinion, shall have determined, based on
a review of facts readily available to the Corporation at the time the advance
is proposed to be made, that there is reason to believe that the person seeking
indemnification will ultimately be found to be entitled to
indemnification.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
3.</U> <U>Procedure</U>. At the request of any person claiming indemnification
under this Article, the Board of Directors shall determine, or cause to be
determined, in a manner consistent with the Maryland General Corporation Law and
the 1940 Act, whether the standards required by this Article have been met.
Indemnification shall be made only following: (i) a final decision on the merits
by a court or other body before whom the proceeding was brought that the person
to be indemnified was not liable by reason of disabling conduct or (ii) in the
absence of such a decision, a reasonable determination, based upon a review of
the facts, that the person to be indemnified was not liable by reason of
disabling conduct by (A) the vote of a majority of a quorum of disinterested
non-party directors or (B) an independent legal counsel in a written
opinion.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 27 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
4.</U> <U>Indemnification of Employees and Agents</U>. Employees and agents who
are not officers or Directors of the Corporation and each Director Emeritus may
be indemnified, and reasonable expenses may be advanced to such employee, agent
or Director Emeritus, as may be provided by action of the Board of Directors or
by contract, subject to any limitations imposed by the 1940 Act.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
5.</U> <U>Other Rights</U>. The Board of Directors may make further provision
consistent with law for indemnification and advance of expenses to any Director,
Director Emeritus, officer, employee or agent by resolution, agreement or
otherwise. The indemnification provided by this Article shall not be deemed
exclusive of any other right, with respect to indemnification or otherwise, to
which those seeking indemnification may be entitled under any insurance or other
agreement or resolution of stockholders or disinterested directors or
otherwise.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
6.</U> <U>Amendments</U>. References in the Article are to the Maryland General
Corporation Law and to the Investment Company Act of 1940, as amended. Neither
the amendment nor repeal of this Article IX, nor the adoption or amendment of
any other provision of the bylaws or Charter of the Corporation inconsistent
with this Article IX, shall apply to or affect in any respect the applicability
of this Article IX with respect to any act or failure to act which occurred
prior to such amendment, repeal or adoption.</P><U>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
7.</U> <U>Insurance</U>. The Corporation may purchase and maintain insurance on
behalf of any person who is or was a Director, Director Emeritus, officer,
employee or agent of the Corporation or who, while a Director, Director
Emeritus, officer, employee or agent of the Corporation, is or was serving at
the request of the Corporation as a director, officer, partner, trustee,
employee or agent of another foreign or domestic corporation, partnership, joint
venture, trust, other enterprise or employee benefit plan, against any liability
asserted against and incurred by such person in any such capacity or arising out
of such person's position; provided that no insurance may be purchased by the
Corporation on behalf of any person against any liability to the Corporation or
to its stockholders to which he would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of his office.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%"></P>
<P align=center>- 28 - </P>
<P style="PAGE-BREAK-BEFORE: always"><U>
<P align=center>ARTICLE X<BR><BR>AMENDMENTS</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 12px; LINE-HEIGHT: 200%">Section
1.</U> <U>General</U>. Except as otherwise provided in the Charter or any
Articles Supplementary of the Fund, all bylaws of the Corporation, whether
adopted by the Board of Directors or the stockholders, shall be subject to
amendment, alteration or repeal, and new bylaws may be made by the affirmative
vote of a majority of either: (a) the holders of record of the outstanding
shares of stock of the Corporation entitled to vote, at any annual or special
meeting, the notice or waiver of notice of which shall have specified or
summarized the proposed amendment, alteration, repeal or new bylaw; or (b) the
Directors, at any regular or special meeting the notice or waiver of notice of
which shall have specified or summarized the proposed amendment, alteration,
repeal or new bylaw.</P>
<P align=center>- 29 - </P>
<P>&nbsp;</P></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2D HOLDERS RTS
<SEQUENCE>6
<FILENAME>posamiexd.htm
<DESCRIPTION>FORM OF STOCK CERTIFICATE
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>[FACE OF CERTIFICATE]</TITLE>
</HEAD>
<BODY>

<B><P ALIGN="RIGHT">Exhibit (d)</P>
</B>
<B><P>[FACE OF CERTIFICATE]</P>
</B>
<P>COMMON STOCK</P>

<P style="margin-top: 0; margin-bottom: 0"><font color="#0000FF">NUMBER</font></P>

<P style="margin-top: 0; margin-bottom: 0">FC 2209</P>

<P>INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND</P>

<P>[LOGO]</P>
<P>THE FIRST COMMONWEALTH FUND, INC.</P>

<P>THIS CERTIFICATE IS TRANSFERABLE IN NEW YORK CITY OR BOSTON, MA</P>

<P style="margin-top: 0; margin-bottom: 0"><font color="#0000FF">SHARES</font></P>
<P style="margin-top: 0; margin-bottom: 0">["SPECIMEN" STAMP]</P>
<P>[SEAL]</P>

<P><font color="#FF0000">CUSIP 003013 10 9</font></P>
<P>SEE REVERSE FOR CERTAIN DEFINITIONS</P>

<P>THIS IS TO CERTIFY that</P>

<P>["SPECIMEN" STAMP]</P>

<P>is the owner of</P>

<P>FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.001 EACH, OF THE COMMON STOCK OF</P>

<P>The First Commonwealth Fund, Inc. transferable only on the books of the Corporation, by the holder hereof, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be subject to all of the provisions of the Articles of Incorporation and By-laws of the Corporation, each as from time to time amended, copies of which are on file with the Transfer Agent to all of which the holder by acceptance hereof assents. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.</P>

<P><font color="#0000FF">CERTIFICATE OF STOCK</font></P>

<P><font color="#FF0000">NAME CHANGED TO ABERDEEN GLOBAL INCOME FUND</font></P>

<P>Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.</P>

<P>Dated:  ["SPECIMEN" STAMP]</P>

<P>COUNTERSIGNED AND REGISTERED:</P>
<P>THE BANK OF NEW YORK</P>
<P>TRANSFER AGENT AND REGISTRAR</P>
<P>BY:</P>
<P>/sig/</P>
<P>AUTHORIZED SIGNATURE</P>

<P>/sig/</P>
<P>Treasurer</P>

<P>/sig/</P>
<P>President</P>

<hr>

<B><P>[REVERSE OF CERTIFICATE]</P>
</B>
<P>THE FIRST COMMONWEALTH FUND, INC.</P>

<P>The Corporation will furnish without charge to each stockholder who requests the powers, designations, preferences an relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations, or restrictions of such preferences and/or rights. Such request may be made to the Corporation or the transfer agent.</P>

<P>The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:</P>

<P>TEN COM - as tenants in common</P>
<P>TEN ENT - as tenants by the entireties</P>
<P>JT TEN - as joint tenants with right of survivorship and not as tenants in common</P>

<P>UNIF GIFT MIN ACT - _____(Cust)_____ Custodian _____(Minor)_____ under Uniform Gifts to Minors Act _____(State)_____</P>

<P>Additional abbreviations may also be used though not in the above list.</P>

<P>For value received, _____ hereby sell, assign and transfer unto</P>

<P>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE</P>
<P>______________________________________________________________________________</P>

<P>______________________________________________________________________________</P>
<P>PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL </P>
<P>ZIP CODE OF ASSIGNEE</P>
<P>______________________________________________________________________________</P>
<P>______________________________________________________________________________</P>
<P>________________________________________________________________________Shares of the Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint _______________________________________________________________________ Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.</P>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=686 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="50%" VALIGN="TOP">
<P>Dated, _____________________</TD>
<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>_____________________________________</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>Signature</TD>
</TR>
</TABLE>


<B><P>NOTICE</B>: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.</P></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2E DIV REIN PL
<SEQUENCE>7
<FILENAME>posamiexe.htm
<DESCRIPTION>DIVIDEND AND REINVESTMENT CASH PURCHASE PLAN
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<!-- saved from url=(0093)file://T:\edgarfilings\aberdeen\Global%20Income%20Fund%20Form%20N-2%20pos%20ami\posamiexe.htm -->
<HTML><HEAD>
<META content="Microsoft FrontPage 5.0" name=GENERATOR>
<META content=FrontPage.Editor.Document name=ProgId></HEAD>
<BODY vLink=#800080>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=0 cellPadding=7 width=734 border=0>

  <TR>
    <TD vAlign=top width="53%"><B>Exhibit (e)</B><p>&nbsp;</TD>
    <TD vAlign=top width="47%">&nbsp;<p>[Logo of Aberdeen Global Income Fund,
    Inc.]</TD></TR>
  <TR>
    <TD vAlign=top width="53%"><B>
      <P align=center>ABERDEEN <BR>GLOBAL INCOME FUND, INC.</B><BR>800 Scudders
      Mill Road<BR>Plainsboro, NJ 08536</P>
      <P align=center></P></TD>
    <TD vAlign=top width="47%" rowSpan=5><FONT size=7>
      <P align=right>&nbsp;</P>
      <P align=right>Automatic Dividend Reinvestment<BR>And Cash Purchase
      Plan</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="53%">
      <P align=center>Investment Manager<BR><B>ABERDEEN ASSET<BR>MANAGEMENT ASIA
      LIMITED</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="53%">
      <P align=center>Investment Adviser</P><B>
      <P align=center>ABERDEEN ASSET MANAGEMENT<BR>LIMITED</P></B>
      <P align=center></P></TD></TR>
  <TR>
    <TD vAlign=top width="53%">
      <P align=center>Administrator</P><B>
      <P align=center>ABERDEEN ASSET<BR>MANAGEMENT INC.</P></B>
      <P align=center></P></TD></TR>
  <TR>
    <TD vAlign=top width="53%">
      <P align=center>Shareholder Inquiries to:</P><B>
      <P align=center>ABERDEEN GLOBAL INCOME<BR>FUND, INC.<BR>DIVIDEND
      REINVESTMENT AND CASH<BR>PURCHASE PLAN<BR>The Bank of New
      York<BR>Shareholder Relations Department<BR>P.O. Box 11258<BR>Church
      Street Station<BR>New York, NY 10286-1258<BR>Telephone
      1-800-432-8224<BR>International
1-610-382-7833</B></P></TD></TR></TABLE></CENTER>
<P></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center></P>
<CENTER>
<TABLE cellSpacing=0 cellPadding=7 width=734 border=0>

  <TR>
    <TD vAlign=top width="54%">&nbsp;</TD>
    <TD vAlign=top width="46%">[Logo of Aberdeen Global Income Fund, Inc.]<p>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="54%">&nbsp;</TD>
    <TD vAlign=top width="46%"><B><FONT size=2>Dear Shareholder, </B>
      <P align=justify>This brochure summarizes the details of the Automatic
      Dividend Reinvestment and Cash Purchase Plan (the "Plan") established by
      Aberdeen Global Income Fund, Inc. (the "Fund"). This Plan is designed for
      the automatic rein-vestment of your distributions in shares of the Fund.
      The Plan also allows you to make additional voluntary cash investments in
      Fund shares through The Bank of New York (the "Bank"), the Plan Agent, at
      reduced costs. </P>
      <P align=justify>The Plan is designed to help you get the best results
      from your investment by putting the money you make back to work promptly.
      </P><B>
      <P align=justify>If your shares are held in your own name, you will
      automatically be a participant in the Plan unless you elect to withdraw.
      If your shares are held in the name of a brokerage firm, bank or other
      nominee who provides this service, you will generally participate
      automatically in the Plan unless you instruct your broker or nominee
      otherwise. The features of the Plan are described in this brochure. </P>
      <P align=justify>If your shares are held in the name of a brokerage firm,
      bank, or other nominee who does not provide for automatic reinvestment or
      is unable to participate in the Plan on your behalf and you wish to
      participate in the Plan, you should request your nominee to reregister
      your shares in your own name in order to guarantee your participation in
      the Plan. This will enable you to participate in the Plan. </P></B>
      <P align=justify>If you already participate in the Fund's Automatic
      Dividend Reinvestment and Cash Purchase Plan and wish to take advantage of
      the opportunity to make additional voluntary cash investments, please note
      that the Plan Account Statement you receive each month contains a
      con-venient form that lets you forward cash to the Plan Agent. The
      following pages contain more information and details about the Plan. We
      encourage you to review this information carefully. </P>
      <P>Sincerely,</P>
      <P>/s/ Martin Gilbert<BR>President</FONT></P></TD></TR></TABLE></CENTER>
<P></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=7 width=734 border=0>

  <TR>
    <TD vAlign=top width="42%"><B><FONT size=2>
      <P align=justify>How do participating shareholders benefit? </P>
      <P align=justify>o Build holdings - </B>You will build holdings in the
      Fund easily and automatically, at either no brokerage cost to you or at
      reduced brokerage costs. </P><B>
      <P align=justify>o Easy record keeping</B> - You will receive a detailed
      Plan Account Statement from the Bank, your Plan Agent, showing total
      distributions, additional cash investments, date of investment, shares
      acquired,<BR>price per share, and total shares of record held by<BR>you
      and by the Plan Agent for you. </P><B>
      <P align=justify>o Convenient investing</B> - As long as you
      participate<BR>in the Plan, the Bank will hold the shares it has acquired
      for you in non-certificated form. This convenience provides added
      protection against loss, theft, or inadvertent destruction of
      certificates. </P><B>
      <P align=justify>What is the Automatic Dividend Reinvestment and Cash
      Purchase Plan? </P></B>
      <P align=justify>The Automatic Dividend Reinvestment and Cash Purchase
      Plan offers shareholders of Aberdeen Global Income Fund, Inc. a prompt and
      simple way to<BR>reinvest their distributions in shares of the Fund. </P>
      <P align=justify>The Plan also allows you to make voluntary cash
      investments in Fund shares through the Plan Agent. The Bank acts as Plan
      Agent for shareholders in administering the Plan. The complete Terms and
      Conditions of the Plan appear later in this brochure. </P><B>
      <P align=justify>Who can Participate in the Plan? </P></B>
      <P align=justify>Any shareholder of Common Stock of Aberdeen Global Income
      Fund, Inc. may enroll in the Plan. </P>
      <P align=justify>If you own shares in your own name, you automatically
      become a participant in the Plan unless you elect to withdraw. If your
      shares are held in the name of a brokerage firm, a bank or other nominee
      who participates in the Plan, they will elect to participate in the Plan
      on your behalf unless you instruct otherwise. </P><I>
      <P align=justify>If you wish to participate in the Plan, but your
      brokerage firm, bank, or other nominee is unable to participate on your
      behalf, you should request your</I></FONT></P></TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="42%"><I><FONT size=2>
      <P align=justify>nominee to re-register your shares in your own name
      thereby enrolling you in the Plan automatically. </P></I><B>
      <P align=justify>What does the Plan offer? </P></B>
      <P align=justify>The Plan has two components: reinvestment of
      distributions and a voluntary cash investment feature. </P><B>
      <P align=justify>o Reinvestment of Distributions </P></B>
      <P align=justify>By participating in the Plan, your distributions
      will<BR>be invested for you promptly, thereby automatically increasing
      your holdings in the Fund. </P>
      <P align=justify>If the Fund declares a distribution payable in stock to
      shareholders who are not Plan participants, you will receive that
      distribution in newly issued shares of Common Stock on identical terms and
      conditions. </P>
      <P align=justify>In every other case, you will receive shares on the
      following basis: If the market price of the Fund's Common Stock plus any
      brokerage commission is equal to or exceeds the net asset value per share,
      you will receive newly issued shares of Common Stock valued at the greater
      of net asset value or 95% of the then current market price. If, on the
      other hand, the net asset value per share exceeds the market price plus
      any applicable brokerage commission, the Plan Agent<BR>will buy shares on
      the open market. If the market<BR>price plus any applicable brokerage
      commission exceeds net asset value before the Plan Agent has completed its
      purchases, the Fund will issue new shares to complete the program. All
      reinvestments are in full and fractional shares carried to four decimal
      places. </P><B>
      <P align=justify>o Voluntary cash investments </P></B>
      <P align=justify>You have the option of making additional<BR>voluntary
      cash investments in Fund shares through the Plan Agent. You may invest as
      frequently as monthly by using the form that accompanies the Plan Account
      Statement you receive each month updating your reinvestments. Additional
      voluntary investments must be at least $100 per transaction with a maximum
      of $10,000, and an aggregate annual limit of $120,000.<BR>If you hold
      shares in your own name, you should deal directly with the Plan Agent.
      Please send your check to the following
address:</FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=7 width=734 border=0>

  <TR>
    <TD vAlign=top width="42%"><B><FONT size=2>
      <P align=center>The Bank of New York<BR>PO Box 1958<BR>Newark, NJ
      07101-9774<BR>Telephone 1-800-432-8224<BR>International
      1-610-382-7833</P></B>
      <P align=justify>In order to avoid unnecessary accumulation of funds and
      to realize lower brokerage commissions and reduced transaction fees, you
      are urged to send volun-tary cash investments so they are received by the
      Plan Agent on the business day prior to the investment<BR>date. The
      investment date is the 15th day of the month, but if such date is not a
      business day, the preceding business day. Voluntary cash investments
      received after 12:00 noon, Eastern time, on the business day prior to the
      investment date will be held by the Plan Agent until the next month's
      investment date. No interest will be paid on such funds held by the Plan
      Agent. You may withdraw a voluntary cash invest-ment by written notice if
      the notice is received by the Bank not less than 48 hours before the
      investment<BR>date. Voluntary cash investments must be made by check drawn
      on a U.S. bank, in U.S. currency, payable to "The Bank of New York -
      Aberdeen Global Income Fund, Inc. Plan." Cash, third party checks, money
      orders or travelers checks will not be accepted. </P>
      <P align=justify>In the event your voluntary cash investment check is
      returned unpaid for any reason, you will be charged a $20.00 return fee.
      Further, the Bank will<BR>immediately remove from your account shares
      which were purchased in anticipation of the collection of<BR>such funds.
      These shares will be sold to recover any uncollected funds. If the net
      proceeds of the sale of such shares are insufficient to recover in full
      the uncollected amounts plus the return fee, the Bank reserves the right
      to sell such additional shares from any of your accounts maintained by the
      Bank as may be necessary to recover the uncollected balance in full.
      </P><B>
      <P align=justify>Can I deposit my share certificates with the Plan Agent?
      </P></B>
      <P align=justify>You may elect to deposit your Aberdeen Global Income
      Fund, Inc. share certificates into your Plan account with the Plan Agent
      at any time, at no cost to you. The Plan Agent will credit these shares to
      your Plan account in book-entry form. To deposit your<BR>share
      certificates, send them via registered mail,<BR>return receipt requested,
      to the Bank at the following address:</FONT></P></TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="42%"><B><FONT size=2>
      <P align=center>The Bank of New York<BR>Investment Services
      Department<BR>PO Box 1958<BR>Newark, NJ 07101-1958</P></B>
      <P align=justify>Please include along with your share certificates either
      (1) if you are not currently enrolled in the Plan, your completed, signed
      Enrollment Form, or (2) if you are already a Plan participant, the
      tear-off portion of your Plan Account Statement. In each case, please
      include written instructions regarding the deposit. Please do not sign the
      stock certificate(s). It is recommended<BR>that you insure the package
      containing your share cer-tificates for 2% of the value of the shares.
      </P><B>
      <P align=justify>Is there a cost to participate? </P></B>
      <P align=justify>There is no direct charge to participants for reinvesting
      distributions, since the Plan Agent's fees are paid by the Fund. There are
      no brokerage charges for shares issued directly by the Fund. However,
      whenever shares are purchased on the American Stock Exchange or otherwise
      on the open market, each participant will pay a pro-rata portion of
      the<BR>associated brokerage commissions. Brokerage<BR>charges for
      purchasing shares through the Plan are expected to be less than the usual
      brokerage charges for individual transactions because the Plan Agent will
      purchase stock for all participants in blocks. This results in lower
      commissions for each individual participant. </P>
      <P align=justify>Purchases and sales may be made through a broker
      affiliated with the Plan Agent. </P><B>
      <P align=justify>What are the tax implications for participants? </P></B>
      <P align=justify>You will receive tax information annually for your
      personal records and to help you prepare your federal income tax return.
      The automatic reinvestment of distributions does not relieve you of any
      income tax which may be payable on distributions. </P><B>
      <P align=justify>Once enrolled in the Plan, may I withdraw from it?
      </P></B>
      <P align=justify>You may withdraw from the Plan without penalty at any
      time by providing notice to the Bank. You may withdraw all or just a
      portion of your shares and, by giving proper notice to the Bank, receive
      cash in lieu<BR>of a return of shares. Requests for withdrawals or Plan
      terminations may be made in writing, by telephone, or via the internet by
      visiting The Bank of New York's website at www.stockbny.com. Withdrawals
      and</FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=7 width=734 border=0>

  <TR>
    <TD vAlign=top width="42%"><FONT size=2>
      <P align=justify>terminations of participation will be effective as
      specified in Paragraph 12 of the Terms and Conditions of the Plan. </P>
      <P align=justify>If you do not request cash, you will receive stock
      certificates issued in your name for all full shares.<BR>The Bank will
      convert any fractional shares you hold at the time of your withdrawal to
      cash at the then<BR>current market price. If the transaction fees and
      commissions exceed the proceeds from the sale of a fractional share, you
      will receive a transaction advice instead of a check. </P>
      <P align=justify>If you request cash, the Bank will sell your shares and
      send you the proceeds, less a service fee of $10.00 (subject to change)
      and brokerage commission of<BR>$0.10 per share. </P><B>
      <P align=justify>Whom should I contact for additional information?
</P></B>
      <P align=justify>If you hold shares in your own name, please address all
      notices, correspondence, questions,<BR>or other communications regarding
      the Plan to: </P><B>
      <P align=center>The Bank of New York<BR>Shareholder Relations
      Department<BR>P.O. Box 11258<BR>Church Street Station<BR>New York, NY
      10286-1258<BR>Telephone 1-800-432-8224<BR>International
      1-610-382-7833</P></B>
      <P align=justify>If your shares are not held in your name, you<BR>should
      contact your brokerage firm, bank, or other nominee for more information
      and to see if your nominee will participate in the Plan on your
      behalf.</P><B>
      <P align=justify>How do I enroll? </P></B>
      <P align=justify>Each registered shareholder is considered a participant
      in the Plan unless the shareholder elects otherwise, or unless the
      shareholder's shares are registered in the name of a broker, bank or
      nominee</FONT></P></TD>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="42%"><FONT size=2>
      <P align=justify>who does not participate in the Fund's distribution
      reinvestment service. </P>
      <P align=justify>All distributions will be automatically reinvested by the
      Bank as the Plan Agent, in whole and fractional shares of the Fund,
      carried to four decimal places. </P>
      <P align=justify>If you do not currently participate in the Plan and you
      wish to enroll, have previously elected not to participate in the Plan and
      you wish to re-enroll,<BR>please review the Terms and Conditions in this
      brochure. Then all you need to do is complete and sign the enclosed
      Enrollment Form and mail it in the enclosed, pre-addressed envelope to the
      Plan Agent. </P>
      <P align=justify>Your reinvestments will begin with the next distribution
      payable after the Plan Agent receives your authorization, in writing,
      provided it is received prior to the record date. You may also exercise
      the<BR>voluntary cash investment option at the next appropriate date.
      Should your authorization arrive<BR>after the record date, your
      participation in the Plan<BR>will begin with the following distribution.
      </P><I>
      <P align=justify>Either Aberdeen Global Income Fund, Inc. or The Bank of
      New York may amend or terminate the Plan. Participants will generally
      receive written notice at least 90 days before the effective date of any
      such amendment. In the case of termination, participants will receive
      written notice at least 90 days before the record date of any subsequent
      distribution by the<BR>Fund</I></FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE cellSpacing=1 cellPadding=7 width=734 border=1>

  <TR>
    <TD vAlign=top width="48%"><B><FONT size=2>
      <P align=center>Aberdeen Global<BR>Income Fund, Inc.<BR>Terms and
      Conditions of the<BR>Automatic Dividend Reinvestment and<BR>Cash Purchase
      Plan (the "Plan")</P></B>
      <P align=justify>Each shareholder of Common Stock of Aberdeen Global
      Income Fund, Inc. (the "Fund") whose shares are registered<BR>in his or
      her name shall be deemed to have elected, unless The Bank of New York (the
      "Plan Agent") is otherwise instructed in writing, to have all
      distributions paid to the Fund's shareholders, net of any applicable
      withholding tax, automatically reinvested in additional shares of the
      Fund's Common Stock by the Plan Agent. Shareholders who have elected not
      to participate in the Plan will receive all distributions in cash paid by
      check mailed directly to the shareholder. A shareholder whose shares are
      registered in the name of a brokerage firm, bank or other nominee (the
      "nominee") will be a Plan participant if such service is provided by the
      nominee, and the nominee makes an election on behalf of the shareholder to
      participate in the Plan. A shareholder whose shares are held by a nominee
      that does not provide for participation in the Plan may be required to
      have his shares re-registered in his own name in order to<BR>participate
      in the Plan. I understand that as a participant in<BR>the Plan, I will
      receive all distributions in the form of Common Stock of the Fund on the
      following Terms and Conditions: </P>
      <P align=justify>1. The Bank of New York will act as Plan Agent for
      me<BR>and will open an account for me under the Plan in the same name as
      my present shares are registered on the books and records of the transfer
      agent for the Fund's Common Stock. </P>
      <P align=justify>2. (a) Whenever the Fund declares a distribution
      payable<BR>in cash, I will receive shares of the Fund's Common Stock. The
      number of shares I receive and the price per share will be calculated in
      the manner described in clauses (b) and (c) of this paragraph 2 as
      determined on the date the distribution becomes payable, or such other
      date as may be specified by the Fund's Board of Directors (the "Valuation
      Date").</P>
      <P align=justify>(b) If the market price of the Fund's Common Stock
      plus<BR>any applicable brokerage commission is equal to or exceeds the net
      asset value per share on the Valuation Date, I will receive newly issued
      shares of Common Stock valued at the greater of the net asset value per
      share or 95% of the then current market price. I will receive the
      distribution entirely in shares of Common Stock, and the Plan Agent will
      automatically credit the shares of Common Stock, including fractions, in
      my account. </FONT></P></TD>
    <TD vAlign=top width="4%">&nbsp;</TD>
    <TD vAlign=top width="48%"><FONT size=2>
      <P align=justify>(c) If the net asset value per share of the Common
      Stock<BR>on the Valuation Date exceeds the market price of the Common
      Stock at such time plus any applicable brokerage commission, the Plan
      Agent will, as my purchasing agent,<BR>buy shares of Common Stock on the
      open market, on the American Stock Exchange (the "Amex") or elsewhere,
      for<BR>my account during the purchase period described below. If, before
      the Plan Agent has completed its purchases, the market price plus any
      applicable brokerage commission exceeds the net asset value per share as
      last determined, the Plan Agent will suspend making open market purchases
      and will invest the balance available in newly issued shares valued at the
      greater of net asset value per share as last so determined or 95% of the
      then current market value. In any case in which<BR>the Plan Agent is
      unable to invest the full distribution amount in open market purchases
      during the purchase period, the Plan Agent will invest the balance
      available in newly issued shares of Common Stock valued at the greater of
      the net asset value per share or 95% of the then current market value as
      determined on the last business day during the purchase period. The Plan
      Agent will apply all cash received as a distribution to purchase shares of
      Common Stock on the open market or from the Fund as soon as practicable
      after the payment date of the distribution, but in no event later than 30
      days after such date, except where necessary to comply with applicable
      provisions of the federal securities laws. </P>
      <P align=justify>3. Whenever the Fund declares a distribution payable
      in<BR>shares to shareholders who are not Plan participants (or in shares
      by such non-participants who do not affirmatively<BR>elect to take cash),
      I will receive the distribution in newly issued shares of Common Stock on
      terms and conditions identical to those applicable to non-participants as
      such terms and conditions are established by the Fund's Board of
      Directors. </P>
      <P align=justify>4. For all purposes of the Plan: (a) the market price of
      the Fund's Common Stock on a particular date shall be the last sales price
      on the Amex at the close of business on that date, or if there is no sale
      on the Amex on that date, then the mean between the closing bid and asked
      quotations for such stock on the Amex on such date, and (b) the net asset
      value per<BR>share of the Fund's Common Stock on a particular date shall
      be as determined by or on behalf of the Fund. </P>
      <P align=justify>5. I understand that monthly I have the option of sending
      additional voluntary funds, in any amount of at least $100 per transaction
      with a maximum of $10,000 per month, and with an aggregate annual maximum
      of $120,000, for the purchase of shares of the Fund's Common Stock on the
      open market for my account. In order to avoid unnecessary accumulation of
      funds and to realize lower brokerage commissions and<BR>reduced
      transaction fees, voluntary cash investments should
  </FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE cellSpacing=1 cellPadding=7 width=734 border=1>

  <TR>
    <TD vAlign=top width="48%"><FONT size=2>
      <P align=justify>be received by the Plan Agent on the business day prior
      to the investment date. The investment date is the 15th day of the month,
      but if such date is not a business day, the preceding business day.
      Voluntary cash investments received after 12:00 noon, Eastern time, on the
      business day prior to the<BR>investment date will be held by the Plan
      Agent until the next month's investment date. Voluntary cash investments
      will not be made more than 45 days after an investment date except where
      temporary curtailment or suspension of purchases is necessary to comply
      with applicable provisions of the federal securities laws. No interest
      will be paid on such funds held by the Plan Agent. Any voluntary cash
      investment may be withdrawn by written notice received by the Plan Agent
      not less than 48 hours before the investment date. </P>
      <P align=justify>6. Voluntary cash investments and other open market
      purchases provided for above may be made on any securities exchange where
      the Fund's Common Stock is traded, in the over-the-counter market or in a
      negotiated transaction and may be on such terms as to price, delivery and
      otherwise as<BR>the Plan Agent shall determine. Uninvested funds held by
      the Plan Agent will not bear interest, and it is understood that, in any
      event, the Plan Agent shall have no liability in connection with any
      inability to purchase shares, or with the timing of<BR>any purchases
      effected. The Plan Agent shall have no responsibility for the value of the
      Common Stock of the Fund acquired for my account. For the purposes of cash
      investments, the Plan Agent may commingle my funds with those of other
      shareholders of the Fund, and the average price (including brokerage
      commissions) of all shares purchased by the Plan Agent shall be the price
      per share allocable to me in connection therewith. Purchases and sales may
      be made through a broker affiliated with the Plan Agent. </P>
      <P align=justify>7.&nbsp; Voluntary cash investments must be made by
      check<BR>drawn on a U.S. bank, in U.S. currency, payable to "The Bank of
      New York - Aberdeen Global Income Fund, Inc. Plan." Cash, third party
      checks, money orders or travelers checks<BR>will not be accepted.
      Voluntary cash investments are made on the 15th day of each month, or if
      such date is not a business day, the investment will be made on the
      preceding business day. In the event that my voluntary cash investment
      check is returned unpaid for any reason, I will be charged a $20.00 return
      fee. Further, the Plan Agent will immediately remove from my account
      shares which were purchased in anticipation of the collection of such
      funds. These shares will be sold to recover any uncollected funds. If the
      net proceeds of the sale of such shares are insufficient to recover in
      full the<BR>uncollected amounts plus the return fee, the Plan Agent
      reserves the right to sell such additional shares from any of<BR>my
      accounts maintained by the Plan Agent as may be necessary to recover in
      full the uncollected balance.</FONT></P></TD>
    <TD vAlign=top width="4%">&nbsp;</TD>
    <TD vAlign=top width="48%"><FONT size=2>
      <P align=justify>8.&nbsp; The Plan Agent will confirm to me each
      acquisition made<BR>for my account as soon as practicable but not later
      than 60 days after the date thereof. Although I may from time to time have
      an undivided fractional interest (computed to four decimal places) in a
      share of Common Stock of the Fund, no certificates for fractional shares
      will be issued. However, distributions on fractional shares will be
      credited to my account. </P>
      <P align=justify>9.&nbsp; Any stock distributions or split shares
      distributed by the<BR>Fund on shares held by the Plan Agent for me will be
      credited<BR>to my account. In the event that the Fund makes available
      to<BR>its shareholders rights to purchase additional shares or other
      securities, the shares held for me under the Plan will be added<BR>to
      other shares held by me in calculating the number of rights<BR>to be
      issued to me. </P>
      <P align=justify>10 . In the case of the issuance of a certificate for all
      full<BR>shares, and a sale of the fraction, the sales fee will apply
      only<BR>to the fractional share transaction. The sales fee payable
      will<BR>be the lesser of $10 or the net proceeds from the sale of the
      fractional share. If the transaction fee and commissions<BR>exceed the
      proceeds from the sale of a fractional share, I will receive a transaction
      advice instead of a check. </P>
      <P align=justify>11. The service fee for handling distributions will be
      paid by the Fund. I will be charged a pro-rata share of brokerage
      commissions on all open market purchases. </P></FONT><FONT size=2>
      <P align=justify>12. I may withdraw shares from my account or terminate my
      account under the Plan by notifying the Plan Agent in writing, via the
      internet by visiting The Bank of New York's website at www.stockbny.com,
      or pursuant to telephonic procedures established by the Plan Agent. The
      Plan may be terminated by the Plan Agent or the Fund upon notice in
      writing mailed to me at least 90 days prior to any record date for the
      payment of any distribution by the Fund. I have the option of receiving
      cash in lieu of shares upon any withdrawal or termination, although there
      shall be a service fee of $10, plus a $0.10 per share commission charged
      for liquidations or partial liquidations thereof. In addition, if I do not
      wish to completely terminate my interest in the Plan, I may request a
      partial withdrawal of shares. Unless otherwise specified, upon any
      withdrawal or termination or partial withdrawal, the Plan Agent will cause
      to be delivered to me without charge a certificate or certificates for the
      appropriate number of full shares and a cash adjustment for any fractional
      shares (valued at the market value of the shares at the time of withdrawal
      or termination) less transaction fees and brokerage commissions from the
      sale of my fractional shares. </P>
      <P align=justify>13. I may deposit my certificated shares of the Fund with
      the Plan Agent for safekeeping. These shares will be credited to my Plan
      account in book-entry form.</FONT></P></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE cellSpacing=1 cellPadding=7 width=351 border=1>

  <TR>
    <TD vAlign=top><FONT size=2>
      <P align=justify>14. These Terms and Conditions may be amended or
      supplemented by the Plan Agent or the Fund at any time or times but,
      except when necessary or appropriate to comply with applicable law or the
      rules or policies of the Securities and Exchange Commission or any other
      regulatory authority, only by mailing to me the appropriate written notice
      at least<BR>90 days prior to the effective date thereof. The amendment or
      supplement shall be deemed to be accepted by me unless,<BR>prior to the
      effective date thereof, the Plan Agent receives written notice of the
      termination of my account under the<BR>Plan. Any such amendment may
      include an appointment by you in its place and stead of a successor plan
      agent under<BR>these Terms and Conditions, with full power and authority
      to perform all or any of the acts to be performed by the Plan Agent under
      these Terms and Conditions. Upon such appointment of any plan agent for
      the purpose of receiving distributions, the Fund will be authorized to pay
      such successor plan agent, for my account, all distributions<BR>payable on
      Common Stock of the Fund held in my name or under the Plan for retention
      or application by the successor plan agent as provided in these Terms and
      Conditions.</P>
      <P align=justify>15. The Plan Agent shall at all times act in good faith
      and agrees to use its best efforts within reasonable limits to insure the
      accuracy of all services performed under this agreement and to comply with
      applicable law, but assumes no responsibility and shall not be liable for
      loss or damage due<BR>to errors unless such error is caused by the Plan
      Agent's negligence, bad faith, or willful misconduct or that of its
      employees. </P>
      <P align=justify>16. I agree to notify the Plan Agent promptly in writing
      of any change of address. Notices to me may be sent by the Plan Agent by
      letter addressed to me as shown on the records of<BR>the Plan Agent. </P>
      <P align=justify>17. This agreement and the account established hereunder
      for me shall be governed by and construed in accordance with the laws of
      the State of New York and the rules and regulations of the Securities and
      Exchange Commission, as they may be changed or amended from time to
      time.</FONT> </P></TD></TR></TABLE></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2G ADVSR CONTR
<SEQUENCE>8
<FILENAME>posamiexg6.htm
<DESCRIPTION>MANAGEMENT AGREEMENT
<TEXT>
<HTML>
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<TITLE>EXHIBIT A </TITLE>
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<BODY VLINK="#800080">

<B><P ALIGN="RIGHT">Exhibit (g)(6)</P>

<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">ABERDEEN GLOBAL INCOME FUND, INC.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">MANAGEMENT AGREEMENT </P>
<P ALIGN="CENTER"></P>
</B><P>&#9;<B>&nbsp;&nbsp;&nbsp; AGREEMENT</B> dated as of June 7, 2006, between Aberdeen Global Income Fund, Inc. (the "Fund"), a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and Aberdeen Asset Management Asia Limited, a Singapore corporation ("AAMAL" or the "Investment Manager"). </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, the Fund is a closed-end management investment company; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, the Fund engages in the business of investing its assets in the manner and in accordance with its stated current investment objective and restrictions; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, the Fund and the Investment Manager entered into a management agreement executed March 8, 2004 (the "Agreement") pursuant to which the Investment Manager manages the Fund's investments and makes investment decisions on behalf of the Fund, and for which the Investment Manager receives a fee from the Fund as specified in the Agreement; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS,</B> on January 12, 2006, the Board of Directors of the Fund determined that it was advisable and in the best interests of stockholders to seek stockholder approval for an amendment to the Fund's fundamental investment restrictions to permit the Fund to borrow to the extent permitted by the 1940 Act;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, on January 12, 2006, the independent directors of the Fund, and the entire Board of Directors, voting separately, determined that it was advisable and in the best interests of stockholders, to approve an amendment (the "Amendment") to the fee calculation provision of the Agreement to clarify that the fee payable thereunder to the Investment Manager will be based on all assets under management, including the proceeds of any borrowings used for investment and the proceeds of any issuance of senior securities;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, on January 12, 2006, the independent directors of the Fund, and the entire Board of Directors, voting separately, approved the terms of the Amendment to the Agreement and determined to recommend that Fund stockholders approve the Amendment to the Agreement at the Fund's 2006 Annual Meeting of Stockholders;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, on March 9, 2006, at the Fund's Annual Meeting of Stockholders, the stockholders of the Fund approved an amendment to the Fund's fundamental investment restrictions to permit the Fund to borrow to the extent permitted by the 1940 Act and the Amendment to the Agreement;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, on June 7, 2006, at an in-person meeting of the Board of Directors, the independent directors of the Fund, and the entire Board of Directors, voting separately, approved the Amendment to the Agreement; and</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; WHEREAS</B>, the parties desire to amend and restate the Agreement to reflect the adoption of the Amendment to the Agreement;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp; NOW THEREFORE</B>, in consideration of the premises and mutual covenants herein contained, the parties agree as follows: </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.<B>&#9;Obligations.</B> </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.1&#9;The Investment Manager will manage, in accordance with the Fund's stated investment objective, policies and limitations and subject to the supervision of the Fund's Board of Directors, the Fund's investments. The Investment Manager will make investment decisions on behalf of the Fund including the selection of and placing of orders with brokers and dealers to execute portfolio transactions on behalf of the Fund. The Investment Manager shall give the Fund the benefit of the Investment Manager's best judgment and efforts in rendering services under this Agreement. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.2&#9;The Fund will pay the Investment Manager a fee at the annual rate of 0.65% of the Fund's average weekly Managed Assets (as hereinafter defined) up to $200 million, 0.60% of Managed Assets between $200 million and $500 million and 0.55% of Managed Assets in excess of $500 million, computed based upon Managed Assets determined weekly and payable on the first business day of each calendar month. The Board of Directors may determine, from time to time, the currency or currencies in which the management fee shall be paid. As used in this Agreement, "Managed Assets" shall mean net assets plus the amount of any borrowings for investment purposes. For the purpose of determining the fees payable to the Investment Manager hereunder, the value of the Fund's Managed Assets shall be computed initially at the times and in the manner specified in the Fund's registration statement on Form N-2, as such times and manner may be amended from time to time by action of the Fund's Board. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.3&#9;In rendering the services required under this Agreement, the Investment Manager may, at its expense, employ, consult or associate with itself such person or persons as it believes necessary to assist it in carrying out its obligations under this Agreement. However, the Investment Manager may not retain any person or company that would be an "investment adviser," as that term is defined in the 1940 Act, to the Fund unless (i) the Fund is a party to the contract with such person or company and (ii) such contract is approved by a majority of the Fund's Board of Directors and a majority of Directors who are not parties to any agreement or contract with such company and who are not "interested persons," as defined in the 1940 Act, of the Fund, the Investment Manager, or any such person or company retained by the Investment Manager, and is approved by the vote of a majority of the outstanding voting securities of the Fund to the extent required by the 1940 Act. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;2.&#9;<B>Expenses.</B> The Investment Manager shall bear all expenses of its employees, except as provided in the following sentence, and overhead incurred in connection with its duties under this Agreement and shall pay all salaries and fees of the Fund's Directors and officers who are interested persons (as defined in the 1940 Act) of the Investment Manager. The Fund will bear all of its own expenses, including: expenses of organizing the Fund; fees of the Fund's Directors who are not interested persons (as defined in the 1940 Act) of any other party; out-of-pocket expenses for all Officers and Directors of the Fund, including expenses incurred by the Investment Manager's employees, who serve as Directors and officers of the Fund, which may be reimbursed by the Fund under the Fund's policy governing reimbursement of Fund-related expenses; and other expenses incurred by the Fund in connection with meetings of Directors and shareholders; interest expense; taxes and governmental fees including any original issue taxes or transfer taxes applicable to the sale or delivery of shares or certificates therefor; brokerage commissions and other expenses incurred in acquiring or disposing of the Fund's portfolio securities; expenses in connection with the issuance, offering, distribution, sale or underwriting of securities issued by the Fund; expenses of registering and qualifying the Fund's shares for sale with the Securities and Exchange Commission and in various states and foreign jurisdictions; auditing, accounting, insurance and legal costs; custodian, dividend disbursing and transfer agent expenses; and the expenses of shareholders' meetings and of the preparation and distribution of proxies and reports to shareholders. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.&#9;<B>Liability.</B> The Investment Manager shall not be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of, or from reckless disregard by it of its obligations and duties under, this Agreement. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;4.&#9;<B>Services Not Exclusive.</B> It is understood that the services of the Investment Manager are not deemed to be exclusive, and nothing in this Agreement shall prevent the Investment Manager or any affiliate, from providing similar services to other investment companies and other clients (whether or not their investment objectives and policies are similar to those of the Fund) or from engaging in other activities. When other clients of the Investment Manager desire to purchase or sell a security at the same time such security is purchased or sold for the Fund, such purchases and sales will be allocated among the Investment Manager's clients, including the Fund, in a manner that is fair and equitable in the judgment of the Investment Manager in the exercise of its fiduciary obligations to the Fund and to such other clients. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;5.&#9;<B>Scope of Engagement.</B> The Investment Manager hereby agrees that the Fund, may, at any time, upon at least 60 days' notice, advise the Investment Manager that it wishes to limit the scope of the Investment Manager's engagement hereunder to that of managing the Fund's investments solely with respect to securities denominated in certain stipulated currencies, in which case the fee otherwise payable to the Investment Manager as provided in Paragraph 1.2 hereof shall be reduced to reflect the proportion of the Fund's Managed Assets at the end of each week which are denominated in the stipulated currencies.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;6.&#9;<B>Duration and Termination.</B> This Agreement shall be effective as of the date first above written, and shall continue in effect until December 22, 2006. If not sooner terminated, this Agreement shall continue in effect with respect to the Fund for successive periods of twelve months thereafter, provided that each such continuance shall be specifically approved annually by the vote of a majority of the Fund's Board of Directors who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval and either (a) the vote of a majority of the outstanding voting securities of the Fund, or (b) the vote of a majority of the Fund's entire Board of Directors. Notwithstanding the foregoing, this Agreement may be terminated with respect to the Fund at any time, without the payment of any penalty, by a vote of a majority of the Fund's Board of Directors or a majority of the outstanding voting securities of the Fund upon at least sixty (60) days' written notice to the Investment Manager or by the Investment Manager upon at least ninety (90) days' written notice to the Fund. This Agreement shall automatically terminate in the event of its assignment (as defined in the 1940 Act). </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7.<B>&#9;Miscellaneous. </P>

</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7.1&#9;This Agreement shall be construed in accordance with the laws of the State of New York, provided that nothing herein shall be construed as being inconsistent with the 1940 Act and any rules, regulations and orders thereunder. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7.2&#9;The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7.3&#9;If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to that extent, the provisions of this Agreement shall be deemed to be severable. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7.4&#9;Nothing herein shall be construed as constituting the Investment Manager an agent of the Fund. </P>
<P>&#9;</P>
<P>&#9;<B>&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be executed as of the day and year first above written. </P>

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<TD WIDTH="458" VALIGN="TOP">
<B><P>ABERDEEN GLOBAL INCOME FUND, INC.</B></TD>
</TR>
<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">&nbsp;</TD>
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<TD WIDTH="458" VALIGN="TOP">
<P>By:&#9;<U>/s/ Alan R. Goodson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;&#9;</U></TD>
</TR>
<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Alan R. Goodson</TD>
</TR>
<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title: Secretary</TD>
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<TD WIDTH="458" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">
<B><P>ABERDEEN ASSET MANAGEMENT ASIA LIMITED</B></TD>
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<TD WIDTH="458" VALIGN="TOP">&nbsp;</TD>
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<TD WIDTH="458" VALIGN="TOP">&nbsp;</TD>
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<TD WIDTH="458" VALIGN="TOP">
<P>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Low Hon-Yu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corinne Choek
</u></TD>
</TR>
<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Low Hon-Yu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corinne Choek</TD>
</TR>
<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title:&nbsp;&nbsp;&nbsp; Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director</TD>
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<TR><TD WIDTH="152" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="458" VALIGN="TOP">&nbsp;</TD>
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<DOCUMENT>
<TYPE>EX-99.2G ADVSR CONTR
<SEQUENCE>9
<FILENAME>posamiexg7.htm
<DESCRIPTION>INVESTMENT ADVISORY AGREEMENT
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<B><P ALIGN="RIGHT">Exhibit (g)(7)</P>

<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">ABERDEEN GLOBAL INCOME FUND, INC.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">INVESTMENT ADVISORY AGREEMENT </P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</B><P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGREEMENT</B> dated as of June 7, 2006, among Aberdeen Global Income Fund, Inc. (the "Fund"), a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and Aberdeen Asset Management Asia Limited, a Singapore corporation ("AAMAL" or the "Investment Manager") and Aberdeen Asset Management Limited, a New South Wales, Australia corporation (the "Investment Adviser"). </P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;WHEREAS</B>, the Fund is a closed-end management investment company; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, the Fund engages in the business of investing and reinvesting its assets in the manner and in accordance with its stated investment objectives and restrictions; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, the Fund and the Investment Manager entered into a management agreement executed March 8, 2004 (the "Management Agreement") pursuant to which the Investment Manager manages the Fund's investments and makes investment decisions on behalf of the Fund, and for which the Investment Manager receives a fee from the Fund as specified in the Management Agreement; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, in connection with rendering the services required under the Management Agreement, the Investment Manager is permitted to retain, at its expense and in the manner set forth in the Management Agreement, investment advisers to assist it in carrying out its obligations to the Fund under the Management Agreement; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, pursuant to an investment advisory agreement executed March 8, 2004 (the "Advisory Agreement") among the Fund, the Investment Manager and the Investment Adviser, the Investment Manager has retained the Investment Adviser to assist it in carrying out its obligations to the Fund under the Management Agreement in connection with the services specified below with regard to the Fund, and the Fund has appointed the Investment Adviser to provide the investment advisory services specified below with regard to the Fund; </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS,</B> on January 12, 2006, the Board of Directors of the Fund determined that it was advisable and in the best interests of stockholders, to seek stockholder approval for an amendment to the Fund's fundamental investment restrictions to permit the Fund to borrow to the extent permitted by the 1940 Act;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, on January 12, 2006, the independent directors of the Fund, and the entire Board of Directors, voting separately, determined that it was advisable and in the best interests of stockholders, to approve an amendment to the fee calculation provisions of the Management Agreement and the Advisory Agreement (collectively, the "Amendments") to clarify that the fee payable under the Management Agreement to the Investment Manager and the fee payable under the Advisory Agreement to the Investment Adviser, respectively, will be based on all assets under management, including the proceeds of any borrowings used for investment and the proceeds of any issuance of senior securities;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, on January 12, 2006, the independent directors of the Fund, and the entire Board of Directors, voting separately, approved the terms of the Amendments to the Agreements and determined to recommend that Fund stockholders approve the Amendments to the Agreements at the Fund's 2006 Annual Meeting of Stockholders;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, on March 9, 2006, at the Fund's Annual Meeting of Stockholders, the stockholders of the Fund approved an amendment to the Fund's fundamental investment restrictions to permit the Fund to borrow to the extent permitted by the 1940 Act and the Amendments to the Agreements;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, on June 7, 2006, at an in-person meeting of the Board of Directors, the independent directors of the Fund, and the entire Board of Directors, voting separately, approved the Amendments to the Agreements; and</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS</B>, the parties desire to amend and restate the Advisory Agreement to reflect the adoption of the foregoing Amendment to the Advisory Agreement;</P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE</B>, in consideration of the premises and mutual covenants herein contained, the parties agree as follows: </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.&#9;<B>&nbsp;&nbsp;&nbsp; Investment Adviser. </P>

</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.1&nbsp;&nbsp;&nbsp;&nbsp; &#9;To the extent requested by the Investment Manager, the Investment Adviser will make recommendations to the Investment Manager as to the-overall structure of the Fund's portfolio, including asset allocation advice and general advice on investment strategy relating to the Fund's overall investment objectives. The Investment Adviser shall give the Investment Manager (and the Fund) the benefit of the Investment Adviser's best judgment and efforts in rendering services under this Agreement.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.2&nbsp;&nbsp;&nbsp;&nbsp; &#9;For the services rendered to the Investment Manager under Section 1.1 hereof, the Investment Manager will pay the Investment Adviser a fee computed at the annual rate of 0.15% of the Fund's average weekly Managed Assets (as hereinafter defined), computed based upon the value of the Managed Assets determined weekly and payable on the first business day of each calendar month. As used in this Agreement, "Managed Assets" shall mean net assets plus the amount of any borrowings for investment purposes.  </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.3&nbsp;&nbsp;&nbsp;&nbsp; &#9;To the extent requested by the Investment Manager, the Investment Adviser will make recommendations to the Investment Manager as to specific portfolio securities to be purchased, retained or sold by the Fund and will provide or obtain such research and statistical data as may be necessary in connection therewith. The Investment Adviser shall give the Investment Manager (and the Fund) the benefit of the Investment Adviser's best judgment and efforts in rendering services under this Agreement. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.4&nbsp;&nbsp;&nbsp;&nbsp; &#9;For the services rendered to the Investment Manager under Section 1.3 hereof, the Investment Manager will pay the Investment Adviser a fee computed at the annual rate of up to 0.10% of the Fund's average weekly Managed Assets computed based upon the value of the Managed Assets determined weekly and payable on the first business day of each calendar month; it being understood that any such fee shall be reduced by the amount, if any, that the Investment Manager may pay other entities for rendering any of the services contemplated by Section 1.3 hereof. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.5&nbsp;&nbsp;&nbsp;&nbsp; &#9;For the purpose of determining the fees payable to the Investment Adviser hereunder, the value of the Fund's net assets shall be computed initially at the times and in the manner specified in the Fund's Registration Statement an Form N-2, as such times and manner may be amended from time to time by action of the Fund's Board. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;2.&#9;<B>&nbsp;&nbsp;&nbsp; Expenses.</B>  The Investment Adviser shall bear all expenses of its respective employees, except certain expenses incurred by the Investment Adviser's employees who serve as officers and directors of the Fund which are reimbursed by the Fund under the Fund's policy governing reimbursement of Fund-related expenses. The Investment Adviser shall bear all overhead incurred in connection with its duties under this Agreement and shall pay all salaries and fees of the Fund's directors and officers who are interested persons (as defined in the 1940 Act) of the Investment Adviser but who are not interested persons of the Investment Manager. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.&#9;<B>&nbsp;&nbsp;&nbsp; Liability.</B>  Neither the Investment Manager nor the Investment Adviser shall be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Investment Manager or the Investment Adviser, as appropriate, in the performance of, or from reckless disregard by such party of such party's obligations and duties under, this Agreement. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;4.&#9;<B>&nbsp;&nbsp;&nbsp; Services Not Exclusive.</B>  It is understood that the services of the Investment Manager and the Investment Adviser are not deemed to be exclusive, and nothing in this Agreement shall prevent the Investment Manager or the Investment Adviser, or any affiliate of either of them, from providing similar services to other investment companies and other clients (whether or not their investment objectives and policies are similar to those of the Fund) or from engaging in other activities. When other clients of the Investment Manager or the Investment Adviser desire to purchase or sell a security at the same time such security is purchased or sold for the Fund, such purchases and sales will be allocated among the clients of each in a manner that is fair and equitable in the judgment of the Investment Manager and the Investment Adviser in the exercise of their fiduciary obligations to the Fund and to such other clients. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;5.&#9;<B>&nbsp;&nbsp;&nbsp; Duration and Termination.</B>  This Agreement shall be effective as of the date first above written, and shall continue in effect until December 22, 2006. If not sooner terminated, this Agreement shall continue in effect with respect to the Fund for successive periods of twelve months thereafter, provided that each such continuance shall be specifically approved annually by the vote of a majority of the Fund's Board of Directors who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval and either (a) the vote of a majority of the outstanding voting securities of the Fund, or (b) the vote of a majority of the Fund's entire Board of Directors. Notwithstanding the foregoing, this Agreement may be terminated with respect to the Fund at any time, without the payment of any penalty, by a vote of a majority of the Fund's Board of Directors or a majority of the outstanding voting securities of the Fund upon at least sixty (60) days' written notice to the Investment Manager and the Investment Adviser, or by either the Manager or the Investment Adviser upon at least ninety (90) days' written notice to the Fund and the other party but any such termination shall not affect continuance of this Agreement as to the remaining parties. This Agreement shall automatically terminate as to any party in the event of its assignment (as defined in the 1940 Act). </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;6.<B>&nbsp;&nbsp;&nbsp;&nbsp; &#9;Miscellaneous. </P>

</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;6.1&nbsp;&nbsp;&nbsp;&nbsp; &#9;This Agreement shall be construed in accordance with the laws of the State of New York, provided that nothing herein shall be construed as being inconsistent with the 1940 Act and any rules, regulations and orders thereunder. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;6.2&nbsp;&nbsp;&nbsp;&nbsp; &#9;The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;6.3&nbsp;&nbsp;&nbsp;&nbsp; &#9;If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to that extent, the provisions of this Agreement shall be deemed to be severable. </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;6.4&nbsp;&nbsp;&nbsp;&nbsp; &#9;Nothing herein shall be construed as constituting any party an agent of the Fund or of any other party. </P>

<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be executed as of the day and year first above written. </P>

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<B><P>ABERDEEN GLOBAL INCOME FUND, INC. </B></TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>By:<U>&#9;/s/ Alan Goodson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;&#9;</U></TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Alan Goodson</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title: Secretary</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<B><P>ABERDEEN ASSET MANAGEMENT ASIA LIMITED </B></TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
</TR>
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<TD WIDTH="439" VALIGN="TOP">
<P>By:<U>&#9;/s/ Low Hon-Yu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;/s/ Corinne Cheok</U></TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Low Hon-Yu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corinne Cheok</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title: Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
</TR>
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<TD WIDTH="439" VALIGN="TOP">
<B><P>ABERDEEN ASSET MANAGEMENT LIMITED</B></TD>
</TR>
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<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>By:<U>&#9;/s/ Hugh Young&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;&#9;</U></TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
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<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Hugh Young</TD>
</TR>
<TR><TD WIDTH="300" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="439" VALIGN="TOP">
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title: Director</TD>
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<DOCUMENT>
<TYPE>EX-99.2J CUST CONTR
<SEQUENCE>10
<FILENAME>posamiexj3.htm
<DESCRIPTION>SECOND AMENDMENT TO CUSTODIAN CONTRACT
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<B><P ALIGN="RIGHT">Exhibit (j)(3)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">SECOND AMENDMENT TO CUSTODIAN CONTRACT</P>
</B><P ALIGN="CENTER"></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment to the Custodian Contract is made as of July 8, 2005 by and between Aberdeen Global Income Fund, Inc. (formerly known as The First Commonwealth Fund, Inc.) (the "Fund") and State Street Bank and Trust Company (the "Custodian").  Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Custodian Contract referred to below.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Fund and the Custodian entered into a Custodian Contract dated as of February 20, 1992 (as amended and in effect from time to time, the "Contract"); and </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Fund and the Custodian desire to amend certain provisions of the Contract to reflect revisions to Rule 17f-5 ("Rule 17f-5") and the adoption of Rule 17f-7 ("Rule 17f-7") promulgated under the Investment Company Act of 1940, as amended (the "1940 Act"); and</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Fund and the Custodian desire to amend and restate certain other provisions of the Contract relating to the custody of assets of the Fund held outside of the United States.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree to amend the Contract, pursuant to the terms thereof, as follows:</P>
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<P>I.</TD>
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<P>The provisions of Articles 3 and 4 of the Contract, and Schedules A, B and C thereto, added by the Amendment to Custodian Contract dated December 4, 1998 are hereby deleted, and the parties hereto agree that such provisions shall be and are replaced in their entirety by the provisions set forth below.</TD>
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<B><P>3.&#9;<U>Provisions Relating to Rules 17f-5 and 17f-7</U></P>
<P>3.1.&#9;<U>Definitions</B></U>.  Capitalized terms in this Article 3 and in Article 4 shall have the following meanings:</P>

<P>"Country Risk" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.</P>

<P>"Eligible Foreign Custodian" has the meaning set forth in section (a)(1) of Rule 17f-5.  The term does not include any Eligible Securities Depository.</P>

<P>"Eligible Securities Depository" has the meaning set forth in section (b)(1) of Rule 17f-7.</P>

<P>"Foreign Assets" means any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.</P>

<P>"Foreign Custody Manager" has the meaning set forth in section (a)(3) of Rule 17f-5.</P>

<B><P>3.2.&#9;<U>The Custodian as Foreign Custody Manager</U>.</P>
</B>
<P>&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2.1.&#9;<U>Delegation to the Custodian as Foreign Custody Manager</U>.</B>  The Fund, by resolution adopted by its Board of Directors (the "Board"), hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager of the Fund.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.2.&#9;<U>Countries Covered</U>.</B>  The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on Schedule A to this Contract, which list of countries may be amended from time to time by the Fund with the agreement of the Foreign Custody Manager.  The Foreign Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the Fund's assets, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager.  The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.</P>

<P>Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A, and the fulfillment by the Fund of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by the Board responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation.  Execution of this Amendment by the Fund shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on Schedule A in which the Custodian has previously placed or currently maintains Foreign Assets pursuant to the terms of the Contract.  Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of the Fund with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager of the Fund with respect to that country.</P>

<P>The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund.  Thirty (30) days (or such longer period to which the parties agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian's acceptance of delegation is withdrawn.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.3.&#9;<U>Scope of Delegated Responsibilities</U>:</P>
<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(a)&#9;<U>Selection of Eligible Foreign Custodians</U>.</B>
Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on Schedule A, as amended from time to time.  In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).</P>

<B><P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(b)&#9;<U>Contracts With Eligible Foreign Custodians</U>.</B>  The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).</P>

<B><P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(c)&#9;<U>Monitoring</U>.</B>  In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian.  In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with Section 3.2.5 hereunder.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.4.&#9;<U>Guidelines for the Exercise of Delegated Authority</U>.</B>  For purposes of this Section 3.2, the Board shall be deemed to have considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Fund.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.5.&#9;<U>Reporting Requirements</U>.</B>  The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of the calendar quarter in which an amendment to such Schedule has occurred.  The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Fund described in this Section 3.2 after the occurrence of the material change.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.6.&#9;<U>Standard of Care as Foreign Custody Manager of the Fund</U>.</B>  In performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.7.&#9;<U>Representations with Respect to Rule 17f-5</U>.</B>  The Foreign Custody Manager represents to the Fund that it is a U.S.  Bank as defined in Rule 17f-5(a)(7).  The Fund represents to the Custodian that the Board has determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Contract to the Custodian as the Foreign Custody Manager of the Fund.</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.2.8.&#9;<U>Effective Date and Termination of the Custodian as Foreign Custody Manager</U>.</B>  The Board's delegation to the Custodian as Foreign Custody Manager of the Fund shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party.  Termination will become effective thirty (30) days after receipt by the non-terminating party of such notice.  The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Fund with respect to designated countries.</P>

<P>&#9;

<B>3.3.&#9;<U>Eligible Securities Depositories</U>.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.3.1.&#9;<U>Analysis and Monitoring</U>.</B>
The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with Rule 17f-7(a)(1)(i)(A), and (b) monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance with Rule 17f-7(a)(1)(i)(B).</P>

<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3.3.2.&#9;<U>Standard of Care</U>.</B>  The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.</P>

<B><P>4.&#9;<U>Duties of the Custodian with Respect to Fund Property Held Outside the United States</U>.</P>
</B>

<B><P>4.1.&#9;<U>Definitions</U>.</B>  Capitalized terms in this Article 4 shall have the following meanings:</P>

<P>"Foreign Securities System" means an Eligible Securities Depository listed on Schedule B hereto.</P>

<P>"Foreign Sub-Custodian" means a foreign banking institution serving as an Eligible Foreign Custodian.</P>

<B><P>4.2.&#9;<U>Holding Securities</U>.</B>  The Custodian shall identify on its books as belonging to the Fund the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System.  The Custodian may hold foreign securities for all of its customers, including the Fund, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Fund which are maintained in such account shall identify those securities as belonging to the Fund and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.</P>

<B><P>4.3.&#9;<U>Foreign Securities Systems</U>.</B>  Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.</P>

<B><P>4.4.&#9;<U>Transactions in Foreign Custody Account</U>.</P>
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;4.4.1.&#9;<U>Delivery of Foreign Assets</U>.</B>
The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Fund held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:</P>

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<P>(i)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>upon the sale of such foreign securities for the Fund in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the Foreign Securities System;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(ii)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>in connection with any repurchase agreement related to foreign securities;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(iii)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>to the depository agent in connection with tender or other similar offers for foreign securities of the Fund;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(iv)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>to the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(v)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>to the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(vi)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>to brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Foreign Sub-Custodian's own negligence or willful misconduct;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(vii)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(viii)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>in the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(ix)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>for delivery as security in connection with any borrowing by the Fund requiring a pledge of assets by the Fund;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(x)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>in connection with trading in options and futures contracts, including delivery as original margin and variation margin;</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(xi)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>in connection with the lending of foreign securities; and</TD>
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<TD WIDTH="782" VALIGN="TOP">&nbsp;</TD>
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<P>(xii)</TD>
<TD WIDTH="782" VALIGN="TOP">
<P>for any other purpose, but only upon receipt of Proper Instructions specifying the foreign securities to be delivered and naming the person or persons to whom delivery of such securities shall be made.</TD>
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<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;4.4.2.&#9;<U>Payment of Fund Monies</U>.</B>  Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of the Fund in the following cases only:</P>

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<P>(i)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>upon the purchase of foreign securities for the Fund, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;</TD>
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<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(ii)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>in connection with the conversion, exchange or surrender of foreign securities of the Fund;</TD>
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<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(iii)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>for the payment of any expense or liability of the Fund, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Contract, legal fees, accounting fees, and other operating expenses;</TD>
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<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(iv)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>for the purchase or sale of foreign exchange or foreign exchange contracts for the Fund, including transactions executed with or through the Custodian or its Foreign Sub-Custodians;</TD>
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<TR><TD WIDTH="81" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(v)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>in connection with trading in options and futures contracts, including delivery as original margin and variation margin;</TD>
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<TR><TD WIDTH="81" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(vi)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>for payment of part or all of the dividends received in respect of securities sold short;</TD>
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<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(vii)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>in connection with the borrowing or lending of foreign securities; and</TD>
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<TD WIDTH="794" VALIGN="TOP">&nbsp;</TD>
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<P>(viii)</TD>
<TD WIDTH="794" VALIGN="TOP">
<P>for any other purpose, but only upon receipt of Proper Instructions specifying the amount of such payment and naming the person or persons to whom such payment is to be made.</TD>
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<B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;4.4.3.&#9;<U>Market Conditions</B></U>.  Notwithstanding any provision of this Contract to the contrary, settlement and payment for Foreign Assets received for the account of the Fund and delivery of Foreign Assets maintained for the account of the Fund may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.</P>

<P>The Custodian shall provide to the Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule.  The Custodian may revise Schedule C from time to time, provided that no such revision shall result in the Board being provided with substantively less information than had been previously provided hereunder.</P>

<B><P>4.5.&#9;<U>Registration of Foreign Securities</B></U>.  The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the Fund or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities.  The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of the Fund under the terms of this Contract unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.</P>

<B><P>4.6.&#9;<U>Bank Accounts</B></U>.  The Custodian shall identify on its books as belonging to the Fund cash (including cash denominated in foreign currencies) deposited with the Custodian.  Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of the Fund with a Foreign Sub-Custodian.  All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of the Contract to hold cash received by or from or for the account of the Fund.  Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.</P>

<B><P>4.7.&#9;<U>Collection of Income</B></U>.  The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Fund shall be entitled and shall credit such income, as collected, to the Fund.  In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.</P>

<B><P>4.8.&#9;<U>Shareholder Rights</B></U>.  With respect to the foreign securities held pursuant to this Article 4, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued.  The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.</P>

<B><P>4.9.&#9;<U>Communications Relating to Foreign Securities</B></U>.  The Custodian shall transmit promptly to the Fund written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Fund (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith).  With respect to tender or exchange offers, the Custodian shall transmit promptly to the Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange is sought or from the party (or its agents) making the tender or exchange offer.  The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Fund at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power.</P>

<B><P>4.10.&#9;<U>Liability of Foreign Sub-Custodians</B></U>.  Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations.  At the election of the Fund, then Fund shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Fund has not been made whole for any such loss, damage, cost, expense, liability or claim.</P>

<B><P>4.11.&#9;<U>Tax Law</B></U>.  The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Fund, or the Custodian as custodian of the Fund, by the tax law of the United States or of any state or political subdivision thereof.  It shall be the responsibility of the Fund to notify the Custodian of the obligations imposed on the Fund, or the Custodian as custodian of the Fund by the tax law of countries other than the United States, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.  The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which the Fund has provided such information.</P>

<B><P>4.12.&#9;<U>Liability of Custodian</B></U>.  Except as may arise from the Custodian's own negligence or willful misconduct, or the negligence or willful misconduct of a Sub-Custodian, the Custodian shall be without liability to the Fund for any loss, liability, claim or expense resulting from or caused by anything which is part of Country Risk.</P>

<P>The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in the Contract and, regardless of whether assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other loss where the Foreign Sub-Custodian has otherwise acted with reasonable care.</P>

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<P>II.</TD>
<TD WIDTH="820" VALIGN="TOP">
<P>Exhibit 1 and Schedules A-1, A-2, A-3 and B to the Contract are hereby deleted.  </TD>
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<TR><TD WIDTH="64" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="820" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="64" VALIGN="TOP">
<P>III.</TD>
<TD WIDTH="820" VALIGN="TOP">
<P>Except as specifically superseded or modified herein, the terms and provisions of the Contract shall continue to apply with full force and effect.  In the event of any conflict between the terms of the Contract prior to this Amendment and this Amendment, the terms of this Amendment shall prevail.  If the Custodian is delegated the responsibilities of Foreign Custody Manager pursuant to the terms of Article 3 hereof, in the event of any conflict between the provisions of Articles 3 and 4 hereof, the provisions of Article 3 shall prevail.</TD>
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<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">[Signature page follows.]</P>
<P ALIGN="CENTER"></P>
<P>IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed in its name and behalf by its duly authorized representative as of the date first above written.</P>
<div align="left">
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638 style="border-collapse: collapse" bordercolor="#111111">
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<P>WITNESSED BY:</TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>STATE STREET BANK and TRUST COMPANY</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<U><P>/s/ Michael J. Savitz</U></TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>By:&#9;<U>/s/ Joseph L. Hooley</U></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>Michael J. Savitz</TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>Name:&#9;Joseph L. Hooley</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>Vice President and Counsel</TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>Title:&#9;Executive Vice President</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>WITNESSED BY:</TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>ABERDEEN GLOBAL INCOME FUND, INC.</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>By:&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
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<P>Name: </TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>Name:</TD>
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<P>Title: </TD>
<TD WIDTH="60%" VALIGN="TOP">
<P>Title:</TD>
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<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>11
<FILENAME>posamiexk7.htm
<DESCRIPTION>ADMINISTATION AGREEMENT
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<B><P ALIGN="RIGHT">Exhibit (k)(7)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">ADMINISTRATION AGREEMENT</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGREEMENT, dated as of September 30, 2004, between Aberdeen Global Income Fund, Inc., a Maryland corporation (the "Fund"), and Aberdeen Asset Management Inc., a Delaware corporation (the "Administrator").</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Fund is a non-diversified, closed-end management investment company registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"); and</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Fund wishes to retain the Administrator to provide certain administrative services in the manner and on the terms and conditions hereinafter set forth; and</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Administrator desires to be retained to perform such services on said terms and conditions.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, the parties hereto agree as follows:</P>
<B><P ALIGN="JUSTIFY">1.&nbsp;&nbsp;&nbsp;&nbsp; &#9;APPOINTMENT OF ADMINISTRATOR</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund hereby retains AAM to act as Administrator to the Fund as herein set forth.  AAM accepts such appointment and agrees to perform or arrange for the performance of the services stated herein.</P>
<B><P>2.&nbsp;&nbsp;&nbsp;&nbsp; &#9;ADMINISTRATION SERVICES</P>
</B>
<P ALIGN="RIGHT">
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<P>a.</TD>
<TD WIDTH="807" VALIGN="TOP">
<P>The Administrator shall provide the services listed in Schedule A, in each case, subject to the control, supervision and direction of the Board of Directors and subject to any necessary review and comment by the Fund's auditors and legal counsel and in accordance with procedures or policies that may be established from time to time by and between the Fund and the Administrator and approved by the Board of Directors.</TD>
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<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="807" VALIGN="TOP">&nbsp;</TD>
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<P>b.</TD>
<TD WIDTH="807" VALIGN="TOP">
<P>In performing its duties hereunder, the Administrator shall act in accordance with the charter, bylaws, and Registration Statement on Form N-2 of the Fund, each as amended from time to time, and with instructions of the Board and will conform to and comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations, and will consult with legal counsel to the Fund, as necessary and appropriate.</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="807" VALIGN="TOP">&nbsp;</TD>
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<P>c.</TD>
<TD WIDTH="807" VALIGN="TOP">
<P>The Administrator is hereby authorized to retain one or more third parties and to delegate all or some its duties and obligations hereunder to such persons, provided that such persons shall remain under the general supervision of the Administrator and the Administrator shall be responsible for assuring the performance by such persons of any duty or obligation so delegated.  The compensation of such persons shall be paid by the Administrator and no obligation shall be incurred on behalf of the Fund in such respect.  The division of the Administrator's duties and obligations hereunder between those to be delegated to a third party and those to be performed by the Administrator shall be in the Administrator's sole discretion and may be changed from time to time by the Administrator.  To the extent any of the obligations of the Administrator is delegated to one or more third parties, the Fund agrees to take or cause to be taken any actions reasonably requested by the Administrator that may be necessary or appropriate in connection with such delegation.</TD>
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<B><P>3.&nbsp;&nbsp;&nbsp;&nbsp; &#9;COMPENSATION</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall receive from the Fund such compensation for the Administrator's services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties and initially set forth in Schedule B to this Agreement.  In the event this Agreement is terminated before the end of a month, the fee shall be pro-rated according to the proportion of the month that services were provided and shall be payable within seven days after the date of termination of this Agreement. </P>
<B><P>4.&nbsp;&nbsp;&nbsp;&nbsp; &#9;INSTRUCTIONS AND ADVICE</P>
</B>
<FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A</FONT>t any time, the Administrator may consult with counsel for the Fund or with the independent accountants for the Fund at the expense of the Fund, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement.  The Administrator shall not be liable, and shall be indemnified by the Fund, for any action taken or omitted to be taken by it in good faith in reliance upon any written instructions or advice or upon oral instructions or advice received from the Fund's independent accountants or Fund counsel, provided the Administrator can produce sufficient contemporaneous evidence demonstrating receipt of such instructions or advice. </P>
<B><P>5.&nbsp;&nbsp;&nbsp;&nbsp; &#9;LIMITATION OF LIABILITY; INDEMNIFICATION</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp; &#9;The Administrator shall not be liable to the Fund for any action taken or omitted to be taken by the Administrator in connection with the performance of its duties or obligations under this Agreement, except for losses, damages or expenses caused by or resulting from or attributable to willful misconduct, bad faith or negligence by the Administrator in the performance of its obligations or duties or by reason of its reckless disregard of the obligations and duties under this Agreement.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund shall indemnify the Administrator and hold it harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Administrator in or by reason of any claim, demand, action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon any action actually or allegedly taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement, provided that no indemnification shall be available for acts or omissions attributable to willful misconduct, bad faith or negligence by the Administrator in the performance of its obligations or duties or by reason of its reckless disregard of the obligations and duties under this Agreement, and provided further, that the Administrator shall be entitled to indemnification hereunder only to the extent consistent with the 1940 Act.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Section 5(a), the Administrator shall include its officers and employees and persons to whom duties or obligations are delegated by the Administrator hereunder.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp; &#9;The Administrator shall indemnify and hold harmless the Fund and its directors, officers and agents from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Fund in or by reason of any claim, demand, action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the Administrator's (including for this purpose any person to whom the Administrator has delegated any duties or obligations hereunder) willful misconduct, bad faith or negligence in the performance of its obligations and duties under this Agreement or by reason of its reckless disregard thereof.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp; &#9;With respect to any claim for indemnification under this Agreement, the indemnifying party will be entitled to participate at its own expense in the defense of any suit brought to enforce any liability subject to such indemnification and, if it so chooses, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party.  In the event the indemnifying party elects to assume the defense of any such suit and retain counsel, the indemnified party, or any of its affiliated persons named as defendant or defendants in the suit, may retain additional counsel but shall bear the fees and expenses of such counsel unless (i) the indemnifying party has specifically authorized the retaining of such counsel or (ii)&nbsp;the indemnified party shall have determined in good faith that the retention of such counsel is required as a result of a conflict of interest, but in no event shall the indemnifying party be obligated to pay the fees and expenses of more than one counsel in addition to counsel to the indemnifying party.</P>
<B><P>6.&nbsp;&nbsp;&nbsp;&nbsp; &#9;CONFIDENTIALITY; PRIVACY</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator agrees that, except as otherwise required by law or in connection with any disclosure required by law or applicable regulation, it will keep confidential all records and information in its possession relating to the Fund or its stockholders or stockholder accounts and will not disclose the same to any person except at the request or with the written consent of the Fund.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund and the Administrator each agree to take all steps necessary to comply with applicable regulations protecting the privacy of nonpublic personal financial information ("Information") of "consumers" and "customers" of the Fund, as those terms are defined in Regulation S-P.  To the extent the Fund provides the Administrator with any Information to perform services or functions on its behalf, the Administrator agrees not to disclose or use any such information for any purpose other than to carry out the purposes for which the Fund disclosed the Information or as permitted by law in the ordinary course of business to carry out those purposes.  In the event that the Administrator receives any such Information from the Fund, the Administrator agrees to adopt policies and procedures that establish administrative, technical, and physical safeguards for the protection of Information of consumers or customers of the Fund.  The Administrator will include a similar provision in all agreements with third parties.</P>
<B><P>7.&nbsp;&nbsp;&nbsp;&nbsp; &#9;RECORDS</P>

</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In compliance with the requirements of Rule 31a-3 under the 1940 Act, and any successor or related regulation relating to books and records, the Administrator agrees that all records which it (or any third party sub-administrator engaged by it) maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request.  The Administrator further agrees that all records which it (or any third party sub-administrator engaged by it) maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above.</P>
<B><P>8.&nbsp;&nbsp;&nbsp;&nbsp; &#9;SERVICES NOT EXCLUSIVE</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The services of the Administrator hereunder are not exclusive and nothing in this Agreement shall limit or restrict the right of the Administrator to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.  The Administrator shall be deemed to be an independent contractor, unless otherwise expressly provided or authorized by this Agreement.</P>
<B><P>9.&nbsp;&nbsp;&nbsp;&nbsp; &#9;DURATION, TERMINATION AND AMENDMENT</P>
</B>
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;This Agreement shall become effective on November 1, 2004.  Unless sooner terminated as provided in this Section 9, this Agreement shall continue in effect until December 31, 2005.  Thereafter, if not terminated, this Agreement shall continue automatically for successive terms of one year, provided that such continuance is specifically approved at least annually:</P>

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<P>(1)</TD>
<TD WIDTH="743" VALIGN="TOP">
<P>by a vote of a majority of those members of the Fund's Board of Directors who are not parties to this Agreement or "interested persons" of such party; and</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="743" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<P>(2)</TD>
<TD WIDTH="743" VALIGN="TOP">
<P>by the Fund's Board of Directors or by a vote of a "majority of the outstanding voting securities" of the Fund.</TD>
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<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;This Agreement may be terminated by the Fund at any time without the payment of any penalty, by vote of a majority of the entire Board of Directors or a vote of a "majority of the outstanding voting securities" of the Fund, on 60 days prior written notice to the Administrator, or by the Administrator at any time without the payment of any penalty, on 60 days prior written notice to the Fund.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;As used in this Agreement, the terms "majority of outstanding voting securities" and "interested persons" shall have the same meaning as such terms have in the 1940 Act.</P>

<B><P>10.&nbsp;&nbsp;&nbsp;&nbsp; &#9;AMENDMENTS OF THIS AGREEMENT</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended by the parties hereto only if such amendment is approved by the Board of Directors of the Fund and such amendment is set forth in a written instrument executed by each of the parties hereto.</P>
<B><P>11.&nbsp;&nbsp;&nbsp;&nbsp; &#9;GOVERNING LAW</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to choice of law principles thereof and in accordance with the 1940 Act.  In the case of any conflict, the 1940 Act shall control.</P>
<B><P>12.&nbsp;&nbsp;&nbsp;&nbsp; &#9;COUNTERPARTS</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed by the parties hereto in counterparts, and if executed in more than one counterpart, the separate instruments shall constitute one agreement.</P>
<B><P>13.&nbsp;&nbsp;&nbsp;&nbsp; &#9;NOTICES</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice or other communication required to be given in writing pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, (1) to the Administrator at 300 Las Olas Place, 300 S.E. 2nd Street, Suite 820, Fort Lauderdale, FL 33301 Attention: Beverley Hendry, (2) to the Fund at c/o Andrew Smith, Chief Compliance Officer, 45 Broadway, 21<SUP>st</SUP> Floor, New York, New York 10006.</P>
<B><P>14.&nbsp;&nbsp;&nbsp;&nbsp; &#9;ENTIRE AGREEMENT</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement sets forth the agreement and understanding of the parties hereto solely with respect to the matters covered hereby and the relationship between the Fund and Aberdeen Asset Management Inc. as Administrator.  Nothing in this Agreement shall govern, restrict or limit in any respect any other business dealings between the parties hereto unless otherwise expressly provided herein.</P>
<B><P>15.&nbsp;&nbsp;&nbsp;&nbsp; &#9;NO ASSIGNMENT</P>

</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall not be assigned by the Administrator without the prior consent of the Board of Directors of the Fund, although the Administrator may, without the prior consent of the Fund, retain third parties and delegate to those third parties all or some of its duties and obligations under this Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. </P>
<P ALIGN="JUSTIFY"></P>
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<P ALIGN="JUSTIFY">Aberdeen Global Income Fund, Inc.</TD>
<TD WIDTH="536" VALIGN="TOP">
<P ALIGN="JUSTIFY">Aberdeen Asset Management Inc.</TD>
</TR>
<TR><TD WIDTH="319" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="536" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="319" VALIGN="TOP">
<P ALIGN="JUSTIFY">By:<U>/s/ Christian Pittard</U></TD>
<TD WIDTH="536" VALIGN="TOP">
<P ALIGN="JUSTIFY">By:<U>/s/ Beverley Hendry</U></TD>
</TR>
<TR><TD WIDTH="319" VALIGN="TOP">
<P ALIGN="JUSTIFY">Name: <U>Christian Pittard</U></TD>
<TD WIDTH="536" VALIGN="TOP">
<P ALIGN="JUSTIFY">Name: <U>Beverley Hendry</U></TD>
</TR>
<TR><TD WIDTH="319" VALIGN="TOP">
<P ALIGN="JUSTIFY">Title: <U>Treasurer</U></TD>
<TD WIDTH="536" VALIGN="TOP">
<P ALIGN="JUSTIFY">Title: <U>Director</U></TD>
</TR>
</TABLE>

  </center>
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<B><P ALIGN="CENTER"></P>
</B><hr><P ALIGN="CENTER"><B>SCHEDULE A</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Services</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Administrator shall provide the services below, subject to the control, supervision and direction of the Board of Directors of the Fund and subject to any necessary review and comment by the Fund's auditors and legal counsel and in accordance with procedures or policies that may be established from time to time by and between the Fund and the Administrator and approved by the Board of Directors for the Fund:</P>
<FONT SIZE=3></FONT>
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<TR><TD WIDTH="51" VALIGN="TOP">
<P>(a)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Provide operational management, including development of guidelines and procedures to improve overall compliance by the Fund and its various agents and coordination of communication between, and monitoring of reports submitted by, the various service providers;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(b)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Propose and carry out policies directed at operational problem inquiry and resolution concerning actual or potential compliance violations, valuation of complex securities, securities trading in problematic markets or correction of pricing errors;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(c)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Furnish officers for the Fund, subject to Board approval;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(d)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare statistical and research data and reports, as required;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(e)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Create and maintain a website to provide account and fund-related information to Fund stockholders;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(f)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Negotiate and oversee service provider contracts, including, but not limited to, sub-administration, sub-accounting, transfer agency, custody, and securities lending;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(g)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Monitor and periodically test the Fund's compliance with its investment objectives, policies and restrictions as set forth in its registration statement, as amended from time to time, or in its annual reports to stockholders;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(h)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Monitor and periodically test, including on required quarterly testing dates, the Fund's compliance with the requirements of Section 851 of the Internal Revenue Code and applicable Treasury Regulations for qualification as a RIC;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(i)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Mail quarterly requests for Quarterly Transactions Reports, Initial Holdings Reports and Annual Holdings Reports to all "access persons" under the terms of the Fund's code of ethics and SEC regulations;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(j)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare, distribute and utilize in compliance training sessions, comprehensive compliance materials, including compliance manuals and checklists, subject to review and comment by the Fund's legal counsel and develop and assist in developing guidelines and procedures to improve overall compliance by the Fund and its various agents;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(k)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Maintain copies of the Fund's Charter and bylaws, as amended from time to time;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(l)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Review and monitor the fidelity bond and errors and omissions insurance coverage and the submission of any related regulatory filings.</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(m)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Calculate or arrange for the calculation and publication of the Fund's net asset value in accordance with the Fund's policy as adopted from time to time by the Board of Directors;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(n)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Maintain, or arrange for the maintenance of, certain books and records of the Fund, in appropriate qualified business units if applicable, as mutually agreed upon between the parties hereto, in accordance with the 1940 Act and regulations thereunder;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(o)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Provide the Fund with administrative offices and data processing facilities (which may be the Administrator's own offices and data processing facilities) as well as the services of persons competent to perform such administrative and clerical functions as are necessary or appropriate to provide effective operation of the Fund;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(p)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Maintain the Fund's expense budget and monitor expense accruals; </TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(q)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Arrange for payment of the Fund's expenses, which may include calculation of various contractual expenses of the Fund's service providers, and the review and approval of invoices for the Fund's account and submission to an officer of the Fund for authorization of payment; </TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(r)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Oversee and review the calculation of fees paid to any sub-administrator, the transfer agent and the custodian;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(s)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Compute the Fund's yield, total return, expense ratios and portfolio turnover rate as well as various statistical data as reasonably requested by the Fund's Investment Manager or Investment Adviser;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(t)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare, for review and approval by officers of the Fund, financial information for the Fund's quarterly, semi-annual and annual reports, proxy statements and other communications with stockholders required or otherwise to be sent to the Fund's stockholders, and arrange for the printing and dissemination of such reports and communications to stockholders;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(u)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare reports relating to the business and affairs of the Fund as may be mutually agreed upon and not otherwise appropriately prepared by the Fund's custodian, counsel or independent public accountants;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(v)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Provide the necessary financial information to the Fund's independent public accountants to assist them in the preparation of the federal, state and local income tax returns, and any other required tax returns, as may be mutually agreed upon. Review completed tax returns and arrange for approval and execution by officers of the Fund;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(w)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare, or arrange for the preparation of, Form 1099-DIV, and arrange for the distribution of such Form to stockholders;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(x)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Calculate the Fund's annual net investment income (including net realized short-term capital gain) and net realized long-term capital gain to determine the Fund's minimum annual distributions to stockholders and the tax and accounting treatment of such distributions on a per share basis, to be reviewed by the Fund's independent public accountants;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(y)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare, or arrange for the preparation of, any written statements required by Section 19(a) of the 1940 Act and the regulations thereunder to be furnished to stockholders in connection with the payment of dividends and distributions, and arrange for the distribution of such statements to stockholders;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(z)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare, for review by an officer of the Fund, any periodic financial reports required to be filed by the Fund with the SEC, including without limitation on Form N-SAR, Form N-CSR and Form N-Q, and such other reports, forms or filings, as may be mutually agreed upon;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(aa)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare such financial information and reports as may be required by any stock exchange or exchanges on which the Fund's shares are listed, and such other information and reports required by such stock exchanges as may be necessary or appropriate to maintain such listings;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(bb)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare such financial information and reports as may be required by any banks from which the Fund borrows money;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(cc)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare reports related to the Fund's preferred stock, if any, as required by rating agencies;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(dd)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Establish the timeline and coordinate the compilation of the quarterly and any special Board of Directors meeting materials;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(ee)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Attend, and prepare minutes of, in-person and telephonic meetings of the Fund's Board of Directors and any committees thereof, and make presentations at such meetings, where appropriate;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(ff)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Organize, attend, and keep minutes of shareholder meetings;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(gg)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Coordinate and manage the performance of administrative and professional services rendered to the Fund by others, including its custodian, registrar, transfer agent, dividend disbursing agent and dividend reinvestment plan agent, as well as accounting, auditing and such other services as may from time to time be mutually agreed;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(hh)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Consult as necessary with the Fund's officers, independent public accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in establishing and ensuring compliance with the accounting policies of the Fund;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(ii)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Review implementation of any stock purchase or dividend reinvestment programs authorized by the Board of Directors;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(jj)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Prepare Subchapter M compliance tests for the Fund on a monthly basis;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(kk)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Maintain commercially reasonable back-up systems and other procedures commonly employed by other administrators in the investment company industry to assure the performance of its duties under this Agreement;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(ll)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Provide such assistance to the Fund's Investment Manager, Investment Adviser, transfer agent, custodian, and the Fund's counsel and independent public accountants as generally may be reasonably required to properly carry on the business and operations of the Fund; and</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51" VALIGN="TOP">
<P>(mm)</TD>
<TD WIDTH="802" VALIGN="TOP">
<P>Respond to, or refer to the Fund's officers or transfer agent, stockholder inquiries relating to the Fund.</TD>
</TR>
</TABLE>

  </center>
</div>

<B><P ALIGN="CENTER"></P>
<hr>
<P ALIGN="CENTER">SCHEDULE B</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Fees</P>
<P ALIGN="CENTER"></P>
</B><P ALIGN="JUSTIFY">The Fund shall pay the Administrator a fee at an annual rate equal to 0.15% of the Fund's average weekly net assets, computed based upon the net asset values applicable to the shares of common stock and shares of preferred stock at the end of each week.</P>
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<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>12
<FILENAME>posamiexk8.htm
<DESCRIPTION>AMENDMENT TO ADMINISTATION AGREEMENT
<TEXT>
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<B><P ALIGN="RIGHT">Exhibit (k)(8)</P>
<P ALIGN="CENTER">AMENDMENT TO ADMINISTRATION AGREEMENT</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENT,</B> as of January 12, 2006, to the Administration Agreement (the "Agreement") dated as of September 30, 2004, between Aberdeen Global Income Fund, Inc., a Maryland corporation (the "Fund"), and Aberdeen Asset Management Inc., a Delaware corporation (the "Administrator").</P>
<B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, </B>the Board of Directors of the Fund determined that it was advisable and in the best interests of stockholders to take steps necessary to amend the Fund's fundamental investment restrictions to permit the Fund to borrow to the extent permitted by the Investment Company Act of 1940, as amended;</P>
<B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS,</B> on January 12, 2006, the independent directors of the Fund, and the entire Board of Directors, voting separately, determined that it was advisable and in the best interests of stockholders to approve and amendment to the fee calculation provision of the Agreement to clarify that the fee payable thereunder to the Administrator will be based on all assets under management, whether such assets were attributable to common stock, preferred stock or borrowings for investment purposes; </P>
<B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE,</B> in consideration of the premises and mutual promises hereinafter set forth, the parties hereto agree as follows:</P>
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Schedule B to the Agreement is hereby amended as attached hereto.</P>
<B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF,</B> the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.</P>
<B><P style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABERDEEN GLOBAL INCOME FUND, INC.</P>
</B><P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  <U>/s/ Christian Pittard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;</P>
</U><P style="margin-top: 0; margin-bottom: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Christian Pittard</P>
<P style="margin-top: 0; margin-bottom: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title: Treasurer</P>

<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<B><P style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABERDEEN ASSET MANAGEMENT INC. </P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</B><P style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  <U>/s/ Alan R. Goodson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;</P>
</U><P style="margin-top: 0; margin-bottom: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Name: Alan R. Goodson</P>
<P style="margin-top: 0; margin-bottom: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Title: Vice President</P>

<hr>
<B><P ALIGN="CENTER">SCHEDULE B</P>
<P ALIGN="CENTER">TO THE ADMINISTRATION AGREEMENT</P>
<P ALIGN="CENTER">(Effective January 12, 2006)</P>
<P ALIGN="CENTER">Fees</P>
</B>
<P ALIGN="JUSTIFY">The Fund shall pay the Administrator a fee at an annual rate equal to 0.15% of the Fund's average weekly Managed Assets, computed based upon the value of Managed Assets determined at the end of each week.  For this purpose, "Managed Assets" shall mean net assets plus the amount of any borrowings for investment purposes.</P></BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>13
<FILENAME>posamiexk9.htm
<DESCRIPTION>SUB-ADMINISTRATION AGREEMENT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
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<P align=right>Exhibit (k)(9)</P><B>
<P align=center>SUB-ADMINISTRATION AGREEMENT</P></B>
<P>&nbsp;</P></FONT><FONT face="Courier New" size=2>
<P style="TEXT-INDENT: 70px"></FONT><FONT size=2>This SUB-ADMINISTRATION
AGREEMENT, made as of the 30th day of September 2004 between ABERDEEN ASSET
MANAGEMENT, INC., a Delaware corporation ("AAM"), and PRINCETON ADMINISTRATORS,
L.P., a Delaware limited partnership ("Princeton" or the
"Sub-administrator").</P><U>
<P align=center>WITNESSETH:</P></U>
<P align=center></P>
<P style="TEXT-INDENT: 70px">WHEREAS, AAM has agreed to provide or arrange the
provision of certain administrative services to Aberdeen Global Income Fund,
Inc, Aberdeen Asia-Pacific Income Fund, Inc. and Aberdeen Australia Equity fund,
Inc. (collectively "the Funds"), each a Maryland corporation and a
non-diversified closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the "Investment Company Act"); and
</P>
<P style="TEXT-INDENT: 70px">WHEREAS, AAM wishes to retain Princeton to perform
the administrative services contemplated by this Agreement to the Funds; </P>
<P style="TEXT-INDENT: 70px">NOW, THEREFORE, the parties hereto agree as
follows:</P></FONT>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width=590 border=0>

  <TR>
    <TD vAlign=top width="5%"><FONT size=2>1.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Duties of the
      Sub-administrator</U>. AAM hereby retains Princeton to act as
      Sub-administrator of the Funds, subject to the supervision and direction
      of AAM and the Board of Directors of the Funds as herein set forth.
      Subject to the supervision and direction of AAM, Princeton shall perform
      or arrange for the performance of the following administrative and
      clerical services: <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(a)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Calculate or arrange for the
      calculation and publication of each Funds' net asset value in accordance
      with the Funds' policy as adopted from time to time by the Board of
      Directors;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(b)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Maintain, or arrange for the
      maintenance of, certain books and records of the Funds, as mutually agreed
      upon between the parties hereto, that are required under the Investment
      Company Act;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(c)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Provide the Funds with
      administrative offices and data processing facilities as well as the
      services of persons competent to perform such administrative and clerical
      functions as are necessary to provide effective operation of the
      Funds;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(d)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Maintain the Funds' expense budget
      and monitor expense accruals;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(e)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Arrange for payment of the Funds'
      expenses, as AAM directs, which may include calculation of various
      contractual expenses of the Funds' service providers, and the review and
      approval of invoices for the Funds' account and submission to an officer
      of the Funds for authorization of payment;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(f)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Oversee and review the
      calculations of fees paid to AAM, the Sub-Administrator, the transfer
      agent and the custodian;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(g)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Compute the Funds' yield, total
      return, expense ratios and portfolio turnover rate as well as various
      statistical data as reasonably requested;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(h)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Prepare, for review and approval
      by officers of the Funds, financial information for the Funds' quarterly,
      semi-annual and annual reports, proxy statements and other communications
      with shareholders required or otherwise to be sent to the Funds'
      shareholders, and arrange for the printing and dissemination of such
      reports and communications to shareholders;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(i)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Prepare reports relating to the
      business and affairs of the Funds as may be mutually agreed upon and not
      otherwise appropriately prepared by AAM or the Funds' custodian, counsel
      or independent public accountants;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(j)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Provide the necessary financial
      information to the Funds' independent public accountants to assist them in
      the preparation of the federal, state and local income tax returns, and
      any other required tax returns, as may be mutually agreed upon. Review
      completed tax returns for accuracy and provide to AAM for review, approval
      and execution by officers of the Funds;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(k)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Calculate the Funds' annual net
      investment income (including net realized short-term capital gain) and net
      realized long-term capital gain to determine the Funds' minimum annual
      distributions to shareholders and the tax and accounting treatment of such
      distributions on a per share basis, to be reviewed by the Funds'
      independent public accountants;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(l)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Prepare, for review by an officer
      of the Funds, the Fund's periodic financial reports required to be filed
      with the Securities and Exchange Commission (the "SEC") on Form N-SAR and
      Form N-CSR and such other reports, forms or filings, as may be mutually
      agreed upon;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(m)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Prepare such financial information
      and reports as may be required by any stock exchange or exchanges on which
      the Funds' shares are listed, and such other information and reports
      required by such stock exchanges as may be mutually agreed upon;
      <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(n)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Prepare such financial information
      and reports as may be required by any banks from which the Funds borrow
      money;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(o)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Prepare reports related to the
      Funds' preferred stock, if any, as required by rating
      agencies;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(p)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Establish the timeline and
      coordinate the compilation of the quarterly Board of Directors meeting
      materials;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(q)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Coordinate the performance of
      administrative and professional services rendered to the Funds by others,
      including its custodian, registrar, transfer agent, dividend disbursing
      agent and dividend reinvestment plan agent, as well as accounting,
      auditing and such other services as may from time to time be mutually
      agreed;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(r)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Consult as necessary with the
      Funds' officers, independent public accountants, legal counsel, custodian,
      accounting agent and transfer and dividend disbursing agent in
      establishing the accounting policies of the Funds;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(s)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Review implementation of any stock
      purchase or dividend reinvestment programs authorized by the Board of
      Directors;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(t)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Provide such assistance to AAM,
      the custodian and the Funds' counsel and independent public accountants as
      generally may be reasonably required to properly carry on the business and
      operations of the Funds; and<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%"><FONT size=2>(u)</FONT></TD>
    <TD vAlign=top width="87%"><FONT size=2>Respond to, or refer to AAM, the
      Funds' officers or transfer agent, shareholder inquiries relating to the
      Funds.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="8%">&nbsp;</TD>
    <TD vAlign=top width="87%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>AAM agrees to deliver
      and to use commercially reasonable efforts to cause to be delivered, on a
      timely basis, such information to Princeton as may be necessary or
      appropriate for Princeton's performance of its duties and responsibilities
      hereunder, including but not limited to, daily records of transactions,
      valuation of investments in United States dollars (which may be based on
      information provided by a pricing service), expenses borne by the Funds,
      the Funds management letter to shareholders and such other information
      necessary for Princeton to prepare the above referenced reports and
      filings, and Princeton shall be entitled to rely on the accuracy and
      completeness of such information in performing its duties hereunder.
      <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>All services are to be
      furnished through the medium of any officer or employee of Princeton as
      the Sub-administrator deems appropriate in order to fulfill its
      obligations hereunder.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>Each party shall bear
      all its own expenses incurred in connection with this Agreement. Printing
      and dissemination expenses, such as those for reports to shareholders and
      proxy statements, shall be expenses of the
  Funds.<BR>&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width=590 border=0>

  <TR>
    <TD vAlign=top width="5%"><FONT size=2>2.</FONT></TD>
    <TD vAlign=top width="95%"><FONT size=2><U>Compensation of the
      Sub-administrator</U>. AAM will pay the Princeton a fee on the first
      business day of each calendar month for the previous month equal to the
      following;</FONT></TD></TR></TABLE><FONT size=2><I>
<P style="TEXT-INDENT: 35px"><U>Aberdeen Global Income Fund, Inc</U></I><U>.</U>
- at an annual rate equal to 0.1125% of the Fund's Managed Assets (as defined
below). Princeton will make payment to the accounting agent, from its monthly
fee, for services rendered to the Fund.</P><I>
<P style="TEXT-INDENT: 35px"><U>Aberdeen Asia-Pacific Income Fund, Inc.</I></U>
- at an annual rate equal to 0.06% of the Fund's Managed Assets (as defined
below) up to $900 million, 0.04% of such assets between $900 million and $1.75
billion and 0.03% of such assets in excess of $1.75 billion. The Fund will make
payment to the accounting agent for services rendered as previously agreed upon.
</P><I>
<P style="TEXT-INDENT: 35px"><U>Aberdeen Australia Equity Fund, Inc.</I></U> -
at an annual rate equal to 0.02% of the Fund's Managed Assets (as defined
below). The Fund will make payment to the accounting agent for services rendered
as previously agreed upon. </P>
<P style="TEXT-INDENT: 35px">For the purposes of determining fees payable to the
Sub-administrator, the value of the Fund's assets shall be computed at the times
and in the manner specified in the Fund's registration statement on Form N-2, as
amended from time to time. "Managed Assets" means the average weekly value of a
Fund's total assets minus the sum of a Fund's liabilities, which liabilities
exclude debt relating to leverage, short-term debt and the aggregate liquidation
preference of any outstanding preferred stock. Compensation by AAM to Princeton
shall commence on the 1<SUP>st</SUP> day of November 2004. In the event that
this Agreement is terminated before the end of a month, the fee shall be
pro-rated according to the proportion of the month that services were provided
and shall be payable within seven days after the date of termination of this
Agreement. </P></FONT>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width=590 border=0>

  <TR>
    <TD vAlign=top width="5%"><FONT size=2>3.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Limitation of
      Liability of the Sub-administrator,
    Indemnification</U>.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="6%"><FONT size=2>(a)</FONT></TD>
    <TD vAlign=top width="89%"><FONT size=2>Princeton may, with respect to
      questions of law, apply for and obtain the advice and opinion of legal
      counsel, and with respect to the application of generally accepted
      accounting principles or federal tax accounting principles, apply for and
      obtain the advice and opinion of accounting experts, at the reasonable
      expense of the Funds or AAM. Princeton shall obtain prior permission of
      the Funds or AAM before obtaining the advise and opinion of legal or
      accounting experts at the expense of the Funds or AAM, and shall not use
      any counsel or accounting experts to which the Funds or AAM shall
      reasonably object. Princeton shall be fully protected with respect to any
      action taken or omitted by it in good faith in conformity with this
      paragraph. <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="6%"><FONT size=2>(b)</FONT></TD>
    <TD vAlign=top width="89%"><FONT size=2>Princeton shall not be liable to
      the Funds or AAM for any action taken or omitted to be taken by Princeton
      in connection with the performance of any of its duties or obligations
      under this Agreement, and AAM shall indemnify Princeton and hold it
      harmless from and against all damages, liabilities, costs and expenses
      (including reasonable attorneys' fees and amounts reasonably paid in
      settlement) incurred by Princeton in or by reason of any pending,
      threatened or contemplated action, suit, investigation or other proceeding
      (including an action or suit by or in the right of the Funds or its
      security holders) arising out of or otherwise based upon any action
      actually or allegedly taken or omitted to be taken by Princeton in
      connection with the performance of any of its duties or obligations under
      this Agreement; provided, however, that nothing contained herein shall
      protect or be deemed to protect Princeton against or entitle or be deemed
      to entitle Princeton to indemnification in respect of any liability to
      AAM, the Funds or its security holders to which Princeton would otherwise
      be subject by reason of willful misfeasance, bad faith or gross negligence
      in the performance of its duties, or by reason of its reckless disregard
      of its duties and obligations under this Agreement. Such expenses shall be
      paid by AAM in advance of the final disposition of such matter upon
      invoice by Princeton and receipt by AAM of an undertaking Princeton to
      repay such amounts if it shall ultimately be established that the
      Princeton is not entitled to payment of such expenses
      hereunder.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="6%"><FONT size=2>(c)</FONT></TD>
    <TD vAlign=top width="89%"><FONT size=2>As used in this Paragraph 3, the
      term "Princeton" shall include any affiliates of the Sub-administrator
      performing services for the Funds contemplated hereby, and Directors,
      officers, agents and employees of the Sub-administrator or such
      affiliates.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>4.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Activities of the
      Sub-administrator. <BR>&nbsp;</U></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>The services of
      Princeton hereunder are not exclusive and nothing in this Agreement shall
      limit or restrict the right of Princeton to engage in any other business
      or to render services of any kind to any other corporation, firm,
      individual or association. Princeton shall be deemed to be an independent
      contractor, unless otherwise expressly provided or authorized by this
      Agreement.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>5.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Duration and
      termination of this Agreement</U>. <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>This Agreement shall
      become effective on the 1<SUP>st</SUP> day of November 2004 once signed by
      both parties. This Agreement may be terminated by either party hereto
      (without penalty) at any time upon not less than 60 days prior written
      notice to the other party hereto.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>6.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Amendments of this
      Agreement.</U></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>This Agreement may be
      amended by the parties hereto only if such amendment is specifically
      approved by the Board of Directors of the Funds and such amendment is set
      forth in a written instrument executed by each of the parties
      hereto.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>7.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Governing Law.
      <BR>&nbsp;</U></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>This Agreement shall be
      governed by and construed in accordance with the laws of the State of new
      York without reference to choice of law principles thereof and in
      accordance with the Investment Company Act. In the case of any conflict,
      the Investment Company Act shall control.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>8.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Counterparts</U>.
      <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2>This Agreement may be
      executed by the parties hereto in counterparts, and if executed in more
      than one counterpart, the separate instruments shall constitute one
      agreement.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>9.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Notices.</U> Any
      notice or other communication required to be given in writing pursuant to
      this Agreement shall be deemed duly given if delivered or mailed by
      registered mail, postage prepaid, (1)&nbsp;to Princeton at P.O. Box 9095,
      Princeton, New Jersey 08543-9095, Attention: Donald C. Burke, (2) to AAM
      at 300 Las Olas Place, 300 S.E. 2nd Street, Suite 820, Fort Lauderdale, FL
      33301 Attention: Beverley Hendry.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>10.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>Entire Agreement.</U>
      This Agreement sets forth the agreement and understanding of the parties
      hereto solely with respect to the matters covered hereby and the
      relationship between AAM and Princeton Administrators L.P. as
      Sub-Administrator. Nothing in this Agreement shall govern, restrict or
      limit in any respect any other business dealings between the parties
      hereto unless otherwise expressly provided herein.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><FONT size=2>11.</FONT></TD>
    <TD vAlign=top width="95%" colSpan=2><FONT size=2><U>No Assignment.</U>
      This Agreement shall not be assigned by either party without the prior
      written consent of the other, except that either party may assign the
      agreement to another party if such assignment is to a party controlling,
      controlled by or under common control with the assigning party.
  </FONT></TD></TR></TABLE><FONT size=2>
<P>IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.</P></FONT>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width=523 border=0>

  <TR>
    <TD vAlign=top width="19%">&nbsp;</TD>
    <TD vAlign=top width="81%"><FONT size=2>ABERDEEN ASSET MANAGEMENT, INC.
      <P>By <U>/s/ Beverly Hendry</P></U>
      <P>Title: <U>Director</P></U>
      <P></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="19%">&nbsp;</TD>
    <TD vAlign=top width="81%"><FONT size=2>PRINCETON ADMINISTRATORS, L.P.
      <P>By <U>/s/ Donald C. Burke</P></U>
      <P>Title: <U>Senior Vice President</U></FONT></P></TD></TR></TABLE><FONT
size=2>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>14
<FILENAME>posamiexk10.htm
<DESCRIPTION>STOCK TRANSFER AGENCY AGREEMENT
<TEXT>
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<P align=right><FONT size=2>Exhibit (k)(10)</FONT></P><B>
<P align=center><FONT size=2>STOCK TRANSFER AGENCY AGREEMENT</FONT></P></B>
<P><FONT size=2>AGREEMENT, made as of July 19, 2004 by and between ABERDEEN
GLOBAL INCOME FUND, INC., a corporation organized and existing under the laws of
the State of Maryland (hereinafter referred to as the "Customer"), and THE BANK
OF NEW YORK, a New York trust company (hereinafter referred to as the "Bank").
Schedule I is deemed a part of this Agreement and all activities contained in
Schedule I are subject to the provisions of this Agreement.</FONT></P>
<P align=center><FONT size=2>W I T N E S S E T H:</FONT></P>
<P><FONT size=2>That for and in consideration of the mutual promises hereinafter
set forth, the parties hereto covenant and agree as follows:</FONT></P><B>
<P align=center><FONT size=2>ARTICLE I<BR></FONT><U><FONT
size=2>DEFINITIONS</FONT></P></U></B>
<P><FONT size=2>Whenever used in this Agreement, the following words and phrases
shall have the following meanings:</FONT></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Business Day"
shall be deemed to be each day on which the Bank is open for
business.</FONT></P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Certificate" shall
mean any notice, instruction, or other instrument in writing, authorized or
required by this Agreement to be given to the Bank by the Customer which is
signed by any Officer, as hereinafter defined, and actually received by the
Bank.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Officer" shall be
deemed to be the Customer's Chief Executive Officer, President, any Vice
President, the Secretary, the Treasurer, the Controller, any Assistant
Treasurer, and any Assistant Secretary (a) duly authorized by the Board of
Directors of the Customer to execute any Certificate on behalf of the Customer
and (b) named in a Certificate, as such Certificate may be amended from time to
time.</FONT></P>
<P><FONT size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Opinion of
Counsel" shall be deemed to be (1) an opinion of counsel for the Customer, in a
form reasonably satisfactory to the Bank, with respect to the validity of the
authorized and outstanding Shares, the obtaining of all necessary governmental
consents, whether such Shares are fully paid and non-assessable and the status
of such Shares under the Securities Act of 1933, as amended ("1933 Act"), and
any other applicable law or regulation (i.e., if subject to registration, that
they have been registered and that the Registration Statement has become
effective or, if exempt, the specific grounds therefor), or (2) a letter from
counsel for the Customer, in a form reasonably satisfactory to the Bank,
permitting the Bank to rely on an opinion of counsel containing such counsel's
opinion with respect to the matters indicated in (i) above, to the extent
applicable, addressed to the Customer or an underwriter in connection with a
transaction that increases or decreases the number of Shares
outstanding.</FONT></P>
<P><FONT size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Shares" shall mean
all or any part of each class of the shares of capital stock of the Customer
which from time to time are authorized and/or issued by the Customer, with
respect to which the Bank is to act hereunder.</FONT></P><B>
<P align=center><FONT size=2>ARTICLE II<BR></FONT><U><FONT size=2>APPOINTMENT OF
BANK</FONT></P></U></B>
<P></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Customer hereby
constitutes and appoints the Bank as its agent to perform the services described
herein and as more particularly described in Schedule I attached hereto (the
"Services"), and the Bank hereby accepts appointment as such agent and agrees to
perform the Services in accordance with the terms hereinafter set
forth.</FONT></P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with
such appointment, the Customer shall deliver the following documents to the
Bank:</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certified copy of the
Certificate of Incorporation or other document evidencing the Customer's form of
organization (the "Charter") and all amendments thereto;</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certified copy of the By-Laws of
the Customer;</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certified copy of a resolution
of the Board of Directors of the Customer appointing the Bank to perform the
Services and authorizing the execution and delivery of this
Agreement;</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Certificate signed by the
Secretary of the Customer specifying: (i) the number of authorized Shares, (ii)
the number of such authorized Shares issued and currently outstanding, and (iii)
the names and specimen signatures of all persons duly authorized by the Board of
Directors of the Customer to execute any Certificate on behalf of the Customer,
as such Certificate may be amended from time to time;</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Specimen Share certificate for
each class of Shares in the form approved by the Board of Directors of the
Customer, together with a Certificate signed by the Secretary of the Customer as
to such approval and covenanting to supply a new Certificate and specimen
whenever such form shall change; </FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Opinion of Counsel;</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A list containing the following
information as of _________, 2004: (i) the name, address, social security or
taxpayer identification number of each Shareholder, (ii) the number of Shares
owned by each Shareholder, (iii) certificate numbers with respect to any
certificated Shares held by each Shareholder, and (iv) whether any "stops" have
been placed; and</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An opinion of counsel for the
Customer, in a form satisfactory to the Bank, with respect to the due
authorization by the Customer and the validity and effectiveness of the use of
facsimile signatures by the Bank in connection with the countersigning and
registering of Share certificates of the Customer.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Customer
shall furnish the Bank with a sufficient supply of blank Share certificates and
from time to time will renew such supply upon request of the Bank. Such blank
Share certificates shall be properly signed, by facsimile or otherwise, by
Officers of the Customer authorized by law or by the By-Laws to sign Share
certificates, and, if required, shall bear the corporate seal or a facsimile
thereof.</FONT></P><B>
<P align=center><FONT size=2>ARTICLE III<BR></FONT><U><FONT size=2>ISSUANCE AND
TRANSFER OF SHARES</FONT></P></U></B>
<P align=center></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior to the
issuance of any additional Shares, and prior to any reduction in the number of
Shares outstanding, the Customer shall deliver an Opinion of Counsel to the
Bank.</FONT></P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank will issue
Share certificates upon receipt of a Certificate from an Officer, but shall not
be required to issue Share certificates after it has received from an
appropriate federal or state authority written notification that the sale of
Shares has been suspended or discontinued, and the Bank shall be entitled to
rely upon such written notification. The Bank shall not be responsible for the
payment of any original issue or other taxes required to be paid by the Customer
in connection with the issuance of any Shares.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares will
be transferred upon presentation to the Bank of Share certificates in form
deemed by the Bank properly endorsed for transfer, accompanied by such documents
as the Bank deems necessary to evidence the authority of the person making such
transfer, and bearing satisfactory evidence of the payment of applicable stock
transfer taxes. In the case of small estates where no administration is
contemplated, the Bank may, when furnished with an appropriate surety bond, and
without further approval of the Customer, transfer Shares registered in the name
of the decedent where the current market value of the Shares being transferred
does not exceed such amount as may from time to time be prescribed by the
various states. The Bank reserves the right to refuse to transfer Shares until
it is satisfied that the endorsements on Share certificates are valid and
genuine, and for that purpose it may require, unless otherwise instructed by an
Officer of the Customer, a guaranty of signature by an "eligible guarantor
institution" meeting the requirements of the Bank, which requirements include
membership or participation in STAMP or such other "signature guarantee program"
as may be determined by the Bank in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. The Bank
also reserves the right to refuse to transfer Shares until it is satisfied that
the requested transfer is legally authorized, and it shall incur no liability
for the refusal in good faith to make transfers which the Bank, in its
reasonable judgment, deems improper or unauthorized, or until it is satisfied
that there is no basis to any claims adverse to such transfer. The Bank may, in
effecting transfers of Shares, rely upon those provisions of the Uniform Act for
the Simplification of Fiduciary Security Transfers or the Uniform Commercial
Code, as the same may be amended from time to time, applicable to the transfer
of securities, and the Customer shall indemnify the Bank for any act done or
omitted by it in good faith in reliance upon such laws.</FONT></P>
<P><FONT size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All
certificates representing Shares that are subject to restrictions on transfer
(e.g., securities acquired pursuant to an investment representation, securities
held by controlling persons, securities subject to stockholders' agreement,
etc.), shall be stamped with a legend describing the extent and conditions of
the restrictions or referring to the source of such restrictions. The Bank
assumes no responsibility with respect to the transfer of restricted securities
where counsel for the Customer advises that such transfer may be properly
effected.</FONT></P><B>
<P align=center><FONT size=2>ARTICLE IV<BR></FONT><U><FONT size=2>DIVIDENDS AND
DISTRIBUTIONS</FONT></P></U></B>
<P align=center></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Customer
shall furnish to the Bank a copy of a resolution of its Board of Directors,
certified by the Secretary or any Assistant Secretary, either (i) setting forth
the date of the declaration of a dividend or distribution, the date of accrual
or payment, as the case may be, the record date as of which shareholders
entitled to payment, or accrual, as the case may be, shall be determined, the
amount per Share of such dividend or distribution, the payment date on which all
previously accrued and unpaid dividends are to be paid, and the total amount, if
any, payable to the Bank on such payment date, or (ii) authorizing the
declaration of dividends and distributions on a periodic basis and authorizing
the Bank to rely on a Certificate setting forth the information described in
subsection (i) of this paragraph.</FONT></P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior to the
payment date specified in such Certificate or resolution, as the case may be,
the Customer shall, in the case of a cash dividend or distribution, pay to the
Bank an amount of cash, sufficient for the Bank to make the payment, specified
in such Certificate or resolution, to the shareholders of record as of such
payment date. The Bank will, upon receipt of any such cash, (i) in the case of
shareholders who are participants in a dividend reinvestment and/or cash
purchase plan of the Customer, reinvest such cash dividends or distributions in
accordance with the terms of such plan, and (ii) in the case of shareholders who
are not participants in any such plan, make payment of such cash dividends or
distributions to the shareholders of record as of the record date by mailing a
check, payable to the registered shareholder, to the address of record or
dividend mailing address. The Bank shall not be liable for any improper payment
made in accordance with a Certificate or resolution described in the preceding
paragraph. If the Bank shall not receive sufficient cash prior to the payment
date to make payments of any cash dividend or distribution pursuant to
subsections (i) and (ii) above to all shareholders of the Customer as of the
record date, the Bank shall, upon notifying the Customer, withhold payment to
all shareholders of the Customer as of the record date until sufficient cash is
provided to the Bank.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is
understood that the Bank shall in no way be responsible for the determination of
the rate or form of dividends or distributions due to the
shareholders.</FONT></P>
<P><FONT size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is
understood that the Bank shall file such appropriate information returns
concerning the payment of dividends and distributions with the proper federal,
state and local authorities as are required by law to be filed by the Customer
but shall in no way be responsible for the collection or withholding of taxes
due on such dividends or distributions due to shareholders, except and only to
the extent required of it by applicable law.</FONT></P><B>
<P align=center><FONT size=2>ARTICLE V<BR></FONT><U><FONT size=2>CONCERNING THE
CUSTOMER</FONT></P></U></B>
<P align=center></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Customer shall
promptly deliver to the Bank written notice of any change in the Officers
authorized to sign Share certificates, Certificates, notifications or requests,
together with a specimen signature of each new Officer. In the event any Officer
who shall have signed manually or whose facsimile signature shall have been
affixed to blank Share certificates shall die, resign or be removed prior to
issuance of such Share certificates, the Bank may issue such Share certificates
as the Share certificates of the Customer notwithstanding such death,
resignation or removal, and the Customer shall promptly deliver to the Bank such
approvals, adoptions or ratifications as may be required by law.</FONT></P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each copy of the
Charter of the Customer and copies of all amendments thereto shall be certified
by the Secretary of State (or other appropriate official) of the state of
incorporation, and if such Charter and/or amendments are required by law also to
be filed with a county or other officer or official body, a certificate of such
filing shall be filed with a certified copy submitted to the Bank. Each copy of
the By-Laws and copies of all amendments thereto, and copies of resolutions of
the Board of Directors of the Customer, shall be certified by the Secretary or
an Assistant Secretary of the Customer under the corporate seal.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer hereby
represents and warrants:</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is a corporation duly
organized and validly existing under the laws of Maryland.</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is a closed-end,
non-diversified management investment company registered under the Investment
Company Act of 1940, as amended (the "1940 Act").</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement has been duly
authorized, executed and delivered on its behalf and constitutes the legal,
valid and binding obligation of Customer. The execution, delivery and
performance of this Agreement by Customer do not and will not violate any
applicable law or regulation and do not require the consent of any governmental
or other regulatory body except for such consents and approvals as have been
obtained and are in full force and effect.</FONT></P>
<P><FONT
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Shares issued and outstanding
as of the date of this Agreement were issued pursuant to an effective
registration statement under the 1933 Act<FONT size=2>, or were subject to an
exemption from the regulatory requirements of the 1933 Act. Any Shares issued
after the date hereof will be issued pursuant to an effective registration under
the 1933 Act, or such Shares will be subject to an exemption from the
registration requirements of the 1933 Act. Additionally, all appropriate state
securities law filings have been made with respect to Shares currently issued
and outstanding as of the date of this Agreement or will be made with respect to
Shares to be issued after the date hereof. Any information to the contrary will
result in immediate notification to the Bank.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All outstanding Shares are validly
issued, fully paid and non-assessable and when Shares are hereafter issued in
accordance with the terms of the Customer's Charter and By-Laws and the
registration statements with respect to those Shares, such Shares, when issued,
shall be validly issued, fully paid and non-assessable.</P><B>
<P align=center><FONT size=2>ARTICLE VI<BR></FONT><U>CONCERNING THE
BANK</P></U></B>
<P align=center></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank represents
and warrants to the Customer that:</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is a New York banking
association with trust powers existing and in good standing under the laws of
the <FONT size=2>State of New York.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement has been duly
authorized, executed and delivered on its behalf and constitutes the legal,
valid and binding obligation of the Bank. The execution, delivery and
performance of this Agreement by the Bank do not and will not violate any
applicable law or regulation and do not require the consent of any governmental
or other regulatory body except for such consents and approvals as have been
obtained and are in full force and effect.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It will maintain its registration
as a transfer agent as provided in Section 17A(c) of the Securities Exchange Act
of 1934, as amended, (the "1934 Act"),<FONT size=2> and shall comply with all
applicable provisions of Section 17A of the 1934 Act and the rules promulgated
thereunder, as may be amended from time to time, including rules relating to
record retention.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall create and maintain all
records required of it pursuant to its duties hereunder and as set forth in
Schedule I in accordance with all applicable laws, rules and regulations,
including records required by Section 31(a) of the 1940 Act, and the rules
thereunder. Where applicable, such records shall be maintained by the Bank for
the periods and in the places required by Rule 31a-2 under the 1940 Act. To the
extent required by Section 31 of the 1940 Act and the rules thereunder, all such
records prepared or maintained by the Bank relating to the services to be
performed by the Bank hereunder are the property of the Customer and will be
preserved, maintained and made available in accordance with such Section and
Rules, and will be surrendered promptly to the Customer on and in accordance
with its request.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It has and will continue to have
access to the necessary facilities, equipment and personnel to perform its
duties and obligations under this Agreement. </P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
shall not be liable and shall be fully protected in acting upon any oral
instruction, writing or document reasonably believed by it to be genuine and to
have been given, signed or made by the proper person or persons and shall not be
held to have any notice of any change of authority of any person until receipt
of written notice thereof from an Officer of the Customer. It shall also be
protected in processing Share certificates which it reasonably believes to bear
the proper manual or facsimile signatures of the duly authorized Officer or
Officers of the Customer and the proper countersignature of the Bank.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank may
establish such additional procedures, rules and regulations governing the
transfer or registration of Share certificates as it may deem advisable and
consistent with such rules and regulations generally adopted by bank transfer
agents.</FONT></P>
<P><FONT size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank may
keep such records as it deems advisable but not inconsistent with resolutions
adopted by the Board of Directors of the Customer. The Bank may deliver to the
Customer from time to time at its discretion, for safekeeping or disposition by
the Customer in accordance with law, such records, papers, and Share
certificates which have been cancelled in transfer or exchange and other
documents accumulated in the execution of its duties hereunder as the Bank may
deem expedient, other than those which the Bank is itself required to maintain
pursuant to applicable laws and regulations, and the Customer shall assume all
responsibility for any failure thereafter to produce any record, paper,
cancelled Share certificate or other document so returned, if and when required.
The records maintained by the Bank pursuant to this paragraph which have not
been previously delivered to the Customer pursuant to the foregoing provisions
of this paragraph shall be considered to be the property of the Customer, shall
be made available upon request for inspection by the Officers, employees and
auditors of the Customer, and shall be delivered to the Customer upon request
and in any event upon the date of termination of this Agreement, as specified in
Article VII of this Agreement, in the form and manner kept by the Bank on such
date of termination or such earlier date as may be requested by the
Customer.</FONT></P>
<P><FONT size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank may
employ agents or attorneys-in-fact at the expense of the Customer, and shall not
be liable for any loss or expense arising out of, or in connection with, the
actions or omissions to act of its agents or attorneys-in-fact, so long as the
Bank acts in good faith and without negligence or willful misconduct in
connection with the selection of such agents or attorneys-in-fact.</FONT></P>
<P><FONT size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
shall only be liable for any loss or damage arising out of its own negligence or
willful misconduct of its duties under this Agreement; provided, however, that
the Bank shall not be liable for any indirect, special, punitive or
consequential damages.</FONT></P>
<P><FONT size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Customer
shall indemnify and hold harmless the Bank from and against any and all claims
(whether with or without basis in fact or law), costs, demands, expenses and
liabilities, including reasonable attorney's fees, which the Bank may sustain or
incur or which may be asserted against the Bank except for any liability which
the Bank has assumed pursuant to the immediately preceding section. The Bank
shall be deemed not to have acted with negligence and not to have engaged in
willful misconduct by reason of or as a result of any action taken or omitted to
be taken by the Bank without its own negligence or willful misconduct in
reliance upon (i) any provision of this Agreement, (ii) any instrument, order or
Share certificate reasonably believed by it to be genuine and to be signed,
countersigned or executed by any duly authorized Officer of the Customer, (iii)
any Certificate or other instructions of an Officer, (iv) any opinion of legal
counsel for the Customer or the Bank, or (v) any law, act, regulation or any
interpretation of the same effective at the time of such reliance. Nothing
contained herein shall limit or in any way impair the right of the Bank to
indemnification under any other provision of this Agreement.</FONT></P>
<P><FONT size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specifically,
but not by way of limitation, the Customer shall indemnify and hold harmless the
Bank from and against any and all claims (whether with or without basis in fact
or law), costs, demands, expenses and liabilities, including reasonable
attorney's fees, of any and every nature which the Bank may sustain or incur or
which may be asserted against the Bank in connection with the genuineness of a
Share certificate, the Bank's due authorization by the Customer to issue Shares
and the form and amount of authorized Shares.</FONT></P>
<P><FONT size=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an action,
claim or legal proceeding (collectively "Proceeding") shall be brought or
asserted against the Bank in respect of which indemnity may be sought by the
Bank pursuant to the preceding paragraph, the Bank shall promptly (and in no
event more than ten (10) days after receipt of notice of such Proceeding) notify
the Customer of such Proceeding. The failure of the Bank to so notify the
Customer shall not impair the Bank's ability to seek indemnification from the
Customer (but only for costs, expenses and liabilities incurred after such
notice) unless such failure adversely affects the Customer's ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from
the Bank, the Customer shall be entitled to participate in such Proceeding and,
to the extent that it shall so desire and provided no conflict of interest
exists as specified in subparagraph (b) below or there are no other defenses
available to the Bank as specified in subparagraph (d) below, to assume the
defense thereof with counsel reasonably satisfactory to the Bank (in which case
all attorney's fees and expenses shall be borne by the Customer) and the
Customer shall in good faith defend the Bank. The Bank shall have the right to
employ separate counsel in any such Proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be borne by the Bank
unless (a) the Customer agrees in writing to pay such fees and expenses, (b) the
Bank shall have reasonably and in good faith concluded that there is a conflict
of interest between the Customer and the Bank in the conduct of the defense of
such action, which the parties are not willing to waive, (c) the Customer fails,
within ten (10) days prior to the date the first response or appearance is
required to be made in such Proceeding, to assume the defense of such Proceeding
with counsel reasonably satisfactory to the Bank, or (d) there are legal
defenses available to the Bank that are different from or are in addition to
those available to the Customer.</FONT></P>
<P><FONT size=2>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
shall not incur any liability hereunder if by reason of any act of God or war or
other circumstances beyond its control, it, or its employees, officers or
directors shall be prevented, delayed or forbidden from, or be subject to any
civil or criminal penalty on account of, doing or performing any act or thing
which by the terms of this Agreement it is provided shall be done or performed
or by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of this Agreement it is
provided shall or may be done or performed, provided that the Bank maintains and
implements a disaster recovery plan designed to comply with applicable banking
regulations.</FONT></P>
<P><FONT size=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time
the Bank may apply to an Officer of the Customer for written instructions with
respect to any matter arising in connection with the Bank's duties and
obligations under this Agreement, and the Bank shall not be liable for any
action taken or omitted to be taken by the Bank in good faith in accordance with
such instructions. Such application by the Bank for instructions from an Officer
of the Customer may, at the option of the Bank, set forth in writing any action
proposed to be taken or omitted to be taken by the Bank with respect to its
duties or obligations under this Agreement and the date on and/or after which
such action shall be taken, and the Bank shall not be liable for any action
taken or omitted to be taken in accordance with a proposal included in any such
application on or after the date specified therein unless, prior to taking or
omitting to take any such action, the Bank has received written instructions in
response to such application specifying the action to be taken or omitted. The
Bank may consult counsel to the Customer or its own counsel, at the reasonable
expense of the Customer, and shall be fully protected with respect to anything
done or omitted by it in good faith in accordance with the advice or opinion of
such counsel.</FONT></P>
<P><FONT size=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When mail is
used for delivery of non-negotiable Share certificates, the value of which does
not exceed the limits of the Bank's Blanket Bond, the Bank shall send such
non-negotiable Share certificates by first class mail, and such deliveries will
be covered while in transit by the Bank's Blanket Bond. Non-negotiable Share
certificates, the value of which exceed the limits of the Bank's Blanket Bond,
will be sent by insured registered mail. Negotiable Share certificates will be
sent by insured registered mail. The Bank shall advise the Customer of any Share
certificates returned as undeliverable after being mailed as herein provided
for.</FONT></P>
<P><FONT size=2>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank may
issue new Share certificates in place of Share certificates represented to have
been lost, stolen or destroyed upon receiving instructions in writing from an
Officer and indemnity satisfactory to the Bank. Such instructions from the
Customer shall be in such form as approved by the Board of Directors of the
Customer in accordance with applicable law or the By-Laws of the Customer
governing such matters. If the Bank receives written notification from the owner
of the lost, stolen or destroyed Share certificate within a reasonable time
after he has notice of it, the Bank shall promptly notify the Customer and shall
act pursuant to written instructions signed by an Officer. If the Customer
receives such written notification from the owner of the lost, stolen or
destroyed Share certificate within a reasonable time after he has notice of it,
the Customer shall promptly notify the Bank and the Bank shall act pursuant to
written instructions signed by an Officer. The Bank shall not be liable for any
act done or omitted by it pursuant to the written instructions described herein.
The Bank may issue new Share certificates in exchange for, and upon surrender
of, mutilated Share certificates.</FONT></P>
<P><FONT size=2>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
will issue and mail subscription warrants for Shares, Shares representing stock
dividends, exchanges or splits, or act as conversion agent upon receiving
written instructions from an Officer and such other documents as the Bank may
deem necessary.</FONT></P>
<P><FONT size=2>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
will supply shareholder lists to the Customer from time to time upon receiving a
request therefor from an Officer of the Customer.</FONT></P>
<P><FONT size=2>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
agrees that all books, records, information and data pertaining to the business
of the Customer or its prior, present or potential shareholders which are
exchanged or received pursuant to the negotiation or the carrying out of this
Agreement shall remain confidential, shall be used only for the purposes
contemplated by this Agreement, and shall not be voluntarily disclosed to any
other person, except as may be requested by a governmental entity or as may be
required by law or which the Bank deems in its sole discretion to be necessary
for the performance of the services (including provision of such information to
agents of the Bank such as auditors and attorneys on a need to know
basis)</FONT><FONT size=2>. The foregoing shall not apply to information which
(a) is in the public domain at the time of the disclosure, (b) becomes known to
the Bank from a third party without restriction, (c) is independently developed
by the Bank, or (d) is approved for release by written authorization of the
Customer. In case of any requests or demands for the inspection of the
shareholder records of the Customer, the Bank will notify the Customer and
endeavor to secure instructions from an Officer as to such inspection. The Bank
reserves the right, however, to exhibit the shareholder records to any person
whenever it is advised by its counsel that there is a reasonable likelihood that
the Bank will be held liable for the failure to exhibit the shareholder records
to such person.</FONT></P>
<P><FONT size=2>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the
request of an Officer, the Bank will address and mail such appropriate notices
to shareholders as the Customer may direct.</FONT></P>
<P><FONT size=2>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any provisions of this Agreement to the contrary, the Bank shall
be under no duty or obligation to inquire into, and shall not be liable
for:</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The legality of the issue, sale or
transfer of any Shares, the sufficiency of the amount to be received in
connection therewith, or the authority of the Customer to request such issuance,
sale or transfer;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The legality of the purchase of
any Shares, the sufficiency of the amount to be paid in connection therewith, or
the authority of the Customer to request such purchase;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The legality of the declaration of
any dividend by the Customer, or the legality of the issue of any Shares in
payment of any stock dividend; or</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The legality of any
recapitalization or readjustment of the Shares.</P>
<P><FONT size=2>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
shall be entitled to receive and the Customer hereby agrees to pay to the Bank
for its performance hereunder (i) reasonable and documented out-of-pocket
expenses (including reasonable legal expenses and reasonable attorney's fees)
incurred in connection with this Agreement and its performance hereunder, and
(ii) the compensation for services as set forth in Schedule I.</FONT></P>
<P><FONT size=2>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
shall not be responsible for any money, whether or not represented by any check,
draft or other instrument for the payment of money, received by it on behalf of
the Customer, until the Bank actually receives and collects such
funds.</FONT></P>
<P><FONT size=2>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank
shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement, and no
covenant or obligation shall be implied against the Bank in connection with this
Agreement.</FONT></P><B>
<P align=center><FONT size=2>ARTICLE VII<BR></FONT><U>TERMINATION</P></U></B>
<P align=center></P>
<P><FONT size=2>Either of the parties hereto may terminate this Agreement,
except as otherwise provided in this Article VII, by giving to the other party a
notice in writing specifying the date of such termination, which shall be not
less than 60 days after the date of receipt of such notice. In the event such
notice is given by the Customer, it shall be accompanied by a copy of a
resolution of the Board of Directors of the Customer, certified by its
Secretary, electing to terminate this Agreement and designating a successor
transfer agent or transfer agents. In the event such notice is given by the
Bank, the Customer shall, on or before the termination date, deliver to the Bank
a copy of a resolution of its Board of Directors certified by its Secretary
designating a successor transfer agent or transfer agents. In the absence of
such designation by the Customer, the Bank may designate a successor transfer
agent. If the Customer fails to designate a successor transfer agent and if the
Bank is unable to find a successor transfer agent, the Customer shall, upon the
date specified in the notice of termination of this Agreement and delivery of
the records maintained hereunder, be deemed to be its own transfer agent and the
Bank shall thereafter be relieved of all duties and responsibilities hereunder,
provided, however, that in such event, the date of termination shall be not less
than 120 days after the customer's receipt of such notice. Upon termination
hereof, the Customer shall pay to the Bank such compensation as may be due to
the Bank as of the date of such termination, and shall reimburse the Bank for
any reasonable and documented disbursements and expenses made or incurred by the
Bank and payable or reimbursable hereunder. The Bank shall, promptly upon such
termination, transfer all records and shall cooperate in the transfer of such
duties and responsibilities.</FONT></P><B>
<P align=center><FONT size=2>ARTICLE VIII<BR></FONT><U>MISCELLANEOUS</P></U></B>
<P align=center></P>
<P><FONT size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnities and
confidentiality provisions contained herein shall be continuing obligations of
the Customer, its successors and assigns, notwithstanding the termination of
this Agreement.</FONT></P>
<P><FONT size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice or
other instrument in writing, authorized or required by this Agreement to be
given to the Customer shall be sufficiently given if addressed to the Customer
and mailed or delivered to it at 300 SE 2nd Street, Suite 820, Ft. Lauderdale,
FL 33301 or at such other place as the Customer may from time to time designate
in writing.</FONT></P>
<P><FONT size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice or
other instrument in writing, authorized or required by this Agreement to be
given to the Bank shall be sufficiently given if addressed to the Bank and
mailed or delivered to it at its office at 101 Barclay Street (11E), New York,
New York 10286 or at such other place as the Bank may from time to time
designate in writing.</FONT></P>
<P><FONT size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Agreement may not be amended or modified in any manner except by a written
agreement duly authorized and executed by both parties. Any duly authorized
Officer may amend any Certificate naming Officers authorized to execute and
deliver Certificates.</FONT></P>
<P><FONT size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Agreement shall extend to and shall be binding upon the parties hereto and their
respective successors and assigns; provided, however, that this Agreement shall
not be assignable by either party without the prior written consent of the other
party, and provided, further, that any reorganization, merger, consolidation, or
sale of assets, by the Bank shall not be deemed to constitute an assignment of
this Agreement, provided that the surviving entity is duly registered as a
transfer agent pursuant to Section 17A(c)(2) of the 1934 Act and is qualified to
perform all duties required under this Agreement.</FONT></P>
<P><FONT size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York. The parties agree that, all actions and proceedings arising
out of this Agreement or any of the transactions contemplated hereby, shall be
brought in the United States District Court for the Southern District of New
York or in a New York State Court in the County of New York and that, in
connection with any such action or proceeding, submit to the jurisdiction of,
and venue in, such court. Each of the parties hereto also irrevocably waives all
right to trial by jury in any action, proceeding or counterclaim arising out of
this Agreement or the transactions contemplated hereby.</FONT></P>
<P><FONT size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Agreement may be executed in any number of counterparts each of which shall be
deemed to be an original; but such counterparts, together, shall constitute only
one instrument.</FONT></P>
<P><FONT size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
provisions of this Agreement are intended to benefit only the Bank and the
Customer, and no rights shall be granted to any other person by virtue of this
Agreement.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective corporate officers, thereunto duly authorized and their respective
corporate seals to be hereunto affixed, as of the day and year first above
written.</P>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width=748>

  <TR>
    <TD vAlign=top width=184>&nbsp;</TD>
    <TD vAlign=top width=241><FONT size=2>Attest:</FONT></TD>
    <TD vAlign=top width=323><FONT size=2>ABERDEEN GLOBAL INCOME FUND,
      INC.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width=184>&nbsp;</TD>
    <TD vAlign=top width=241><U><A name=_DV_M104><FONT size=2>/s/ Rosanne M.
      Dolan</FONT></U></A></TD>
    <TD vAlign=top width=323><FONT size=2>By:&nbsp; </FONT><U><FONT size=2>/s/
      Timothy P. Sullivan<BR></FONT></U><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Name: <U>Timothy P.
      Sullivan<BR>&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Title: <U>Assistant Treasurer</U></FONT></TD></TR>
  <TR>
    <TD vAlign=top width=184>&nbsp;</TD>
    <TD vAlign=top width=241>&nbsp;</TD>
    <TD vAlign=top width=323>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=184>&nbsp;</TD>
    <TD vAlign=top width=241>&nbsp;</TD>
    <TD vAlign=top width=323>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width=184>&nbsp;</TD>
    <TD vAlign=top width=241><FONT size=2>Attest:</FONT></TD>
    <TD vAlign=top width=323><FONT size=2>THE BANK OF NEW
    YORK<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width=184>&nbsp;</TD>
    <TD vAlign=top width=241><U><FONT size=2>/s/ Antoinette T.
    Meek</FONT></U></TD>
    <TD vAlign=top width=323><FONT size=2>By: </FONT><U><FONT size=2>/s/
      Annette Hogan<BR></FONT></U><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Name: </FONT><U><FONT size=2>Annette Hogan<BR></FONT></U><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Title: </FONT><U><FONT size=2>Assistant VP</FONT></U></TD></TR></TABLE>
<P></P><B>
<HR>

<P
align=left><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NON-PROFILE</P></B><U>
<P align=justify><FONT
size=2>___________________________________________________________________________________________</FONT></P></U>
<P align=center><FONT size=2>STOCK TRANSFER AGENCY AGREEMENT</FONT></P>
<P align=center><FONT size=2>between</FONT></P>
<P align=center><FONT
size=2>___________________________________________________</FONT></P>
<P align=center><FONT size=2>ABERDEEN GLOBAL INCOME FUND, INC.</FONT></P>
<P align=center><FONT size=2>and</FONT></P>
<P align=center><FONT size=2>THE BANK OF NEW YORK</FONT></P>
<P align=center><FONT size=2>Dated as of ______________________, 20__</FONT></P>
<P align=center><FONT size=2>ACCOUNT NUMBER(S)
___________________________</FONT></P><U>
<P><FONT
size=2>______________________________________________________________________________________________</FONT></P></U>
<P></P></FONT></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>15
<FILENAME>posamiexk11.htm
<DESCRIPTION>AMENDED STOCK TRANSFER AGENCY AGREEMENT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
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<HTML><HEAD>
<META content="Microsoft FrontPage 5.0" name=GENERATOR>
<META content=FrontPage.Editor.Document name=ProgId></HEAD>
<BODY><FONT size=2>
<P align=right>Exhibit (k)(11)</P><U><B>
<P align=center>AMENDMENT TO STOCK TRANSFER AGENCY AGREEMENT</P></B></U>
<P>Reference is made to the Stock Transfer Agency Agreement dated as of July 19,
2004, between Aberdeen Global Income Fund, Inc. and The Bank of New York
("Agreement").</P>
<P>The parties hereby agree that the Agreement became effective as of July 26,
2004.</P>
<P>IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the
Agreement to be duly executed effective as of this 10 day of Nov, 2004.</P>
<P>&nbsp;</P></FONT>
<TABLE style="BORDER-COLLAPSE: collapse" borderColor=#111111 cellSpacing=0
cellPadding=0 width=638 border=0>

  <TR>
    <TD vAlign=top width="41%">&nbsp;</TD>
    <TD vAlign=top width="59%" colSpan=2><B><FONT size=2>Aberdeen Global
      Income Fund, Inc.</B>
      <P></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="50%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top width="50%"><FONT size=2>By: <U>/s/ Timothy P.
      Sullivan<BR></U>Name: Timothy P. Sullivan<BR>Title: Assistant
      Treasurer</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="50%" colSpan=2>&nbsp;
      <P>&nbsp;</P></TD>
    <TD vAlign=top width="50%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="41%">&nbsp;</TD>
    <TD vAlign=top width="59%" colSpan=2><B><FONT size=2>The Bank of New
      York</B>
      <P></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="50%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top width="50%"><FONT size=2>By: <U>/s/ Annette
      Hogan</U><BR>Name: Annette Hogan<BR>Title: Assistant
  VP<B></B></FONT></TD></TR></TABLE><FONT size=2>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2M CNSNT SRVCE
<SEQUENCE>16
<FILENAME>posamiexm1.htm
<DESCRIPTION>FORM ADV NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>Exhibit (m)(2)</TITLE>
</HEAD>
<BODY VLINK="#800080">

<B><FONT SIZE=3><P ALIGN="RIGHT">Exhibit (m)(1)</P>
</B><I><P>NON-RESIDENT</I> INVESTMENT ADVISER EXECUTION PAGE </P>
<P>You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial application for SEC registration and all amendments to registration.</P>

<P>1. Appointment of Agent for Service of Process</P>

<P>By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or other legally designated officer, of any other state in which you are submitting a <I>notice filing</I>, as your agents to receive service, and agree that such <I>persons</I> may accept service on your behalf, of any notice, subpoena, summons, <I>order</I> instituting <I>proceedings</I>, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative <I>proceeding</I> or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, <I>proceeding</I>, or arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is <I>founded</I>, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a <I>notice filing</I>.</P>

<P>2. Appointment and Consent: Effect on Partnerships</P>

<P>If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws from or is admitted to the partnership, provided that the admission or withdrawal does not create a new partnership. If the partnership dissolves, this irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your former partners.</P>

<P>3. <I>Non-Resident</I> Investment Adviser Undertaking Regarding Books and Records</P>

<P>By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in Washington D.C., at any Regional or District Office of the Commission, or at any one of its offices in the United States, as specified by the Commission, correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking shall be binding upon you, your heirs, successors and assigns, and any <I>person</I> subject to your written irrevocable consents or powers of attorney or any of your general partners and <I>managing agents</I>.</P>

<P>Signature</P>

<P>I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the <I>non-resident</I> investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.</P>

<P>I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any <I>person</I> having custody or possession of these books and records to make them available to federal and state regulatory representatives. </P>
</FONT>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=829 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="268" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Signature:</P>
<P style="margin-top: 0; margin-bottom: 0">/s/ LOW HON-YU</FONT></P>
  </TD>
<TD WIDTH="561" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Date: MM/DD/YYYY</P>
<P style="margin-top: 0; margin-bottom: 0">05/23/2006</FONT></TD>
</TR>
<TR><TD WIDTH="268" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Printed Name:</P>
<P style="margin-top: 0; margin-bottom: 0">LOW HON-YU</FONT></TD>
<TD WIDTH="561" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Title:</P>
<P style="margin-top: 0; margin-bottom: 0">DIRECTOR</FONT></TD>
</TR>
<TR><TD WIDTH="268" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Adviser <I>CRD</I> Number:</P>
<P style="margin-top: 0; margin-bottom: 0">124509</FONT></TD>
<TD WIDTH="561" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>

  </center>
</div>

<FONT SIZE=3></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2M CNSNT SRVCE
<SEQUENCE>17
<FILENAME>posamiexm2.htm
<DESCRIPTION>FORM ADV NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>Exhibit (m)(1)</TITLE>
</HEAD>
<BODY VLINK="#800080">

<B><FONT SIZE=3><P ALIGN="RIGHT">Exhibit (m)(2)</P>
</B><I><P>NON-RESIDENT</I> INVESTMENT ADVISER EXECUTION PAGE </P>
<P>You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial application for SEC registration and all amendments to registration.</P>

<P>1. Appointment of Agent for Service of Process</P>

<P>By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or other legally designated officer, of any other state in which you are submitting a <I>notice filing</I>, as your agents to receive service, and agree that such <I>persons</I> may accept service on your behalf, of any notice, subpoena, summons, <I>order</I> instituting <I>proceedings</I>, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative <I>proceeding</I> or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, <I>proceeding</I>, or arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is <I>founded</I>, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a <I>notice filing</I>.</P>

<P>2. Appointment and Consent: Effect on Partnerships</P>

<P>If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws from or is admitted to the partnership, provided that the admission or withdrawal does not create a new partnership. If the partnership dissolves, this irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your former partners.</P>

<P>3. <I>Non-Resident</I> Investment Adviser Undertaking Regarding Books and Records</P>

<P>By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in Washington D.C., at any Regional or District Office of the Commission, or at any one of its offices in the United States, as specified by the Commission, correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking shall be binding upon you, your heirs, successors and assigns, and any <I>person</I> subject to your written irrevocable consents or powers of attorney or any of your general partners and <I>managing agents</I>.</P>

<P>Signature</P>

<P>I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the <I>non-resident</I> investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.</P>

<P>I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any <I>person</I> having custody or possession of these books and records to make them available to federal and state regulatory representatives. </P>
</FONT>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=865 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="319" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Signature:</P>
<P style="margin-top: 0; margin-bottom: 0">/s/ CHARLES DONALD, MACRAE</FONT></TD>
<TD WIDTH="546" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Date: MM/DD/YYYY</P>
<P style="margin-top: 0; margin-bottom: 0">01/03/2006</FONT></TD>
</TR>
<TR><TD WIDTH="319" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Printed Name:</P>
<P style="margin-top: 0; margin-bottom: 0">CHARLES DONALD, MACRAE</FONT></TD>
<TD WIDTH="546" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Title:</P>
<P style="margin-top: 0; margin-bottom: 0">DIRECTOR, OPERATIONS</FONT></TD>
</TR>
<TR><TD WIDTH="319" VALIGN="TOP">
<FONT SIZE=3><P style="margin-top: 0; margin-bottom: 0">Adviser <I>CRD</I> Number:</P>
<P style="margin-top: 0; margin-bottom: 0">110753</FONT></TD>
<TD WIDTH="546" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
</TABLE>

  </center>
</div>

<FONT SIZE=3>
<P>&nbsp;</P></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>18
<FILENAME>posamiexr1.htm
<DESCRIPTION>CODE OF ETHICS OF REGISTRANT
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>[THIS CODE OF ETHICS IS BASED ON THE ICI GUIDLELINES, BUT ASSUMES ALL 17J-1 SPECIFIC PROVISIONS ARE APPLICABLE --E</TITLE>
</HEAD>
<BODY>

<B><FONT SIZE=2><P ALIGN="RIGHT">Exhibit (r)(1)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Rule 17j-1 Code of Ethics</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">for</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Aberdeen Asia-Pacific Income Fund, Inc.,</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Aberdeen Australia Equity Fund, Inc. and</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Aberdeen Global Income Fund, Inc.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(as amended and restated March 9, 2006)</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended ("1940 Act"), this amended and restated Code of Ethics ("Code") has been adopted by the Boards of Directors (each a "Board" and collectively, the "Boards") of the following closed-end, management investment companies registered with the United States Securities and Exchange Commission ("SEC") under the 1940 Act: Aberdeen Asia-Pacific Income Fund, Inc.; Aberdeen Australia Equity Fund, Inc.; and Aberdeen Global Income Fund, Inc. (each a "Fund" and collectively, the "Funds").</P>
<P ALIGN="JUSTIFY">A separate Code of Ethics that is compliant with both Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended, governs Aberdeen Asset Management Asia Limited, the Funds' investment manager, and Aberdeen Asset Management Limited, the Funds' investment adviser, and Aberdeen Asset Management Inc., the Funds' administrator (each an "Adviser" and collectively, the "Advisers"). Directors, officers, employees and associated persons of the Advisers are considered "access persons" for purposes of the Advisers' Code of Ethics and may be considered Access Persons of the Funds.  This Code contains several carve outs from its requirements for Access Persons of the Funds that are also access persons of the Advisers.</P>
<P ALIGN="JUSTIFY">This Code is designed to ensure that those individuals with access to information regarding the portfolio securities activities of the Funds do not intentionally use that information for their personal benefit and to the detriment of such clients.  It is not the intention of this Code to prohibit personal securities activities by Access Persons.</P>
<B><P>1.&nbsp;&nbsp;&nbsp;&nbsp; &#9;DEFINITIONS</P>
</B>
<P ALIGN="JUSTIFY">Capitalized terms not otherwise defined in this Code are defined below.</P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&#9;<B>&nbsp;&nbsp;&nbsp; Access Person</B> includes:</P>
</FONT>
<P ALIGN="CENTER"><CENTER>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=815 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="43" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="744" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any directors and officers of a Fund; </FONT></TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="744" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="744" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Each employee (if any) of a Fund (or of any company in a Control relationship with a Fund) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and</FONT></TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="744" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(3)</FONT></TD>
<TD WIDTH="744" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any natural person in a Control relationship to a Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=2>

<P ALIGN="left">&nbsp;&nbsp;&nbsp; A list of each Fund's Access Persons will be maintained by the Fund's Chief Compliance Officer</P>

<P ALIGN="left">&nbsp;&nbsp;&nbsp; (B)&#9;<B>&nbsp;&nbsp;&nbsp; Automatic Investment Plan</B> means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule or allocation, including a dividend reinvestment plan.</P>
<P ALIGN="left">&nbsp;&nbsp;&nbsp; (C)&#9;<B>&nbsp;&nbsp;&nbsp; Beneficial Ownership</B> generally means any interest in a security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("pecuniary") benefit.  It shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder, that, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy a direct or indirect economic benefit from the ownership of the security.  A person is normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household; (b) a trust, estate, or other account in which he/ she has a present or future interest in the income, principal or right to obtain title to the securities; or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership.</P>
<P ALIGN="left">&nbsp;&nbsp;&nbsp; (D)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<B>Chief Compliance Officer</B> means the person or persons designated by the Boards to fulfill the responsibilities assigned to the Chief Compliance Officer hereunder.</P>
<P ALIGN="left">&nbsp;&nbsp;&nbsp; (E)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<B>Control</B> has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.</P>
<P ALIGN="left">&nbsp;&nbsp;&nbsp; (F)&#9;<B>&nbsp;&nbsp;&nbsp; Covered Security</B> means any "security" as defined in Section 2(a)(36) of the 1940 Act (a broad definition that includes any interest or instrument commonly known as a security)(1), but <I>excluding:</P>
</I></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=770 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="61" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="709" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Direct obligations of the U.S. Government, </FONT></TD>
</TR>
<TR><TD WIDTH="61" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="709" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="709" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and </FONT></TD>
</TR>
<TR><TD WIDTH="61" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="709" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(3)</FONT></TD>
<TD WIDTH="709" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Shares of open-end investment companies registered under the 1940 Act (other than exchange traded funds)(2) that are not advised by one of the Advisers.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P>

<P ALIGN="JUSTIFY">A purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security.  Shares of exchange traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Covered Securities.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (G)&#9;<B>&nbsp;&nbsp;&nbsp; Initial Public Offering</B> ("IPO") means an offering of securities registered under the Securities Act of 1933, as amended ("1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.</P>
<hr>

<P ALIGN="JUSTIFY">(1)&#9;"Security" as defined in Section 2(a)(36) of the 1940 Act includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities, or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency.  Security also includes shares of closed-end investment companies, shares of exchange traded funds (as defined in footnote 2), various derivative instruments, limited partnership interests and private placement of common or preferred stocks or debt instruments.</P>

<P ALIGN="JUSTIFY">(2)&#9;"Exchange traded funds," or "ETFs," are registered investment companies that operate pursuant to an order from the SEC exempting the ETF from certain provisions of the 1940 Act so that the ETF may issue securities that trade in a secondary market, and which are redeemable only in large aggregations called creation units.  An ETF registers with the SEC under the 1940 Act either as an open-end management investment company or as a unit investment trust.</P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (H)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<B>Investment Personnel or Investment Person</B> of a Fund or the Advisers means:</P>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="761" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any employee of a Fund (or of any company in a control relationship to a Fund) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by a Fund; or </FONT></TD>
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<TR><TD WIDTH="60" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="761" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="60" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="761" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any natural person who controls a Fund and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.</FONT></TD>
</TR>
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</P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (I)&#9;<B>&nbsp;&nbsp;&nbsp; Limited Offering</B> means an offering or a private placement of securities that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the 1933 Act.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (J)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<B>Security Held or to be Acquired by a Fund</B> means:</P>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="735" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any Covered Security that within the most recent 15 days is or has been held by a Fund or is being considered by a Fund or its Adviser for purchase by the Fund; or</FONT></TD>
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<TR><TD WIDTH="60" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="735" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="60" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="735" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in subparagraph (1) of this definition.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<B><FONT SIZE=2><P>2.&nbsp;&nbsp;&nbsp;&nbsp; &#9;GENERAL PRINCIPLES</P>
</B>
<P ALIGN="JUSTIFY">Rule 17j-1(b) makes it unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser or principal underwriter for a Fund (which includes their officers, directors, employees and Associated Persons), in connection with the purchase and sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Fund to:</P></FONT>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(A)</FONT></TD>
<TD WIDTH="716" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Employ any device, scheme or artifice to defraud the Fund;</FONT></TD>
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<TR><TD WIDTH="60" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="716" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(B)</FONT></TD>
<TD WIDTH="716" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;</FONT></TD>
</TR>
<TR><TD WIDTH="60" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="716" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(C)</FONT></TD>
<TD WIDTH="716" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Engage in any act, practice or course of business which operates or would operate as a fraud or deceit on the Fund; or</FONT></TD>
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<TR><TD WIDTH="60" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="716" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="60" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(D)</FONT></TD>
<TD WIDTH="716" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Engage in any manipulative practice with respect to the Fund.</FONT></TD>
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</TABLE>
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</P>

<FONT SIZE=2><P ALIGN="JUSTIFY">No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above.  The interests of the Funds and their shareholders and investors are paramount and come before the interests of any Access Person.  Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the Funds and their shareholders.  Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the Funds and their shareholders. </P>
<B><P>3.&nbsp;&nbsp;&nbsp;&nbsp; &#9;SUBSTANTIVE RESTRICTIONS</P>
</B>
<P ALIGN="JUSTIFY">The following substantive restrictions are imposed on personal trading activities:</P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (A)<B>&nbsp;&nbsp;&nbsp;&nbsp; &#9;</B><U>Investments in Initial Public Offerings and Limited Offerings.(3)</U>  Investment Personnel<B> </B>are generally prohibited from participating in IPOs and Limited Offerings.  However, an Investment Person may participate in an IPO or a Limited Offering if he or she obtains written approval from the Chief Compliance Officer before directly or indirectly acquiring Beneficial Ownership in any securities in an IPO or Limited Offering.  The Chief Compliance Officer may approve the participation of an Investment Person in an IPO or Limited Offering if he or she determines that it is clear that, in view of the nature of the security, the nature of the offering, the market for such security, and other factors deemed relevant, such participation by the Investment Person will not create a material conflict with a Fund.  A record of any decision to permit investment by an Investment Person in an IPO, including the reasons for the decision, shall be kept in accordance with the requirements of Section 7(F), below.  </P>
<hr>

<P ALIGN="JUSTIFY">(3)&nbsp;&nbsp;&nbsp;&nbsp; &#9;Any Investment Personnel of a Fund otherwise subject to a code of ethics compliant with Rule 17j-1 adopted by the Advisers or a principal underwriter of the Fund need not comply with this provision of the Code.</P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (B)<B>&nbsp;&nbsp;&nbsp;&nbsp; &#9;</B><U>Disgorgement.</U>  Any profits derived from securities transactions in violation of paragraph (A) shall be forfeited and paid to the appropriate Fund(s) for the benefit of its shareholders.</P>

<B><P>4.&nbsp;&nbsp;&nbsp;&nbsp; &#9;REPORTING REQUIREMENTS</P>
</B>
<P ALIGN="JUSTIFY">To enable each Fund to determine with reasonable assurance whether the provisions of Rule 17j-1(a) and this Code are being observed by its Access Persons, the following reporting requirements apply, except as noted in Section 4(D) below.  </P>
<P ALIGN="JUSTIFY">Any report required to be submitted pursuant to this Section 4 may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the securities to which the report relates.</P>
<P ALIGN="JUSTIFY">Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.</P>
<P ALIGN="JUSTIFY">The Code of Ethics of the Advisers requires disclosure by Access Persons as defined therein, but no duplicative disclosure is required by this Code.</P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Initial Holdings Report</U>.  Within 10 days after a person becomes an Access Person, he or she shall disclose in writing, in a form acceptable to the Chief Compliance Officer, all direct or indirect Beneficial Ownership interests of such Access Person in Covered Securities.  Information to be reported must be current as of a date no more than 45 days prior to an individual becoming an Access Person and is to include:</P>
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  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=869 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="78" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="791" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership when the person became an Access Person;</FONT></TD>
</TR>
<TR><TD WIDTH="78" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="791" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="78" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="791" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and</FONT></TD>
</TR>
<TR><TD WIDTH="78" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="791" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="78" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(3)</FONT></TD>
<TD WIDTH="791" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The date the report is submitted by the Access Person.</FONT></TD>
</TR>
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</P>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Quarterly Transaction Report</U>.  Each Access Person shall report in writing to the Chief Compliance Officer within 30 days of the end of each calendar quarter in a form acceptable to the Chief Compliance Officer:</P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp; &#9;With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial Ownership:</P>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(i)</FONT></TD>
<TD WIDTH="755" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved;</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="755" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(ii)</FONT></TD>
<TD WIDTH="755" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The nature of the transaction (<I>i.e.,</I> purchase, sale or any other type of acquisition or disposition);</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="755" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(iii)</FONT></TD>
<TD WIDTH="755" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The price of the Covered Security at which the transaction was effected;</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="755" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(iv)</FONT></TD>
<TD WIDTH="755" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The name of the broker, dealer or bank with or through which the transaction was effected; and</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="755" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(v)</FONT></TD>
<TD WIDTH="755" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The date that the report is submitted by the Access Person.</FONT></TD>
</TR>
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</P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp; &#9;With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:</P>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(i)</FONT></TD>
<TD WIDTH="750" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The name of the broker, dealer or bank with whom the Access Person established the account;</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="750" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(ii)</FONT></TD>
<TD WIDTH="750" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The date the account was established; and</FONT></TD>
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<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="750" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(iii)</FONT></TD>
<TD WIDTH="750" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The date that the report is submitted by the Access Person.</FONT></TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (C)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Annual Holdings Report</U>.  Each Access Person shall report annually, no later than January 31 of each year, the following information, which must be current as of December 31 of the prior calendar year:</P>
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<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="745" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="745" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="745" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="745" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(3)</FONT></TD>
<TD WIDTH="745" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The date the report is submitted.</FONT></TD>
</TR>
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</P>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; (D)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Exceptions from Reporting Requirements</U>.</P>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(1)</FONT></TD>
<TD WIDTH="732" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A person need not submit reports pursuant to this Section 4 with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.</FONT></TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="732" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="732" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">An Access Person need not make a Quarterly Transaction Report with respect to transactions effected pursuant to an Automatic Investment Plan.</FONT></TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="732" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3)</FONT></TD>
<TD WIDTH="732" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Any Access Person of a Fund that is also an "access person" of an Adviser or a principal underwriter to the Fund (as that term is defined in Rule 17j-1) need not submit reports pursuant to this Section 4 provided that such person is otherwise subject to a code of ethics compliant with the terms of Rule 17j-1 adopted by the Advisers or the principal underwriter of the Fund, as applicable.</FONT></TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="732" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">(4)</FONT></TD>
<TD WIDTH="732" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A director of a Fund who is not an "interested person" of the Fund (as defined in Section 2(a)(19) of the 1940 Act), and who would be required to make a report solely by reason of being a director of a Fund, need not make:</FONT></TD>
</TR>
<TR><TD WIDTH="65" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="750" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="65" VALIGN="TOP" align="right">
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</FONT></TD>
<TD WIDTH="750" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">An Initial Holdings Report or an Annual Holdings Report; and</FONT></TD>
</TR>
<TR><TD WIDTH="65" VALIGN="TOP" align="right">&nbsp;</TD>
<TD WIDTH="750" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="65" VALIGN="TOP" align="right">
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</FONT></TD>
<TD WIDTH="750" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">A Quarterly Transaction Report unless the director knew or, in the ordinary course of fulfilling his or her official duties as a director of a Fund, should have known that, during the 15-day period immediately preceding or after the director's transaction in a Covered Security, the Fund purchased or sold such Covered Security or the Fund considered purchasing or selling the Covered Security. </FONT></TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="732" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="83" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">(5)</FONT></TD>
<TD WIDTH="732" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">An Access Person need not make a Quarterly Transaction Report if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund with respect to the Access Person provided such broker trade confirmations or account statements are received by the due date required for a Quarterly Transaction Report and broker trade confirmations or account statements contain all of the information required to be included in the Quarterly Transaction Report.</FONT></TD>
</TR>
</TABLE>
  </center>
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</P>

<B><FONT SIZE=2><P>5.&nbsp;&nbsp;&nbsp;&nbsp; &#9;COMPLIANCE PROCEDURES</P>
</B></FONT>
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<div align="center">
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  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=805 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(A)</FONT></TD>
<TD WIDTH="721" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="JUSTIFY">Notification to Access Persons</U>:  The Chief Compliance Officer shall notify each Access Person that he or she is subject to this reporting requirement, of his or her classification as "Access Person" and/or "Investment Personnel" under this Code, and shall deliver a copy of this Code to each Access Person.</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="721" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(B)</FONT></TD>
<TD WIDTH="721" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="JUSTIFY">Review of Reports</U>.  The Chief Compliance Officer shall review any reports received pursuant to this Code within 30 days of their submission.</FONT></TD>
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</P>

<FONT SIZE=2>

<B><P>6.&nbsp;&nbsp;&nbsp;&nbsp; &#9;REPORT TO THE BOARDS</P>
</B>
<P ALIGN="JUSTIFY">The Funds' Chief Compliance Officer shall report to the Boards at each meeting regarding the following matters not previously reported:</P></FONT>
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  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=797 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(A)</FONT></TD>
<TD WIDTH="713" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Issues arising under the Code, including but not limited to material violations of the Code, violations that are material in the aggregate, and any sanctions imposed.</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="713" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(B)</FONT></TD>
<TD WIDTH="713" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">With respect to any transaction not required to be reported to the Boards by the operation of Section 6(A) that the Funds' Chief Compliance Officer believes nonetheless may evidence violation of this policy.</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="713" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(C)</FONT></TD>
<TD WIDTH="713" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">The Boards shall consider reports made hereunder and upon discovering that a violation of this Code has occurred, the Boards may impose such sanctions, in addition to any disgorgement required pursuant to Section 3(B) hereof, as they deem appropriate, including, among other things, a letter of sanction, suspension, or termination of the employment of the violator.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2><P ALIGN="JUSTIFY">The Funds' Chief Compliance Officer shall report to the Boards on an annual basis concerning existing personal investing procedures, violations during the prior year and any recommended changes in existing restrictions or procedures.</P>
<P ALIGN="JUSTIFY">The Boards shall review the Code and the operation of these policies at least once a year.</P>
<B><P>7.&nbsp;&nbsp;&nbsp;&nbsp; &#9;RECORDKEEPING</P>
</B>
<P ALIGN="JUSTIFY">The Funds shall maintain the following records at their principal offices:</P></FONT>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(A)</FONT></TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">This Code and any related procedures, and any Code that has been in effect during the past five years shall be maintained in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(B)</FONT></TD>
<TD WIDTH="694" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A record of any violation of the Code and of any action taken as a result of the violation, to be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;</FONT></TD>
</TR>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(C)</FONT></TD>
<TD WIDTH="694" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A copy of each report under this Code by (or duplicate brokerage statements and/or confirmations for the account of) an Access Person, to be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="694" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(D)</FONT></TD>
<TD WIDTH="694" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A record of all persons, currently or within the past five years, who are or were required to make or to review reports made pursuant to Section 4, to be maintained in an easily accessible place;</FONT></TD>
</TR>
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<TD WIDTH="694" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(E)</FONT></TD>
<TD WIDTH="694" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A copy of each report by the Funds' Chief Compliance Officer to the Boards, to be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and</FONT></TD>
</TR>
<TR><TD WIDTH="84" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="694" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(F)</FONT></TD>
<TD WIDTH="694" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">A record of any decision, and the reasons supporting the decision, to approve an acquisition by an Investment Person of securities offered in an Initial Public Offering or in a Limited Offering, to be maintained for at least five years after the end of the fiscal year in which the approval is granted.</FONT></TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<B><P>8.&nbsp;&nbsp;&nbsp;&nbsp; &#9;APPROVAL REQUIREMENTS</P>
</B>
<P ALIGN="JUSTIFY">This Code and any material changes to the Code must be approved, as relevant, by each Fund's Board.  Each such approval must be based on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1.  Before approving this Code or any amendment thereto, the Boards must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent its Access Persons from violating the Code.  Before initially retaining any investment adviser, sub-adviser or principal underwriter for a Fund, the Fund's Board must approve the Code of the relevant entity (unless the entity is not required by Rule 17j-1 to adopt a Code of Ethics), and must approve any material change to that Code within six months after the adoption of the change.</P></FONT></BODY>
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<TYPE>EX-99.2R CODE ETH
<SEQUENCE>19
<FILENAME>posamiexr2.htm
<DESCRIPTION>SARBANES-QXLEY CODE OF ETHICS OF REGISTRANT
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<TITLE>THE MEXICO FUND, INC</TITLE>
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<B><P ALIGN="RIGHT">Exhibit (r)(2)</P>
<P ALIGN="CENTER"></P>
</B><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"><B>ABERDEEN AUSTRALIA EQUITY FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN GLOBAL INCOME FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">("FUNDS")</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</P>
<P ALIGN="CENTER"></P>
</B><P>&nbsp;</P>
<B><P>I.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Introduction and Application</P>
</U>
</B>
<P>In accordance with the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated thereunder by the Securities and Exchange Commission, each of the Funds is required to publicly disclose on Form N-CSR whether it has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) applicable to its principal executive officer and principal financial officer (each a "Covered Officer").  </P>

<P>Recognizing the importance of high ethical standards in the conduct of the Funds' business, each Fund's Board of Directors ("Board"), including a majority of its Independent Directors (as defined below), has adopted this Code of Ethics ("Code").</P>

<P>All recipients of the Code are directed to read it carefully, retain it for future reference, and abide by the rules and policies set forth herein.  Any questions concerning the applicability or interpretation of such rules and policies, and compliance therewith, should be directed to the Funds' Chief Compliance Officer ("CCO") or to Fund counsel.</P>

<B><P>II.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Purpose</P>

</U>

</B><P>The Code is designed to deter wrongdoing and to promote, with respect to each Fund:</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the SEC or in other public communications made by the Fund;</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(C)&nbsp;&nbsp;&nbsp;&nbsp; &#9;compliance with applicable governmental laws, rules and regulations;</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(D)&nbsp;&nbsp;&nbsp;&nbsp; &#9;prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(E)&nbsp;&nbsp;&nbsp;&nbsp; &#9;accountability for adherence to the Code.</P>

<B><P>III.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Definitions</P>
</U>
</B>
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;"<I>Covered Officer</I>" with respect to a Fund means the principal executive officer of the Fund and senior financial officers of the Fund, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions, regardless of whether these persons are employed by the Fund or a third party.  The Covered Officers are listed on Appendix A.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;"<I>Executive Officer</I>" of a Fund has the same meaning as set forth in Rule 3b-7 under the Securities Exchange Act of 1934, as amended.  Subject to any changes in that rule, the term "executive officer," when used in the Code, means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for a Fund.  Each Fund's Executive Officers who are not also Covered Officers are listed on Appendix A.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(C)&nbsp;&nbsp;&nbsp;&nbsp; &#9;"<I>Independent Director</I>" means a Director of a Fund who is not an "interested person" of that Fund within the meaning of Section 2(a)(19) of the 1940 Act.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(D)&nbsp;&nbsp;&nbsp;&nbsp; &#9;"<I>Waiver</I>" means the approval by a Fund's CCO of a material departure from a provision of the Code.  "<I>Waiver" </I>includes an "<I>Implicit Waiver," </I>which is a Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an Executive Officer of the Fund.</P>

<B><P>IV.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Honest and Ethical Conduct</P>
</U>
</B>
<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>General Objectives</U>.  Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to, and try to avoid, any situations that may present, or appear to present, a conflict of interest.  A Fund's Covered Officers are expected to place the interests of the Fund above the Covered Officer's own personal interests.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Conflicts of Interests</U>.  A "conflict of interest" exists where the interests or benefits of a Fund's Covered Officer conflict with the interests or benefits of the Fund.  The following list of examples of specific types of conflicts of interest that may arise is not intended to be comprehensive and each Covered Officer is expected to treat even an appearance of impropriety as a potential conflict of interest that should be avoided or brought to the attention of the CCO.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(1)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Personal Business Transactions</U>.  A Fund's Covered Officer may not cause the Fund to engage in any business transaction with his or her family members or relatives or utilize the Covered Officer's relationship with the Fund to cause any third party to engage in any business transaction with his or her family members or relatives.  This provision is not intended, however, to restrict Covered Officers and their family members or relatives from purchasing or selling shares of the Fund as long as such transactions are conducted in accordance with the Fund's Code of Ethics.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(2)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Use of Nonpublic or Confidential Information</U>.  A Fund's Covered Officer may not use, or disclose to a third party, non-public or confidential information about the Fund or its activities or those of any of the Fund's service providers for the purpose of personal gain by the Covered Officer or his or her family members or relatives (including, but not limited to, securities transactions based on such information).</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(3)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Outside Employment or Activities</U>.  A Fund's Covered Officer may not engage in any outside employment or activity that interferes with his or her duties and responsibilities with respect to the Fund or is otherwise in conflict with or prejudicial to the Fund.  A Covered Officer must disclose to the CCO any outside employment or activity that may constitute, or appear to constitute, a conflict of interest and obtain the CCO's approval before engaging in such employment or activity.  Any such employment or activity is permissible only if it would not be inconsistent with the best interests of the Fund and its stockholders.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(4)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Gifts</U>.  A Fund's Covered Officer may not accept any gift, entertainment, favor, or loan from any person or entity that does or seeks to do business with the Fund which goes beyond the courtesies generally associated with accepted business practice.  Non-cash gifts of a <I>de minimis </I>nature are considered to be within accepted business practices.  Cash gifts of any amount are strictly prohibited.  Entertainment (in the form of meals, tickets to events or otherwise) must be reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(5)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Corporate Opportunities</U>.  A Fund's Covered Officer may not exploit, for his or her own personal gain or the personal gain of family members or relatives, opportunities that are discovered through the use of Fund property, information, or the Covered Officer's position unless the opportunity is fully disclosed, in writing, to the Fund's Board and the Board declines to pursue such opportunity on behalf of the Fund.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(6)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Other Situations</U>.  Because other conflicts of interest may arise, it is not practical to list in the Code all possible situations that could result in a conflict of interest.  If a proposed transaction, interest, personal activity, or investment raises any questions, concerns or doubts, a Covered Officer should consult with the Fund's CCO or Fund counsel before engaging in the transaction, making the investment or pursuing the interest or activity.</P>

<P>Each Covered Officer should handle actual or apparent conflicts of interest in an ethical manner.  In the event that a Fund's Covered Officer intends to engage in a transaction, activity or relationship that the Covered Officer reasonably believes that the Fund's Board would view as giving rise to a material conflict of interest, the Covered Officer must (i) avoid (or cease) such transaction, activity or relationship; or (ii) consult with the CCO and provide an accurate description of the transaction, activity or relationship.  Upon such consultation, the CCO (in consultation with Fund counsel if the CCO deems appropriate) shall conduct a review to determine (i) whether engaging in such transaction, activity or relationship reasonably could be expected to give rise to a conflict of interest, and (ii) the appropriate resolution of any such conflict.</P>

<P>Based on its review, the CCO may provide instructions to the Covered Officer to resolve any potential conflict of interest.  The Covered Officer shall either (i) comply with such instructions; or (ii) request a review of the instructions by the Fund's president, a vice president or the Board (provided that the review is not undertaken by a person involved in the matter giving rise to the possible conflict of interest), any determination following such review being conclusive (provided that the Board may act in its discretion in any event).  The records of any consultation with the CCO in this regard, and of any review by the Fund's president, a vice president or the Board shall be retained in the manner set forth below in Section IX of the Code.</P>
<B>
<P>V.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Full, Fair, Accurate, Timely and Understandable Disclosure</P>

</U>

</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>General Policy</U>.  The Code is intended to promote full, fair, accurate, timely and understandable disclosure in reports and other documents filed by each Fund with the SEC or made in other public communications by the Funds.  Accordingly, the Covered Officers of a Fund are expected to consider it central to their roles as officers of the Fund to ensure that full, fair, accurate, timely and understandable disclosure is made in the Fund's reports and other documents filed with the SEC and in other public communications by the Fund.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Responsibilities</U>.  Each Covered Officer of a Fund shall:</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(1)&nbsp;&nbsp;&nbsp;&nbsp; &#9;be familiar with the disclosure requirements generally applicable to the Fund;</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(2)&nbsp;&nbsp;&nbsp;&nbsp; &#9;not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including the Fund's directors and auditors, governmental regulators and self-regulatory organizations;</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(3)&nbsp;&nbsp;&nbsp;&nbsp; &#9;to the extent appropriate within his or her area of responsibility; consult with other officers and employees of the Fund, the Fund's investment adviser and other Fund service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(4)&nbsp;&nbsp;&nbsp;&nbsp; &#9;promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</P>

<B><P>VI.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Accountability and Reporting under this Code</P>

</U>

</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Certifications and Accountability</U>.  Each Covered Officer of a Fund shall:</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(1)&nbsp;&nbsp;&nbsp;&nbsp; &#9;upon adoption of the Code (or thereafter as applicable upon becoming a Covered Officer), affirm in writing in accordance with Appendix B hereto that the Covered Officer has received, read, and understands the Code;</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(2)&nbsp;&nbsp;&nbsp;&nbsp; &#9;annually thereafter affirm in the form of Appendix B hereto that the Covered Officer has complied with the requirements of the Code; and</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(3)&nbsp;&nbsp;&nbsp;&nbsp; &#9;not retaliate against any other Covered Officer or employee of the Fund or its affiliated persons for reports of potential violations that are made in good faith.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Reporting of Violations of Applicable Laws and Regulations</U>.  A Fund's Covered Officer, upon learning of a violation of any applicable law, rule or regulation by a Fund or a person acting with or on behalf of the Fund, must report such violation to the CCO and assist with the resolution of such violation.  A Covered Officer should seek guidance whenever he or she is in doubt as to the applicability of any law, rule, or regulation with respect to the contemplated course of action.  <B>If a Covered Officer is unsure of what to do in any situation, he or she should seek guidance before acting.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;</B>(C)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Reporting of Violations of the Code</U>.  Each Covered Officer must promptly notify the CCO if he or she knows of any actual or potential departure from the Code, whether the violation or potential violation was committed by the Covered Officer personally or by another Covered Officer.  Each Executive Officer must promptly notify the CCO if any actual or potential departure from the Code by a Covered Officer is known to the Executive Officer.  In either case, failure to do so is itself a violation of the Code.   If no written report is made by a Covered Officer or Executive Officer, the CCO must document his or her receipt of any oral report of a suspected material violation of the Code received.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(D)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Action by Chief Compliance Officer</U>.  Upon receiving a report from a Fund's Covered Officer or an Executive Officer, the Fund's CCO must conduct an internal investigation into the potential violation(s) of the Code, consulting with Fund counsel as necessary, to determine whether a violation of the Code has occurred and whether such violation has had or may have a material adverse impact upon the Fund.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(1)&nbsp;&nbsp;&nbsp;&nbsp; &#9;If, after such investigation, the CCO determines that no violation has occurred, the CCO is not required to take any further action.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(2)&nbsp;&nbsp;&nbsp;&nbsp; &#9;If, after such investigation, the CCO, after consultation with Fund counsel, concludes that there has been a violation of the Code, but the violation has not caused a material adverse impact on the Fund, the CCO, upon consultation with Fund counsel, shall determine what sanctions, if any, may be appropriate.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(3)&nbsp;&nbsp;&nbsp;&nbsp; &#9;If, after such investigation, the CCO, after consultation with Fund counsel, concludes that there has been a violation of the Code, and that such violation has had or may have a material adverse effect on the Fund, the CCO shall report the violation and together with proposed sanctions to the Audit Committee.  The Audit Committee shall be entitled to consult with independent legal counsel to determine whether the violation actually has had a material adverse impact upon the Fund and to formulate appropriate actions or sanctions that the Audit Committee, in its business judgment, determines to be necessary or advisable.  The Audit Committee shall have the discretion, in its business judgment, to impose sanctions on the Covered Officer if it deems such action to be necessary or appropriate.  </P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(E)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Periodic Reports to the Board</U>.  The CCO of each Fund shall report to the Board at each regularly scheduled Board meeting any and all violations of the Code (whether or not they caused a material adverse impact on the Fund), any Waivers, and any sanctions imposed since the last Board meeting, if any.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(F)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Waivers</U>.  Notwithstanding the foregoing, the CCO shall be entitled to grant a Waiver of one or more provisions of this Code as set forth in Section VII of the Code.</P>

<B><P>VII.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Waivers of Provisions of the Code</P>
</U>
</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Waivers</U>.  A Fund's Covered Officer may seek, and the Fund's CCO may grant, Waivers from a provision of the Code in circumstances that would otherwise constitute a violation of the Code.  Waivers will only be granted under extraordinary or special circumstances.  No Waivers will be granted where such a Waiver would result in a violation of SEC rules or other applicable laws.  The procedure for obtaining and granting a Waiver are as follows: </P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(1)&nbsp;&nbsp;&nbsp;&nbsp; &#9;The Covered Officer must submit to the CCO a written request for a Waiver describing the transaction, activity or relationship for which the Covered Officer seeks a Waiver that briefly explains the reason for engaging in the transaction, activity or relationship.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(2)&nbsp;&nbsp;&nbsp;&nbsp; &#9;The determination with respect to the Waiver must be made by the CCO, in consultation with Fund counsel.  If the CCO and Fund counsel determine that a Waiver is appropriate, the decision must be submitted to the Board for ratification.</P>

<P>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;(3)&nbsp;&nbsp;&nbsp;&nbsp; &#9;The CCO must document all Waiver determinations.  The documentation must remain in the records of the Fund for a period of not less than six years following the end of the fiscal year in which the Waiver occurred.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Public Reporting of Waivers, Amendments to Code</U>.  To the extent required by applicable law, Waivers and amendments to the Code will be publicly disclosed on a timely basis.  A Fund may document Waivers and Code amendments in its Form N-CSR submitted subsequent to the date of the Waiver or post the Waiver and amendment on its website within five business days following the date of the Waiver provided that it discloses in its Form N-CSR its intent to post Waivers and amendments on the Fund's website and maintains the posting for a period of at least twelve months.</P>

<B><P>VIII.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Sanctions</P>
</U>
</B>
<P>The matters covered in the Code are of the utmost importance to the Funds and their stockholders and are essential to each Fund's ability to conduct its business in accordance with its stated values.  Each Covered Officer and each Executive Officer is expected to adhere to these rules (to the extent applicable) in carrying out his or her duties for the Funds.  The conduct of each Covered Officer and each Executive Officer can reinforce an ethical atmosphere and positively influence the conduct of all officers, employees and agents of the Funds.  A Fund will, if appropriate, take action against any Covered Officer whose actions are found to violate the Code.  Appropriate sanctions for violations of the Code will depend on the materiality of the violation to the Fund.</P>

<P>Sanctions may include, among other things, a requirement that the violator undergo training related to the violation, a letter or sanction or written censure by the Board, the imposition of a monetary penalty, suspension of the violator as an officer of a Fund or termination of the employment of the violator.  If a Fund has suffered a loss because of violations of the Code, the Fund may pursue remedies against the individuals or entities responsible.</P>

<B><P>IX.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Records; Confidentiality; Amendments; Disclosure</P>

</U>

</B><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(A)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Records</U>.  The CCO must maintain a copy of the Code, any amendments hereto, and any reports or other records created in relation to Waivers of the provisions of the Code (including violations of the Code and implicit Waivers) for a period of six years from the end of the fiscal year in which such document was created.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(B)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Confidentiality</U>.  All reports and records prepared and maintained pursuant to the Code are considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the Board(s) of the affected Fund(s) and Fund counsel.</P>

<P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(C)&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Amendments</U>.  A Fund's Covered Officer, Executive Officer or CCO may recommend amendments to the Code for the consideration and approval of the Board.  The Board may amend the Code in its discretion.</P>

<B><P>X.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Other Policies and Procedures</P>

</U>

</B><P>The Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of Sarbanes-Oxley and the rules and forms applicable to the Funds thereunder.  To the extent that other policies or procedures of the Funds or the Funds' investment manager or investment adviser govern or purport to govern the activities and behavior of the Covered Officers, they are superceded by the Code to the extent that they overlap or conflict with the Code.  The requirements of the code of ethics adopted by the Funds and by its investment manager and investment adviser pursuant to Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others and are not part of this Code.</P>

<B><P>XI.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Internal Use</P>

</U>

</B><P>The Code is intended solely for the internal use of the Funds.  The Code does not constitute an admission by or on behalf of the Funds as to any fact, circumstance or legal conclusion.</P>

<P>Dated:  December 9, 2004</P>
<hr>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="RIGHT">APPENDIX A</P>
</B>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"><B>ABERDEEN AUSTRALIA EQUITY FUND, INC. ("IAF")</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.("FAX")</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN GLOBAL INCOME FUND, INC. ("FCO")</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</B><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<B><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">CODE OF ETHICS</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</P>
<U><P>Covered Officers</P>
</U>
</B>
<P style="margin-top: 0; margin-bottom: 0">Martin Gilbert, President (IAF, FAX, FCO)</P>
<P style="margin-top: 0; margin-bottom: 0">Christian Pittard, Treasurer (IAF, FAX, FCO); Principal Financial Officer (IAF, FAX, FCO)</P>

<U>

<B><P>Chief Compliance Officer</P>
</B></U><P>Andrew Smith (IAF, FAX, FCO)</P>

<U>

<B><P>Executive Officers</P>
</B></U><P style="margin-top: 0; margin-bottom: 0">Bev Hendry, Vice President (IAF)</P>
<P style="margin-top: 0; margin-bottom: 0">Steve Robinson, Vice President (IAF)</P>
<P style="margin-top: 0; margin-bottom: 0">Alison Briggs, Vice President (FAX, FCO)</P>
<hr>
<B><P ALIGN="RIGHT">APPENDIX B</P>
<P ALIGN="RIGHT"></P>
</B><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"><B>ABERDEEN AUSTRALIA EQUITY FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">ABERDEEN GLOBAL INCOME FUND, INC.</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">CODE OF ETHICS</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">Initial and Annual Certification of Compliance</P>
<P ALIGN="CENTER"></P>
</B><P ALIGN="JUSTIFY">________________________________</P>
<P ALIGN="JUSTIFY">Name (please print)</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This is to certify that I have received a copy of the Code of Ethics Pursuant to the Sarbanes-Oxley Act of 2002 ("Code") for Aberdeen Australia Equity Fund, Inc., Aberdeen Asia-Pacific Income Fund, Inc. and Aberdeen Global Income Fund, Inc. and that I have read and understand the Code.  Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation of this Code of which I become aware.  I understand that violation of the Code will be grounds for disciplinary action or dismissal.</P>
<P ALIGN="JUSTIFY"></P>
<I><P ALIGN="JUSTIFY">Check one:</P>
</I><P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Initial</P>
</B><P ALIGN="JUSTIFY">[   ]&#9;I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Annual</P>
</B><P ALIGN="JUSTIFY">[   ]&#9;I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<U><P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;</P>
</U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"><u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Signature</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&#9;&#9;&#9;&#9;&#9;&#9;</P>
</U><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"><u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Date</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Received by:&nbsp; <u>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;Name:</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;Title:</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&#9;&#9;&nbsp;</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">Date:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>20
<FILENAME>posamiexr3.htm
<DESCRIPTION>CODE OF ETHICS FOR INVESTMENT MANAGER AND ADVISER
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>CODE OF ETHICS</TITLE>
</HEAD>
<BODY>

<B><FONT SIZE=2><P ALIGN="RIGHT">Exhibit (r)(3)</P>
<U><P ALIGN="CENTER">CODE OF ETHICS</P>
</U><P ALIGN="CENTER">Effective as of February 1, 2006</P>
<P ALIGN="JUSTIFY">I.&nbsp;&nbsp;&nbsp;&nbsp; &#9;INTRODUCTION</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This Code of Ethics (the "Code") is adopted by:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> (i)   Aberdeen Asset Management Inc.</P>
<P ALIGN="JUSTIFY"> (ii)  Aberdeen Asset Management Limited</P>
<P ALIGN="JUSTIFY"> (iii) Aberdeen Asset Management Asia Limited </P>
<P ALIGN="JUSTIFY"> (iv) Aberdeen Asset Management Investment Services Limited</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(each hereinafter referred to individually as an "Adviser" and, together, as the "Advisers") in compliance with the requirements of Rule 17j-1 adopted under the Investment Company Act of 1940, as amended (the "1940 Act"), and Sections 204A and 206 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and specifically Rules 204A-1 and 204-2 thereunder, to effectuate the purposes and objectives of those provisions.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Additionally, the Federal Securities Laws (as defined below) require investment advisers, funds and others to adopt policies and procedures to identify and prevent the misuse of material, non-public information.  Section V of this Code discusses the prohibitions from trading on material non-public information or communicating material, non-public information to others in violation of the Federal Securities Laws.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>A.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Applicable Provisions of the 1940 Act and Advisers Act</P>
</B><P ALIGN="JUSTIFY">Access Persons (as defined below) may not, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired (as defined below) by any Client (as defined below) or otherwise directly or indirectly:  </P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=787 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">(i)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">employ any device,
scheme or artifice to defraud any Client (as defined below) or prospective
Client;</FONT></TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">(ii)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">make to any Client, any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made to the Client, in light of the circumstances in which they are made, not misleading;</FONT></TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">(iii)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">engage in any act, transaction, practice or course of business that operates or would operate as a fraud or deceit upon any Client or prospective Client;
</FONT></TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">(iv)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">engage in any act, practice, or course of business which is fraudulent, deceptive or manipulative;
</FONT></TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">(v)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">acting as principal for his/her own account, knowingly to sell any security to or purchase any Reportable Security (as defined below) from a Client, or acting as a broker for a person other than such Client, knowingly to effect any sale or purchase of any Reportable Security for the account of such Client, without disclosing to such Client in writing before the completion of such transaction the capacity in which he/she is acting and obtaining the consent of the Client to such transaction; and</FONT></TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">(vi)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P style="margin-top: 0; margin-bottom: 0">engage in any act, practice, or course of business in violation of any applicable government law, rule or regulation, including but not limited to the Federal Securities Laws.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2><P ALIGN="JUSTIFY">Under the Advisers Act the Advisers are required to:</P>
<P ALIGN="JUSTIFY"></P>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#FFFFFF" width="858">
  <tr>
    <td width="51">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=2>&nbsp;&nbsp; 0</FONT></P>
    </td>
    <td width="804">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=2>adopt and enforce Codes of Ethics setting forth standards of
conduct for advisory personnel, and to address conflicts arising from personal
trading by advisory personnel (Rule 204A-1)</FONT></P>
    </td>
  </tr>
  <tr>
    <td width="51">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
    </td>
  </tr>
  <tr>
    <td width="51">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=2>&nbsp;&nbsp; 0</FONT></P>
    </td>
    <td width="804">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=2>establish and enforce policies and procedures reasonably designed
to prevent the misuse of material, non-public information by investment advisers
(Section 204A)</FONT></P>
    </td>
  </tr>
  <tr>
    <td width="51">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
    </td>
  </tr>
  <tr>
    <td width="51">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></P>
    </td>
  </tr>
  <tr>
    <td width="51">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=2>&nbsp;&nbsp; 0</FONT></P>
    </td>
    <td width="804">
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">

<FONT SIZE=2>maintain records with respect to the personal securities
transactions of Access Persons (as defined below) (Section 204-2).</FONT></P>
    </td>
  </tr>
</table>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This Code is based on the principle that the Directors and
officers of the Advisers and any of their Supervised Persons (as defined below)
employed by Aberdeen Asset Management PLC or any of its subsidiaries or
affiliates (collectively, the &quot;Aberdeen Group&quot;)<B> </B>owe a fiduciary duty to
Clients to conduct their affairs, including their personal securities
transactions, in such a manner as to avoid:</P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=844 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="43" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="773" VALIGN="TOP">
<FONT SIZE=2><P>serving their own personal interests ahead of Clients; </FONT></TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="773" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="773" VALIGN="TOP">
<FONT SIZE=2><P>taking inappropriate advantage of their position within the respective Adviser; and</FONT></TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">
&nbsp;</TD>
<TD WIDTH="773" VALIGN="TOP">
&nbsp;</TD>
</TR>
<TR><TD WIDTH="43" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="773" VALIGN="TOP">
<FONT SIZE=2><P>any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. </FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<I><FONT SIZE=2>
</I><P ALIGN="JUSTIFY">Supervised Persons are expected to maintain objectivity and avoid undisclosed conflicts of interest.  In the performance of their duties and responsibilities for the Advisers, Supervised Persons must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others.  Supervised Persons must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties. A conflict of interest would generally arise if a Supervised Person directly or indirectly participated in any investment, interest, association, activity or relationship that may impair or appear to impair the Supervised Person's objectivity.  Any Supervised Person who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest should consider reporting such situation or activity to the Chief Compliance Officer of the respective Adviser.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Board of Directors of each of the Advisers has adopted this Code.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This Code and any amendments to this Code shall be given to all Supervised Persons of the Advisers.  All Supervised Persons will sign an acknowledgement, upon receipt of the Code and any amendments, certifying that they have received, understand and will comply with this Code.  Upon request, this Code shall be delivered, without charge, to any Client of the Advisers, as stated in the Advisers' ADV s Part II, Schedule F.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>II.&nbsp;&nbsp;&nbsp;&nbsp; &#9;DEFINITIONS</P>
</B>
<P ALIGN="JUSTIFY">As used in this Code, the following terms have the following meanings:</P></FONT>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=828 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(i)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Access Person"</B> includes (a) any director, partner, or officer of an Adviser; (b) any Supervised Person who (1) has access to non-public information regarding any Clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client; or (2) is involved in making securities recommendations to Clients or has access to such recommendations that are nonpublic; (c) any employee of an Adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Reportable Securities by a Client, or whose functions relate to the making of any recommendations with respect to such purchases or sales; (d) any natural person in a control relationship to an Adviser who obtains information concerning recommendations made to a Client  with regard to the purchase or sale of Reportable Securities of the Client; and (e) any other person who any Adviser's CCO determines to be an Access Person.</FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P>For purposes of this document, all Supervised Persons of the Advisers will be considered Access Persons.</B></FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(ii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Automatic Investment Plan"</B> means any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan ("DRIP").</FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(iii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Beneficial Ownership"</B> generally means any interest in a Security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("pecuniary") benefit.  It shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934 Act") in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder, that, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy a direct or indirect economic benefit from the ownership of the security.  A person is normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household; (b) a trust, estate, or other account in which he/ she has a present or future interest in the income, principal or right to obtain title to the securities or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership.</FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(iv)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Chief Compliance Officer" or "CCO"</B> means the person appointed by each Adviser designated to be responsible for administering the policies and procedures adopted under the Advisers Act.  The CCO may delegate any or all of his or her responsibilities under the Code.  In instances when the Code is applied to the CCO, any other executive officer of the appropriate Adviser may act as the designee of the CCO.</FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(v)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Client"</B> means any person or entity to which the Advisers provide investment advisory services, including Reportable Funds, unregistered investment companies, and any account, trust or other investment vehicle over which the Aberdeen Group has management discretion.</FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(vi)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Control"</B> means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.  Any person who owns beneficially, either directly or through one or more controlled companies, more than twenty-five percent (25%) of the voting securities of a company shall be presumed to control such company.  Any person who does not so own more than twenty-five percent (25%) of the voting securities of any company shall be presumed not to control such company.  A natural person shall be presumed not to be a controlled person.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(vii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Federal Securities Laws"</B> means (a) the Securities Act of 1933, as amended ("Securities Act"); (b) the Securities Exchange Act of 1934, as amended ("Exchange Act"); (c) the Sarbanes-Oxley Act of 2002; (d) the 1940 Act; (e) the Advisers Act; (f) Title V of the Gramm-Leach-Bliley Act; (g) any rules adopted by the U.S. Securities and Exchange Commission ("SEC") under the foregoing statutes; (h) the Bank Secrecy Act, as it applies to funds and investment advisers; and (i) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.</FONT></TD>
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<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(viii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Initial Public Offering" ("IPO")</B> means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act, or a similar offering of securities in another market.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(ix)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Investment Personnel"</B> means (a) any Portfolio Manager of the Aberdeen Group; (b) any employee of the Aberdeen Group (or of any company in a control relationship to a Reportable Fund or the Aberdeen Group) who, in connection with his regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Aberdeen Group, including securities analysts and traders; or (c) any person employed by the Aberdeen Group who obtains or otherwise has access to information concerning recommendations made to a Client regarding the purchase or sale of securities by any Client. </FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(x)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">-"Limited Offering"</B> means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or Rules 504, 505 or 506 under the Securities Act.  Limited offerings are commonly referred to as private placements and include offerings of hedge funds and private funds.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(xi)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Portfolio Manager"</B> means an employee of the Aberdeen Group entrusted with the direct responsibility and authority to make investment decisions affecting the Client portfolios managed by the Aberdeen Group.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(xii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Purchase or sale of a Security"</B> includes, among other things, the writing of an option to purchase or sell a Security.</FONT></TD>
</TR>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(xiii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Reportable Fund"</B> means: (a) any US registered investment company advised or sub-advised by an Adviser; or (b) any US registered investment company whose investment adviser or principal underwriter controls, is controlled by or is under common control with any Aberdeen Group entity.  References to registered investment companies include exchange traded funds.(1)  A list of Reportable Funds is maintained by each respective Adviser's CCO.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(xiv)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Security"</B> shall have the meaning set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 1940 Act except as noted in the following paragraph. Further, for purposes of this Code, "Security" shall include any commodities contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act and shares of exchange traded funds. This definition includes but is not limited to futures contracts on equity indices.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(xv)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Reportable Security" </B>shall have the same definition as Security above but shall not include direct obligations of the United States national government, bankers' acceptances, bank certificates of deposit, high quality short-term debt instruments (maturity of less than 366 days at issuance and rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization), including repurchase agreements, commercial paper and shares of U.S. registered money market funds that limit their investments to the exempted securities enumerated above.  Also excluded from the definition are any U.S. registered open-end investment companies (<I>e</I>.<I>g</I>., open-end mutual funds, but not exchange traded funds) that are not advised or sub-advised by the Advisers.  Shares of exchange traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Reportable Securities.  Any question as to whether a particular investment constitutes a "Security" or a "Reportable Security" should be referred to the respective Compliance Officer.</FONT></TD>
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<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(xvi)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Security Held or to be Acquired"</B> means (a) any Reportable Security which, within the most recent 15 days, is or has been held by Client, or (b) is being or has been considered for purchase by a Client or an Adviser, or (c) any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security. </FONT></TD>
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<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY">(xvii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">"Supervised Person"</B> means (a) any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an Adviser, or (b) any other person who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser, such as those persons covered under a Memorandum of Understanding with an Adviser.</FONT></TD>
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<FONT SIZE=2><P ALIGN="JUSTIFY"></P><hr>
</FONT><FONT SIZE=1>

<P>(1)&#9;"Exchange traded funds," or "ETFs," are registered investment companies that operate pursuant to an order from the SEC exempting the ETF from certain provisions of the 1940 Act so that the ETF may issue securities that trade in a secondary market, and which are redeemable only in large aggregations called creation units.  An ETF registers with the SEC under the 1940 Act either as an open-end management investment company or as a unit investment trust.</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>III.&nbsp;&nbsp;&nbsp;&nbsp; &#9;PROHIBITED TRANSACTIONS</P>
</B>
<P ALIGN="JUSTIFY">No Access Person shall engage in any act, transaction, practice or course of conduct, which would violate the provisions of Rule 17j-1 of the 1940 Act or Section 206 of the Advisers Act as described in Section I.A. above.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>A.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Access Persons</P>
</B>
<P ALIGN="JUSTIFY">Except as provided in Section III.B. below, <B>no Access Person shall</B>:</P>
<P ALIGN="JUSTIFY"></P></FONT>
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<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="765" VALIGN="TOP">
<FONT SIZE=2><P>purchase or sell, directly or indirectly, any Security in which he/she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which to his/her actual knowledge at the time of such purchase or sale, the same Reportable Security is: </FONT></TD>
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<FONT SIZE=2>
<P>&#9;&#9;(a)&#9;being considered for purchase or sale by any Client;</P>

<P>&#9;&#9;(b)&#9;being purchased or sold by any Client; or</P>
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<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="768" VALIGN="TOP">
<FONT SIZE=2><P>disclose to other persons the Reportable Securities activities engaged in or contemplated for any Client; </FONT></TD>
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<TD WIDTH="768" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="768" VALIGN="TOP">
<FONT SIZE=2><P>accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Aberdeen Group. For the purposes of the Code "de minimis" shall be considered to be the annual receipt of gifts from the same source valued at $100 USD or the receipt of any entertainment from any source that an individual has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.  Any gifts in excess of $50 USD, however, must be reported to the Compliance Department.</FONT></TD>
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<TD WIDTH="768" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="57" VALIGN="TOP">
<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="768" VALIGN="TOP">
<FONT SIZE=2><P>acquire a Beneficial Ownership in any securities in an IPO or a Limited Offering, without having received prior written approval from the appropriate Investment Director and an Executive Director of the Aberdeen Group.  Compliance will maintain a record of any decision which includes the reasons supporting the decision made by the Investment Director and Executive Director, to approve the Access Person's acquisition of an IPO or private placement for at least five years after the end of the fiscal year in which the approval was granted.</P>

<P>Before granting such approval, the Investment Director will carefully evaluate such investment to determine that the investment could create no material conflict between the Access Person and a Client.  The Investment Director may make such determination by looking at, among other things, the nature of the offering and the particular facts surrounding the purchase. For example, the Investment Director may consider approving the transaction if it can be determined that: (a) the investment did not result from directing Client or Aberdeen Group business to the underwriter or issuer of the Security; (b) the Access Person is not misappropriating an opportunity that should have been offered to a Client; and (c) an Investment Person's investment decisions for a Client will not be unduly influenced by his or her personal holdings and investment decisions are based solely on the best interests of a Client. </P>

<P>In addition, no Access Person shall acquire a Beneficial Ownership in any securities issued in a Limited Offering by a private fund advised or sub-advised by any member of the Aberdeen Group without having received prior written approval from the Compliance Department. </P>

<B><P>Any Access Person authorized to purchase securities in an IPO or Limited Offering shall disclose that investment when they play a part in a Client's subsequent consideration of an investment in that issuer. In such circumstances, a Client's decision to purchase securities of the issuer shall be subject to independent review by Investment Personnel with no personal interest in the issuer. </P>
</B></FONT></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<FONT SIZE=2><P>(v)</FONT></TD>
<TD WIDTH="768" VALIGN="TOP">
<FONT SIZE=2><P>serve on the board of directors of any publicly traded company without prior authorization of the Aberdeen Group Chief Executive.  Any such authorization shall be based upon a determination that the board service would be consistent with the interests of the Aberdeen Group and the Clients under their management.  Authorization of board service shall be subject to the implementation by the Aberdeen Group of "Chinese Wall" or other procedures to isolate such Access Persons from making decisions about trading in that company's Securities.</FONT></TD>
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<TD WIDTH="768" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(vi)</FONT></TD>
<TD WIDTH="768" VALIGN="TOP">
<FONT SIZE=2><P>No employees may profit in the purchase and sale, or sale and purchase, of any Reportable Securities within ninety (90) calendar days.  Trades made in violation of this prohibition should be unwound, if possible.  Otherwise, any profits realized on such short-term trades shall be subject to disgorgement to the appropriate charity of the Aberdeen Group's choosing.</FONT></TD>
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<FONT SIZE=2>
<B><P>B.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Portfolio Managers</P>
</B>
<P ALIGN="JUSTIFY">In addition to the prohibitions listed above, no Portfolio Manager shall acquire or dispose of any Beneficial Ownership in<B> </B>a Reportable Security within fifteen (15) calendar days before or after any Client trades in that security.  Any trades made within the proscribed period shall be unwound, if possible.  Otherwise, any profits realized on trades within the proscribed period shall be disgorged to a charity of the Aberdeen Group's choosing.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>C.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Waivers</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Notwithstanding any other provision in this Code to the contrary, transactions described in Section III.A and III.B above which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Client and which are otherwise transacted in accordance with Rule 17j-1 under the 1940 Act and Sections 204A and 206 of the Advisers Act <B>may be permitted within the discretion afforded under the Aberdeen Group's Personal Account Dealing authorization process on a case-by-case basis</B>.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>IV.&nbsp;&nbsp;&nbsp;&nbsp; &#9;COMPLIANCE PROCEDURES</P>
</B>
<P ALIGN="JUSTIFY">With respect to the pre-clearance and reporting requirements contained herein, Access Persons shall pre-clear in accordance with the Aberdeen Group's Personal Account Dealing Procedures. </P>
<P ALIGN="JUSTIFY"></P>
<B><P>A.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Pre-Clearance Procedures</P>
</B>
<P ALIGN="JUSTIFY">All Access Persons must receive prior approval before engaging in any transaction in Reportable Securities in which the Access Person acquires or disposes of Beneficial Ownership of such Reportable Security that is not otherwise specifically prohibited by this Code.  The Access Person should request pre-clearance by completing the Personal Account Deal Request Form located on the Compliance Forms and Reports Database on Lotus Notes, and sending the form for approval to a dealer or company secretary, fund management desk head and executive director as indicated on the Dealing Request Form<B> </B>prior to trading.  A list of persons currently authorized to approve Personal Account Deals is maintained by the Compliance Department and is available on the Compliance Forms and Reports Database.  Access Persons should note the specific additional requirements discussed in Section III.A.(iv) above with respect to IPOs and Limited Offerings, including private fund investments. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Any conflicts of interest related to Reportable Securities in which the Access Person is seeking pre-clearance or any Client must be disclosed on the Personal Account Deal Request Form.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In addition, where the Access Person intends to trade in securities issued by a closed-end investment company advised by the Aberdeen Group, a Reportable Fund, or in the shares of Aberdeen Asset Management PLC, the written approval of the Secretary of the investment company or, as the case may be, the Company Secretary of Aberdeen Asset Management PLC, must first be obtained.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Pre-clearance approval will expire 24 hours after the authorization is granted.  If the trade instruction is not placed before such pre-clearance expires, the Access Person is required to again obtain pre-clearance for the trade.  In addition, if before placing the trade instruction, the Access Person becomes aware of any additional information with respect to a transaction that was pre-cleared, such Access Person shall not proceed further with the trade, without submitting a fresh application for approval. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Access Persons are not required to pre-clear the following types of transactions:</P>
<P ALIGN="JUSTIFY"></P></FONT>
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<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="799" VALIGN="TOP">
<FONT SIZE=2><P>purchases or sales which are non-volitional on the part of the Access Person;</FONT></TD>
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<TD WIDTH="799" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="799" VALIGN="TOP">
<FONT SIZE=2><P>transactions effected for, and Reportable Securities held in, any account over which the Access Person has no direct or indirect influence or control;</FONT></TD>
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<TD WIDTH="799" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="799" VALIGN="TOP">
<FONT SIZE=2><P>purchases which are part of an Automatic Investment Plan or DRIP or other regular investment in a selected security or securities  subject to pre-clearance of the first purchase under the scheme;</FONT></TD>
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<TD WIDTH="799" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="799" VALIGN="TOP">
<FONT SIZE=2><P>for those Access Persons residing outside the United States, registered open-end investment vehicles within their respective jurisdictions; and</FONT></TD>
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<TD WIDTH="799" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(v)</FONT></TD>
<TD WIDTH="799" VALIGN="TOP">
<FONT SIZE=2><P>securities acquired by the exercise of rights issued <I>pro rata</I> by an issuer to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.</FONT></TD>
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<FONT SIZE=2>
<B><P>B.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Excessive Trading</P>
</B>
<P ALIGN="JUSTIFY">The Aberdeen Group understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal financial planning.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">As in other areas, however, this should be done in a way that creates no potential conflicts with the interests of any Client. Further, it is important to recognize that otherwise appropriate trading, if excessive, may compromise the best interests of any Clients if such trading is conducted during work-time or using Client resources<B>.  Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, approval for such personal transactions may either be refused or may be limited by the Aberdeen Group.</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">No Access Person should engage in excessive trading or market timing activities with respect to any mutual funds whether managed by the Aberdeen Group or otherwise.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>C.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Reporting by Access Persons</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Reports submitted pursuant to this Code shall be confidential and shall be provided only to the officers and Directors of the Advisers, their legal advisers/or regulatory authorities upon appropriate request.  Notwithstanding the above, reports submitted by an Access Person pursuant to this Code may also be provided to any Reportable Fund to the extent such Access Person is considered an "access person" of the Reportable Fund for purposes of Rule 17j-1.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Any statements made in any report submitted pursuant to the reporting requirements below will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the Security or Securities to which the report relates.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">All Access Persons must make the following reports:</P>
<P ALIGN="JUSTIFY"></P>
<B><P>1.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Initial Holdings Reports</P>
</B>
<P ALIGN="JUSTIFY">No later than 10 days after a person becomes an Access Person, such person must file an Initial Report of Access Persons ("Initial Report") with Compliance reflecting the Access Person's holdings as of a date not more than 45 days prior to becoming an Access Person.  Such Initial Report must contain the following information:</P>
<P ALIGN="JUSTIFY"></P></FONT>
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<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="778" VALIGN="TOP">
<FONT SIZE=2><P>the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each Reportable Security in which such person has any direct or indirect Beneficial Ownership;</FONT></TD>
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<TD WIDTH="778" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="778" VALIGN="TOP">
<FONT SIZE=2><P>the name of any broker, dealer or bank with whom the Access Person maintains an account in which any Securities are held for the direct or indirect benefit of the Access Person; and</FONT></TD>
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<TD WIDTH="778" VALIGN="TOP">&nbsp;</TD>
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<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="778" VALIGN="TOP">
<FONT SIZE=2><P>the date the Initial Report is submitted.</FONT></TD>
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<FONT SIZE=2>
<P ALIGN="JUSTIFY">In addition to reporting holdings of Reportable Securities, every Access Person shall certify in their Initial Report that:<B> </P>
</B><P ALIGN="JUSTIFY"></P></FONT>
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<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="778" VALIGN="TOP">
<FONT SIZE=2><P>they have received, read and understand the Code and recognize that they are subject thereto; and</FONT></TD>
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<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="778" VALIGN="TOP">
<FONT SIZE=2><P>they have no knowledge of the existence of any personal conflict of interest relationship which may involve a Client, such as any economic relationship between their transactions and securities held or to be acquired by a Client.</FONT></TD>
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<FONT SIZE=2>
<B><P>2.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Quarterly Transaction Reports</P>
</B>
<P ALIGN="JUSTIFY">All Access Persons are required to report to Compliance all transactions involving a Reportable Security in which the Access Person had, or as a result of the transaction, acquired, any direct or indirect Beneficial Ownership conducted during each calendar quarter within thirty (30) days after the close of the quarter and to provide duplicate statements for all brokerage accounts. This disclosure includes the:</P>
<P ALIGN="JUSTIFY"></P></FONT>
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<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="789" VALIGN="TOP">
<FONT SIZE=2><P>date of the transaction, title of the security, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), number of shares, and principal amount of each Reportable Security involved;</FONT></TD>
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<TR><TD WIDTH="44" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="789" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="789" VALIGN="TOP">
<FONT SIZE=2><P>nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);</FONT></TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="789" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="789" VALIGN="TOP">
<FONT SIZE=2><P>the price of the Reportable Security at which the transaction was effected;</FONT></TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="789" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">
<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="789" VALIGN="TOP">
<FONT SIZE=2><P>name of the broker, dealer or bank with or through which the transaction was effected; and</FONT></TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="789" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="44" VALIGN="TOP">
<FONT SIZE=2><P>(v)</FONT></TD>
<TD WIDTH="789" VALIGN="TOP">
<FONT SIZE=2><P>date the report is submitted.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P ALIGN="JUSTIFY">In addition, with respect to any account established by an Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person, the Access Person must provide on the Quarterly Transaction Report: </P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=821 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="786" VALIGN="TOP">
<FONT SIZE=2><P>name of the broker, dealer or bank with whom the Access Person established the account; and</FONT></TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="786" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="786" VALIGN="TOP">
<FONT SIZE=2><P>date the account was established.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P ALIGN="JUSTIFY">The reporting requirements set out above apply to all transactions in Reportable Securities other than:</P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=814 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="31" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2><P>transactions with respect to Reportable Securities held in accounts over which the Access Person had no direct or indirect influence or control; and</FONT></TD>
</TR>
<TR><TD WIDTH="31" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="31" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2><P>transactions effected pursuant to an Automatic Investment Plan or DRIP.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P ALIGN="JUSTIFY">Access Persons must provide duplicate copies of their contract confirmations for each transaction in Reportable Securities to Compliance in accordance with the Aberdeen Group Procedures for Personal Account Dealing.  Duplicate holding/trading statements are to be provided to Compliance at least quarterly, where available, within 30 days after the period end. The Procedures however, recognize that some Access Persons either reside in countries or maintain brokers where such statements are not regularly issued or available, and therefore these individuals are to be exempt from providing quarterly statements within the 30 day time period. In such circumstances, brokerage statements or their equivalent holdings reports must be provided annually, at a minimum. </P>
<P ALIGN="JUSTIFY">In the event that an Access Person opens a new account during a quarter, the account is to be noted on their quarterly report and duplicate statements, or the equivalent of such, with respect to such new account, are to be forwarded to Compliance within the 30 day period after the end of the quarter in which the new account is opened, or as appropriate if exempt from the 30 day rule. </P>
<P ALIGN="JUSTIFY"></P>
<B><P>3.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Annual Holdings Reports</P>
</B>
<P ALIGN="JUSTIFY">No later than January 31 of each year, every Access Person must submit a report to Compliance which contains the following information:</P>
</FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=847 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="802" VALIGN="TOP">
<FONT SIZE=2><P>the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security or shares in a Reportable Fund in which such person has any direct or indirect Beneficial Ownership as of December 31 of the prior calendar year;</FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="802" VALIGN="TOP">
<FONT SIZE=2><P>the name of the broker, dealer or bank with whom such person maintained an account in which any Securities were held for the direct or indirect benefit of such person as of December 31 of the prior calendar year; and </FONT></TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="802" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="802" VALIGN="TOP">
<FONT SIZE=2><P>the date the report is submitted. </FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P>&nbsp;</P>
<B><P>4.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Certification of Compliance with the Code</P>
</B>
<P ALIGN="JUSTIFY">Compliance shall provide notice to all Access Persons of their status under this Code, and shall deliver a copy of the Code to each Access Person when they become an Access Person and annually thereafter.  Additionally, each Access Person will be provided a copy of any amendments to the Code.  After reading the Code or any amendment to the Code, each Access Person shall certify to the following in the form provided by Compliance:</P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=816 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="42" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="774" VALIGN="TOP">
<FONT SIZE=2><P>they have read and understand the Code and recognize that they are subject thereto;</FONT></TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="774" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="774" VALIGN="TOP">
<FONT SIZE=2><P>They have complied and/or will comply with the requirements of the Code;</FONT></TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="774" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="774" VALIGN="TOP">
<FONT SIZE=2><P>they have reported and/or will report all personal securities transactions required to be reported pursuant to the requirements of the Code;</FONT></TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="774" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">
<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="774" VALIGN="TOP">
<FONT SIZE=2><P>they have not disclosed and/or will not disclose pending "buy" or "sell" orders for a Client except where the disclosure occurred subsequent to the execution or withdrawal of an order; and</FONT></TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="774" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42" VALIGN="TOP">
<FONT SIZE=2><P>(v)</FONT></TD>
<TD WIDTH="774" VALIGN="TOP">
<FONT SIZE=2><P>they have no knowledge of the existence of any personal conflict of interest relationship which may involve any Client, such as any economic relationship between their transactions and securities held or to be acquired by a Client.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P ALIGN="JUSTIFY">This Certification of Compliance shall be maintained on the Compliance Forms &amp; Reports Database on Lotus Notes and made available to the respective CCO.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In the event that an Access Person<B> </B>has any knowledge of a potential or actual violation of the Certification of Compliance, that person should notify the respective CCO in accordance with the procedures set forth below in Section E.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>D.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Reporting to the Board of Directors</P>
</B>
<P ALIGN="JUSTIFY">Each CCO will prepare an annual report relating to the Code of Ethics for the Board of Directors of the applicable Adviser.  Such annual report shall:</P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=831 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="27" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="804" VALIGN="TOP">
<FONT SIZE=2><P>summarize existing procedures concerning personal investing and any changes in the procedures made during the past year;</FONT></TD>
</TR>
<TR><TD WIDTH="27" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="804" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="27" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="804" VALIGN="TOP">
<FONT SIZE=2><P>identify any violations requiring significant remedial action during the past year and any sanctions imposed;</FONT></TD>
</TR>
<TR><TD WIDTH="27" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="804" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="27" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="804" VALIGN="TOP">
<FONT SIZE=2><P>identify any recommended changes in the existing restrictions or procedures based upon the Adviser's experience under the Code of Ethics, evolving industry practices or developments in applicable laws or regulations; and</FONT></TD>
</TR>
<TR><TD WIDTH="27" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="804" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="27" VALIGN="TOP">
<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="804" VALIGN="TOP">
<FONT SIZE=2><P>state the CCO's conclusions regarding whether the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P ALIGN="JUSTIFY">The CCO shall promptly report to the applicable Adviser's Board of Directors all apparent violations of the Code and the reporting requirements thereunder. The Board of Directors of each Adviser shall consider reports made hereunder and shall determine whether or not this Code has been violated and what sanctions, if any, should be imposed.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>E.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Reports To Chief Compliance Officer</P>
</B>
<P ALIGN="JUSTIFY">The Advisers' CCOs will provide, within 60 days after each calendar quarter end, certification to the chief compliance officer (each a "Fund CCO") or other designee of each Reportable Fund that, as of the prior quarter end:</P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=818 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2><P>all documentation required by the Code and Rule 17j-1 as it applies to the Advisers or their Supervised Persons has been collected and is being retained on behalf of the Reportable Fund;</FONT></TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2><P>there have been no material violations to the Code and, if there have been violations to the Code, the violation has been documented and reported to each Fund CCO; and </FONT></TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="783" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="783" VALIGN="TOP">
<FONT SIZE=2><P>the firm has appointed appropriate management or compliance personnel to review transactions and reports filed by Access Persons under the Code, and adopted procedures reasonably necessary to prevent Access Persons from violating the Code.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Advisers' CCOs will also provide, within 60 days after each calendar quarter end, a description of any issues arising under the Code since the last quarter end, including, but not limited to, information about material violations of the Code and sanctions imposed in response to material violations.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Each quarter the respective Adviser's CCO will also provide to each Fund CCO or their designee a list of Access Persons who are subject to this Code and the names of the relevant personnel responsible for pre-clearing and reviewing personal securities transactions. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The CCOs will provide such information, including, but not limited to, initial and annual holdings reports and quarterly transaction reports for all Access Persons, pre-clearance reports and approvals for participation in IPOs and Limited Offerings, as is requested by a Fund CCO.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>F.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Reporting of Illegal or Unethical Behavior</P>
</B>
<P ALIGN="JUSTIFY">Supervised Persons should promptly report any conduct or actions by a Supervised Person that does not comply with the Federal Securities Laws, other applicable laws, rules or regulations or this Code.  Any Supervised Person who questions whether a situation, activity or practice is acceptable must immediately report such practice to the CCO of the Adviser.  The CCO of the Adviser shall consider the matter and respond to the Supervised Person within a reasonable amount of time.  The CCO of the Adviser will contact the Adviser's legal counsel when he/she believes it to be necessary.  To the extent possible and as allowed by law, reports made by Supervised Persons under this Section F will be treated as confidential.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>G.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Sanctions</P>
</B>
<P ALIGN="JUSTIFY">Upon discovering a violation of this Code, the Board of Directors of any of the Advisers may impose such sanctions as they deem appropriate, including, among other things, verbal or written warnings and censures, monetary sanctions, disgorgement, suspensions or dismissal.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>H.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Retention of Records</P>
</B>
<P ALIGN="JUSTIFY">The following records must be maintained by the Advisers in the manner and to the extent set out below.  These records must be made available to the SEC or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination:</P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=782 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A copy of the Code that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of any violation of the Code, and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A copy of each report required to be submitted by Access Persons under Sections IV.C.1, IV.C.2, and IV.C.3 of the Code, including any information provided on broker transaction confirmations and account statements, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of the names of all persons who are currently, or within the past five years were, Access Persons of the Adviser;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(v)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of all Access Persons, currently or within the past five years, who are or were required to make reports under the Code must be maintained in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(vi)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of all persons, currently or within the past five years, who are or were responsible for reviewing reports of Access Persons must be maintained in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(vii)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A copy of each Personal Account Deal Request Form (including a record of all approvals to acquire securities in an IPO or Limited Offering, indicating the reasons for such approvals) must be maintained for at least five years after the end of the fiscal year in which the form was submitted or the approval is granted, whichever is later;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(viii)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities in an IPO or Limited Offering for at least five years after the end of the fiscal year in which approval is granted;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(ix)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A copy of each report to the Board of the Advisers or to a Reportable Fund of the Code must be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(x)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of all accounts, currently or within the past five years, in which an Access Person has or had a Beneficial Ownership interest in a Reportable Security solely by reason of an indirect pecuniary interest described in Rule 16a-1(a)(2)(ii)(B) or (C) under the Exchange Act must be maintained in an easily accessible place; and</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="752" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(xi)</FONT></TD>
<TD WIDTH="752" VALIGN="TOP">
<FONT SIZE=2><P>A record of all Certifications of Compliance for each person who is currently, or within the past five years was, a Supervised Person of the Adviser.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<B><P>V.&nbsp;&nbsp;&nbsp;&nbsp; &#9;POLICY STATEMENT ON INSIDER TRADING</P>
</B>
<B><P>A.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Definition of Insider Trading</P>
</B>
<P ALIGN="JUSTIFY">The Aberdeen Group prohibits any "Affected Person" (i.e., any officer or director of an Adviser and employees of the Group) from trading, either personally or on behalf of others, including accounts managed by the Aberdeen Group, on material non-public information or communicating material non-public information to others in violation of the law.  <B>This conduct is frequently referred to as "insider trading."</B> The policy applies to every such Affected Person and extends to activities within and outside their duties within the Aberdeen Group.  Any questions regarding this policy and the procedures below should be referred to the CCO of the respective Adviser. </P>
<P ALIGN="JUSTIFY">The term "insider trading" is not defined in the Federal Securities Laws, but is generally understood to prohibit the following activities:</P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=760 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P>trading by an insider while in possession of material non-public information;</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P>recommending the purchase or sale of securities while in possession of material non-public information; or</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="730" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="730" VALIGN="TOP">
<FONT SIZE=2><P>communicating material non-public information to others.</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<B><P>B.&nbsp;&nbsp;&nbsp;&nbsp; &#9;The Concept of "Insider"</P>
</B>
<P ALIGN="JUSTIFY">The concept of "insider" is broad and it includes officers, directors, partners, members and employees of a company.  In addition, a person can be a "temporary insider" if he or she is given material inside information about a company or the market for the company's securities on the reasonable expectation that the recipient would maintain the information in confidence and would not trade on it.</P>
<P ALIGN="JUSTIFY">A temporary insider can include, among others, a company's legal advisers<B><I>,</B></I> accountants, consultants, bank lending officers, and the employees of such third parties. In addition, a company may become a temporary insider of a company it advises or for which it performs other services. For that to occur, that company must expect the subsidiary to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the subsidiary will be considered an insider. </P>
<B><P>C.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Material Information</P>
</B>
<P ALIGN="JUSTIFY">Trading, tipping or recommending securities transactions while in position of inside information is not a basis for liability unless the information is "material."  "Material information" generally is defined as:</P></FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=769 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="739" VALIGN="TOP">
<FONT SIZE=2><P>information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions; or</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="739" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="739" VALIGN="TOP">
<FONT SIZE=2><P>information that would significantly alter the total mix of information made available. </FONT></TD>
</TR>
</TABLE>
  </center>
</div>
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<FONT SIZE=2>
<P ALIGN="JUSTIFY">Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, a joint venture, the borrowing of significant funds, a major labor dispute, merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.  For information to be considered material it need not be so important that it would have changed an investor's decision to purchase or sell particular securities; rather it is enough that it is the type of information on which reasonable investors rely in making purchase or sale decisions.  The materiality of information relating to the possible occurrence of any future event may depend on the likelihood that the event will occur and its significance if it did occur.</P>
<B><P>D.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Non-Public Information</P>
</B>
<P ALIGN="JUSTIFY">Information is non-public until it has been effectively communicated to the market place.  One must be able to point to some fact to show that the information is generally public.  For example, information found in a report filed with the SEC<B><I>,</B></I> or appearing in <I>Dow Jones</I>, <I>Reuters Economic Services</I>, <I>The Wall Street Journal</I> or other publications of general circulation would be considered public.  Information in bulleting and research reports disseminated by brokerage firms are also generally considered to be public information.</P>
<B><P ALIGN="JUSTIFY">Before trading for yourself or others in the securities of a company about which you may have potential inside information, or revealing such information to others or making a recommendation based on such information, you should ask yourself the following questions</B>:</P></FONT>
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<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="742" VALIGN="TOP">
<FONT SIZE=2><P>Is the information material?  Is this information that an investor would consider important in making his or her investment decisions?  Is this information that would substantially affect the market price of the securities if generally disclosed?</FONT></TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="742" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="742" VALIGN="TOP">
<FONT SIZE=2><P>Is the information non-public?  To whom has this information been provided?  Has the information been effectively communicated to the marketplace?</FONT></TD>
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<FONT SIZE=2>
<P ALIGN="JUSTIFY">If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information may be material and non-public, you should take the following steps:</P></FONT>
<P ALIGN="RIGHT">
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<TR><TD WIDTH="41" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="738" VALIGN="TOP">
<FONT SIZE=2>
<B><P>Report the matter immediately to the CCO.</B> In consulting with the CCO,
you should disclose all information that you believe may bear on the issue of
whether the information you have is material and non-public.</FONT></TD>
</TR>
<TR><TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="738" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="738" VALIGN="TOP">
<FONT SIZE=2>
<B><P>Do not purchase or sell the securities</B> on behalf of yourself or
others.</FONT></TD>
</TR>
<TR><TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="738" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="738" VALIGN="TOP">
<FONT SIZE=2>
<B><P>Do not communicate the information</B> either inside or outside the
Aberdeen Group, other than to the CCO or another appropriate member of the
Compliance Department.</FONT></TD>
</TR>
<TR><TD WIDTH="41" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="738" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41" VALIGN="TOP">
<FONT SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="738" VALIGN="TOP">
<FONT SIZE=2><P>After the CCO has reviewed the issue, you will either be (a) instructed to continue the prohibitions against trading, tipping or communication, or (b) allowed to trade and communicate the information.  In appropriate circumstances, the CCO will consult with counsel as to the appropriate course to follow.</FONT></TD>
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<FONT SIZE=2>
<B><P ALIGN="JUSTIFY">Information in your possession that you identify, or which has been identified to you as material and non-public, must not be communicated to persons outside the Aberdeen Group, without the prior authorization of the CCO.</B>  In addition, care should be taken so that such information is secure.  For example, files containing material non-public information should be sealed and access to computer files containing material non-public information should be restricted.</P>
<B><P>E.&nbsp;&nbsp;&nbsp;&nbsp; &#9;Monitoring Procedures</P>
</B>
<P ALIGN="JUSTIFY">The role of Compliance is critical to the implementation and maintenance of the Aberdeen Group's policy and procedures against insider trading.  The supervisory procedures can be divided into the following two parts: (1) the prevention of insider trading; and (2) the detection of insider trading.  Each part of the supervisory procedures is discussed in further detail below.</P>
<B><P>1.&nbsp;&nbsp;&nbsp;&nbsp; &#9;The Prevention of Insider Trading</P>
</B>
<P ALIGN="JUSTIFY">To prevent insider trading Compliance will:</P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT">
<div align="center">
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  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=847 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="46" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="801" VALIGN="TOP">
<FONT SIZE=2><P>provide, on a regular basis, an educational program to familiarize Affected Persons with the policy and procedures; and </FONT></TD>
</TR>
<TR><TD WIDTH="46" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="801" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="46" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="801" VALIGN="TOP">
<FONT SIZE=2><P>when it has been determined that an Affected Person has material non-public information:</FONT></TD>
</TR>
</TABLE>
  </center>
</div>
</P>

<FONT SIZE=2>
<P>&#9;&#9;&#9;(a)&#9;implement measures to prevent dissemination of such information; and </P>

<P>&#9;&#9;&#9;(b)&#9;where necessary, restrict Affected Persons from trading in the securities.</P>

<B><P>2.&nbsp;&nbsp;&nbsp;&nbsp; &#9;The Detection of Insider Trading</P>

</B><P ALIGN="JUSTIFY">To detect insider trading, Compliance will:</P>
</FONT>
<P ALIGN="RIGHT">
<div align="center">
  <center>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=822 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="787" VALIGN="TOP">
<FONT SIZE=2><P>review the trading activity reports filed by each Affected Person; </FONT></TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="787" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(ii)</FONT></TD>
<TD WIDTH="787" VALIGN="TOP">
<FONT SIZE=2><P>review the trading activity on behalf of Clients; and</FONT></TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="787" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35" VALIGN="TOP">
<FONT SIZE=2><P>(iii)</FONT></TD>
<TD WIDTH="787" VALIGN="TOP">
<FONT SIZE=2><P>to the extent applicable, such other information as the CCO deems necessary or appropriate.</FONT></TD>
</TR>
</TABLE>
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<TYPE>COVER
<SEQUENCE>21
<FILENAME>filename21.htm
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<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">DECHERT LLP</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">1775 I STREET, NW</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">WASHINGTON, DC  20006</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">TELEPHONE: (202) 261-3300</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">FAX: (202) 261-3333</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"></P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P style="margin-top: 0; margin-bottom: 0">January 25, 2007</P>

<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<B><P style="margin-top: 0; margin-bottom: 0">VIA EDGAR</P>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</B>
<P style="margin-top: 0; margin-bottom: 0">U.S. Securities and Exchange Commission</P>
<P style="margin-top: 0; margin-bottom: 0">Attn: Filing Desk</P>
<P style="margin-top: 0; margin-bottom: 0">100 F Street, NE</P>
<P style="margin-top: 0; margin-bottom: 0">Washington, DC  20549</P>

<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P style="margin-top: 0; margin-bottom: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;Re:&nbsp;&nbsp;&nbsp;&nbsp; &#9;Aberdeen Global Income Fund, Inc. (the "Fund")</P>
<P style="margin-top: 0; margin-bottom: 0">&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;File No. 811-06342</P>
<P style="margin-top: 0; margin-bottom: 0">&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;&#9;Amendment to Registration Statement Exhibits</P>
<P>&#9;</P>
<P>Ladies and Gentlemen:</P>

<P>On behalf of the Fund, attached for filing via the EDGAR System pursuant to Section 8 of the Investment Company Act of 1940, as amended ("1940 Act"), is Amendment No. 8 to the Fund's Registration Statement under the 1940 Act ("Registration Statement").  This filing amends the Registration Statement to include 19 additional exhibits.</P>

<P>No fee is required in connection with this filing.  Please direct any questions concerning this filing to Karl Paulson Egbert at 202-261-3499 or Sander M. Bieber at 202-261-3308.</P>

<P>Very truly yours,</P>

<P style="margin-top: 0; margin-bottom: 0"><u>/s/ Karl Paulson Egbert</u></P>
<P style="margin-top: 0; margin-bottom: 0">Karl Paulson Egbert</P></BODY>
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