<SEC-DOCUMENT>0001398344-15-006225.txt : 20150910
<SEC-HEADER>0001398344-15-006225.hdr.sgml : 20150910
<ACCEPTANCE-DATETIME>20150910173020
ACCESSION NUMBER:		0001398344-15-006225
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20150910
DATE AS OF CHANGE:		20150910
EFFECTIVENESS DATE:		20150910

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERZFELD CARIBBEAN BASIN FUND INC
		CENTRAL INDEX KEY:			0000880406
		IRS NUMBER:				650396889
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202213
		FILM NUMBER:		151101890

	BUSINESS ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		3052711900

	MAIL ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
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<TYPE>POS EX
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">As filed with the Securities and Exchange Commission on September 10, 2015</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Securities Act File No. 333-202213</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Investment Company Act File No. 811-06445</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FORM N-2</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[X]</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[&#160; ]</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pre-Effective Amendment No.</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[X]</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Post-Effective Amendment No. 1</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">and/or</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[X]</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Amendment No. 10</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Exact Name of Registrant as Specified in Charter)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">119 Washington Avenue, Suite 504 Miami Beach, FL 33139</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;(Address of Principal Executive Offices)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Registrant&#8217;s Telephone Number, Including Area Code: (305) 271-1900</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund, Inc.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">119 Washington Avenue, Suite 504 Miami Beach, FL 33139</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Copies to:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.98%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Joseph V. Del Raso, Esq.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">119 Washington Avenue</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.98%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pepper Hamilton LLP</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Suite 504</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.98%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3000 Two Logan Square</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Miami Beach, FL 33139</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.98%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18th and Arch Streets</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.98%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Philadelphia, PA 19103</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Approximate date of proposed public offering: From time to time after the effective date of this Registration Statement.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">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, as amended, other than securities offered in connection with a dividend reinvestment plan, check the following box. [X]</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This Post-Effective Amendment will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXPLANATORY NOTE</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This Post-Effective Amendment No.&#160;1 to the Registration Statement on Form&#160;N-2 (Securities Act File No.&#160;333-202213 and Investment Company Act File No. 811-06445) of The Herzfeld Caribbean Basin Fund, Inc., as amended (the &#8220;Registration Statement&#8221;), is being filed pursuant to Rule&#160;462(d) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No.&#160;1 consists only of a facing page, this explanatory note and Part&#160;C of the Registration Statement on Form&#160;N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No.&#160;1 does not modify any other part of the Registration Statement. Pursuant to Rule&#160;462(d) under the Securities Act, this Post-Effective Amendment No.&#160;1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART C - OTHER INFORMATION</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 25.&#160; FINANCIAL STATEMENTS AND EXHIBITS</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Financial Statements:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following financial statements of The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Registrant&#8221;) are incorporated by reference in Part A of this Registration Statement.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Schedule of Investments as of June 30, 2014.*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statement of Assets and Liabilities as of June 30, 2014.*</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statement of Operations for the Year Ended June 30, 2014.*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statements of Changes in Net Assets for the Years Ended June 30, 2014 and 2013.*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Financial Highlights for the Years Ended June 30, 2010 through 2014.*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(f)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Notes to Financial Statements dated June 30, 2014.*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(g)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Schedule of Investments as of December 31, 2014 (unaudited).**</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(h)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statement of Assets and Liabilities as of December 31, 2014 (unaudited).**</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(i)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statement of Operations for the Six Months Ended December 31, 2014 (unaudited).**</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(j)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statements of Changes in Net Assets for the Six Months Ended December 31, 2014 (unaudited) and the Year Ended June 30, 2014.**</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(k)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Notes to Financial Statements dated December 31, 2014.**</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Incorporated by reference to the Registrant&#8217;s Annual Report to Stockholders for fiscal year ended June 30, 2014 filed on Form N-CSR, with the Securities and Exchange Commission (the &#8220;SEC&#8221;)&#160; on August 29, 2014 (Investment Company Act File No. 811-06445).</div>
</td>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Incorporated by reference to the Registrant&#8217;s Semi-Annual Report to Stockholders for the six months ended December 31, 2014 filed on Form N-CSR, with the SEC on March 5, 2015 (Investment Company Act File No. 811-06445).</div>
</td>
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<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="5f19a4ccb4024815b9576d3d0ea0ad53" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Exhibits</div>
</td>
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</div>

<div>&#160;</div>

<div>
<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">The agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreements and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of &#8220;materiality&#8221; that are different from &#8220;materiality&#8221; under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement. For the foregoing reasons, the representations, warranties and covenants or any descriptions of those provisions should not be read alone and should instead be read in conjunction with the other information contained in the reports, statements and filings that the Registrant publicly files with the Commission.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

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<div>&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="9066ac29998a440ba172f8940eab45ec" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Articles of Incorporation filed with the State of Maryland dated March 10, 1992.(1)</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Articles of Amendment to Articles of Incorporation as filed with the State of Maryland on July 23, 1993.(1)</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By Laws.(1)</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Form of Specimen Certificate of Common Stock.(1)</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Articles Sixth, Eighth, Ninth and Tenth of the Registrant&#8217;s Articles of Incorporation filed as exhibit (a).</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Articles II and III of the Registrant&#8217;s By Laws filed as exhibit (b).</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dividend Reinvestment Plan. (2)</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(f)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(g)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Investment Advisory Agreement dated September 10, 1993.(1)</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(h)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Equity Distribution Agreement, dated September 10, 2015 (the &#8220;Equity Distribution Agreement&#8221;),&#160; by and among the Registrant, HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. (the &#8220;Adviser&#8221;), and Ladenburg Thalmann &amp; Co. Inc. is filed herewith.</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(i)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(j)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Custodian Agreement dated December 30, 1993, as amended March 28, 2003.(1)</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Amendment to Custodian Agreement and Transfer Agency Services Agreement dated August 16, 2012 is filed herewith.</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(k)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(l)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Opinion of Pepper Hamilton LLP is filed herewith.</div>
</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(m)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(n)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Consent of Independent Registered Public Accounting Firm is filed herewith.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(o)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(p)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(q)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(r)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Joint Code of Ethics of the Registrant and the Adviser.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(s)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Powers of Attorney.(3)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: left; BACKGROUND-COLOR: #000000; WIDTH: 20%; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: 0px; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ea360be31f1e48e1a2f93721909438d1" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on July 25, 2007 (Securities Act File No. 333-144838 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Incorporated by reference to Exhibit 99.2 to Form 8-K/A filed with the SEC on November 22, 2006 (Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Incorporated by reference to Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on February 20, 2015 (Securities Act File No. 333-202213 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 26.&#160; MARKETING ARRANGEMENTS</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The information contained under the heading &#8220;Plan of Distribution&#8221; in this Registration Statement is incorporated herein by reference.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 27.&#160; OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e6c713c3e4a5453bbb19e88f14d5dcf3" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SEC registration fees</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,620</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">FINRA filing fees</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">15,500</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">NASDAQ Capital Market Listing of Additional Shares fee</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Printing (other than stock certificates)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">2,000</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Accounting fees and expenses</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">17,000</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Legal fees and expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">195,000</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Sales agent&#8217;s expenses</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">30,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Miscellaneous</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">20,000</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">$</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">296,120</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">(2)</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b5f4befe9d6c429aaccbb7e4aa6b527e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Previously paid with the Registrant&#8217;s Form N-2 filed with the SEC on February 20, 2015 (Securities Act File No. 333-144838 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="36a0ab8a51ee49c5a161ef0157e72889" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">These expenses will be borne by the Registrant unless otherwise specified in a prospectus supplement.&#160; Except for the SEC registration fee and the FINRA filing fee, all listed amounts are estimates.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 28.&#160; PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">None</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 29.&#160; NUMBER OF HOLDERS OF SECURITIES</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="17b805bce0dc472d88cd485db938d1a7" border="0" cellspacing="0" cellpadding="4">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 63.64%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Title of Class</div>
</td>
<td style="WIDTH: 3.9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Record Holders</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">as of</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">September 9, 2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 63.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock, $0.001 par value</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">92</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 30.&#160; INDEMNIFICATION</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">It is the Registrant&#8217;s policy to indemnify its directors and officers to the maximum extent permitted by Section 2-418 of the General Corporation Law of the State of Maryland as set forth in Article VII of the Registrant&#8217;s By-Laws filed as exhibit (b) hereto, subject to the limitations of the Investment Company Act of 1940, as amended. &#160;The Registrant&#8217;s indemnification obligations with respect to each officer and director as set forth in Article VII of the Registrant&#8217;s By-Laws further provide for the payment of, and advancement of, any reasonable expenses incurred in connection with the successful defense of any proceeding to which each such officer or director is a party by reason of service in such capacity. &#160;The Registrant&#8217;s indemnification obligations with respect to the Adviser are set forth in Section 5 of the Investment Advisory Agreement filed as exhibit (g) hereto.&#160; The Registrant has purchased insurance insuring its directors and officers against certain liabilities incurred in their capacities as such, and insuring the Registrant against any payments which it is obligated to make to such persons under the foregoing indemnification provisions.&#160;

<div style="LINE-HEIGHT: 1.15">
<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers and controlling persons of the Registrant, pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
</div>
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pursuant to the Equity Distribution Agreement, the Registrant has agreed to indemnify Ladenburg Thalmann &amp; Co. Inc. against specified liabilities for actions taken in its capacity as sales agent under such agreement, including liabilities under the Securities Act.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 31.&#160; BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of its investment adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by those entities or those of its officers and directors during the past two years, by incorporating herein by reference the information contained in the current Form ADV filed on&#160;</font>March 31, 2015<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;with the SEC by Thomas J. Herzfeld Advisors, Inc. (Investment Advisers Act File No. 801-20866) pursuant to the Investment Advisers Act of 1940, as amended, and in the sections entitled &#8220;Management of the Fund&#8221; in Part A of this Registration Statement and in the Prospectus Supplement to this Registration Statement dated September 10, 2015. </font>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 32.&#160; LOCATION OF ACCOUNTS AND RECORDS</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">All such books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the following locations: Thomas J. Herzfeld Advisors, Inc., 119 Washington Avenue, Suite 504 Miami Beach, FL 33139; and State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 33.&#160; MANAGEMENT SERVICES</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not </font>applicable<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">.</font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 34.&#160; UNDERTAKINGS</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Registrant hereby undertakes:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e5e15f0b43184ff6aa35c8f48f2aa204" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">to suspend the offering of shares until the prospectus is amended if: (i) subsequent to the effective date of this Registration Statement, the net asset value per share declines more than 10% from its net asset value per share as of the effective date of this Registration Statement; or (ii) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">if the securities being registered are to be offered to existing stockholders pursuant to warrants or rights, and any securities not taken by stockholders are to be reoffered to the public, to supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription offer, the transactions by underwriters during the subscription period, the amount of unsubscribed securities to be purchased by underwriters, and the terms of any subsequent reoffering thereof, and further, if any public offering by the underwriters of the securities being registered is to be made on terms differing from those set forth on the cover page of the prospectus, to file a post-effective amendment to set forth the terms of such offering.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4)</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)&#160;to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1) to include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, as amended, or the Securities Act;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">bona fide</font> offering thereof;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 497(b), (c), (d)&#160;or (e)&#160;under the Securities Act [17 CFR 230.497(b), (c), (d)&#160;or (e)] as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act [17 CFR 230.430A], shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Provided, however,</font> that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act [17 CFR 230.497];</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2) the portion of any advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">that: (a) for purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective; and (b) for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">bona fide</font> offering thereof.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant, pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SIGNATURES</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Miami Beach, and State of Florida, on the&#160;10th day of&#160; September, 2015.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top" colspan="2">Thomas J. Herzfeld</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">President and Chairman of the Board of Directors</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Ann S. Lieff*</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Director</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">September&#160;10, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Kay W. Tatum*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ John A. Gelety*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Cecilia L. Gondor*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Thomas J. Herzfeld</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Chairman, Director and President</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Principal Executive Officer)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Reanna J. M. Lee</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Principal Financial Officer)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Reanna J. M. Lee</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Thomas J. Herzfeld</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Attorney-In-Fact pursuant to a power of attorney signed by each individual on February 12, 2015.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Amendment to Custodian Agreement and Transfer Agency Services Agreement.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Opinion of Pepper Hamilton LLP.</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">(n)</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Consent of Independent Registered Public Accounting Firm.</td>
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<DOCUMENT>
<TYPE>EX-99.H
<SEQUENCE>2
<FILENAME>fp0015933_ex99h.htm
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock, $0.001 par value per share</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>EQUITY DISTRIBUTION AGREEMENT</u></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dated September 10, 2015</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><u>Table of Contents</u></div>

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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 1.</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Description of Securities</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">1</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 2.<font style="FONT-SIZE: 6pt">&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Placements</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">2</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;3.<font style="FONT-SIZE: 6pt">&#160;&#160;</font></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Sale of Placement Securities by Ladenburg</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">3</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;4.<font style="FONT-SIZE: 6pt">&#160;&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Suspension of Sales</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">3</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;5.</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">Representations and Warranties</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">3</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 6.<font style="FONT-SIZE: 6pt">&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Representations and Warranties of the Adviser</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">9</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;7.</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Sale and Delivery to Ladenburg; Settlement</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">11</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;8.</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Covenants of the Company and the Adviser</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">13</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;9.<font style="FONT-SIZE: 6pt">&#160;</font></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">Payment of Expenses</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">18</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;10.</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Conditions of Ladenburg&#8217;s Obligations</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">18</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;11.<font style="FONT-SIZE: 6pt">&#160;</font></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Indemnification and Contribution</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">20</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;12.</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Information Furnished by Ladenburg</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">22</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;13.<font style="FONT-SIZE: 6pt">&#160;&#160;</font></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Representations, Warranties and Agreements to Survive Delivery</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">22</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 14.<font style="FONT-SIZE: 6pt">&#160;&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Termination of Agreement</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">22</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 15.</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">Notices</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">23</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;16.<font style="FONT-SIZE: 6pt">&#160;&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Successors</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">23</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;17.</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">Governing Law; Construction</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">23</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;18.</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 11pt">Submission to Jurisdiction</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">23</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 19.</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">Counterparts</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">24</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 20.<font style="FONT-SIZE: 6pt">&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Merger</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">24</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION 21.<font style="FONT-SIZE: 6pt">&#160;</font></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">Definitions</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 5%; VERTICAL-ALIGN: top">24</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top">SECTION&#160;22.<font style="FONT-SIZE: 6pt">&#160;&#160;</font></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">Absence of Fiduciary <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Relationship</font></td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;(a Maryland corporation)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Shares of Common Stock, $.001 par value per share</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>EQUITY DISTRIBUTION AGREEMENT</u></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">September 10, 2015</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladenburg Thalmann &amp; Co. Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">570 Lexington Avenue, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">New York, New York 10022</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladies and Gentlemen:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund, Inc., a Maryland corporation (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Company</u></font>&#8221;), and HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc., a corporation organized under the laws of the State of Florida (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Adviser</u></font>&#8221;), each confirms its agreement (this &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Agreement</u></font>&#8221;) with Ladenburg Thalmann &amp; Co. Inc. (&#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Ladenburg</u></font>&#8221;), as follows:</div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 1.&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Description of Securities</u></font>.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each of the Company and the Adviser agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, the Company may issue and sell through or to Ladenburg, acting as agent and/or principal, shares of the Company&#8217;s common stock, $0.001 par value per share (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Common Shares</u></font>&#8221;), having an aggregate offering price of up to $17,900,000 (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Maximum Amount</u></font>&#8221;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 1 regarding the aggregate offering price of the Common Shares issued and sold under this Agreement (such Common Shares being referred to herein as the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Shares</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>) shall be the sole responsibility of the Company, and Ladenburg shall have no obligation in connection with such compliance. The issuance and sale of the Shares through Ladenburg will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Commission</u></font>&#8221;), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue the Shares.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Securities Act</u></font>&#8221;), with the Commission a registration statement on Form N-2 (File No. 333-202213), including a base prospectus, relating to the Common Shares, including the Shares to be issued from time to time by the Company. The Company has prepared a prospectus supplement specifically relating to the Shares (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Prospectus Supplement</u></font>&#8221;) to the base prospectus included as part of such registration statement. The Company will furnish to Ladenburg, for use by Ladenburg, copies of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, such registration statement, as amended when it became effective, including all documents filed as part thereof, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 497 under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430C of the Securities Act, is herein called the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Registration Statement</u></font>.&#8221; The base prospectus, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 497 under the Securities Act is herein called the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Prospectus</u></font>.&#8221; For purposes of this Agreement, all references to the Registration Statement and the Prospectus shall be deemed to include any amendment or supplement thereto that has been filed with the Commission pursuant to EDGAR.</div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 2.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Placements</u></font>.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;Each time that the Company wishes to issue and sell the Shares hereunder through Ladenburg, acting as agent (each, a &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Placement</u></font>&#8221;), it will notify Ladenburg by email notice (or other method mutually agreed to in writing by the parties), a form of which containing the minimum sales parameters in accordance with which it desires the Shares to be issued and sold (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Placement Securities</u></font>&#8221;) is attached hereto as <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit A</u></font> (a &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Placement Notice</u></font>&#8221;). The Placement Notice shall originate from any of the individuals from or representing the Company set forth on <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit B</u></font> (with a copy to each of the other individuals from or representing the Company listed on such schedule), and shall be addressed to each of the individuals from Ladenburg set forth on <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit B</u></font>, as such<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u> Exhibit B</u></font> may be amended from time to time.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">If Ladenburg wishes to accept such proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole discretion) or, following discussion with the Company, wishes to propose amended terms, Ladenburg will, prior to 4:30 p.m. (New York City Time) on the business day following the business day on which such Placement Notice is delivered to Ladenburg, issue to the Company a notice by email (or other method mutually agreed to in writing by the parties) addressed to all of the individuals from or representing the Company and Ladenburg set forth on<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u> Exhibit B</u></font> setting forth the terms that Ladenburg is willing to accept. Where the terms provided in the Placement Notice are amended by Ladenburg as provided for in the immediately preceding sentence, such amended terms will not be binding on the Company or Ladenburg unless and until the Company delivers to Ladenburg an acceptance by email (or other method mutually agreed to in writing by the parties) of all of the terms of such Placement Notice, as so amended (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Acceptance</u></font>&#8221;), which email shall be addressed to all of the individuals from or representing the Company and Ladenburg set forth on <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit B</u></font>. The Placement Notice (as amended by the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of Ladenburg&#8217;s acceptance of the terms of the Placement Notice or upon receipt by Ladenburg of the Company&#8217;s Acceptance, as the case may be, unless and until (i) the entire amount of the Placement Securities has been sold, (ii) in accordance with the notice requirements set forth in the second sentence of this paragraph, the Company terminates the Placement Notice, (iii) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, (iv) this Agreement has been terminated under the provisions of Section 14 or (v) either party shall have suspended the sale of the Placement Securities in accordance with Section 4 below. The amount of any commission, discount or other compensation to be paid by the Company to Ladenburg in connection with the sale of the Placement Securities shall be calculated in accordance with the terms set forth in <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit C</u></font>. It is expressly acknowledged and agreed that neither the Company nor Ladenburg will have any obligation whatsoever with respect to a Placement or any Placement Securities unless and until the Company delivers a Placement Notice to Ladenburg and either (i) Ladenburg accepts the terms of such Placement Notice or (ii) where the terms of such Placement Notice are amended by Ladenburg, the Company accepts such amended terms by means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable) will control.</div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 3.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Sale of Placement Securities by Ladenburg</u></font>.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;Subject to the provisions of Section 7(a), Ladenburg, for the period specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable), will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the Placement Securities up to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). Ladenburg will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Securities hereunder setting forth the number of Placement Securities sold on such day, the compensation payable by the Company to Ladenburg pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by Ladenburg (as set forth in Section 7(b)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable), Ladenburg may sell Placement Securities by any method permitted by law deemed to be an &#8220;at the market&#8221; offering as defined in Rule 415 of the Securities Act, including without limitation sales made directly on the Nasdaq Capital Market, on any other existing trading market for the Common Shares or to or through a market maker. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable), Ladenburg may also sell Placement Securities by any other method permitted by law, including but not limited to in privately negotiated transactions. For the purposes hereof, &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Trading Day</u></font>&#8221; means any day on which Common Shares are purchased and sold on the principal market on which the Common Shares are listed or quoted.</div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 4.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Suspension of Sales</u></font>. The Company or Ladenburg may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit B</u></font>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u> Exhibit B</u></font>), suspend any sale of Placement Securities; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>however</u></font>, that such suspension shall not affect or impair either party&#8217;s obligations with respect to any Placement Securities sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to one of the individuals named on <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit B</u></font> hereto, as such Exhibit may be amended from time to time.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 5.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Representations and Warranties</u></font>. The Company represents and warrants to and agrees with Ladenburg, and the Adviser, jointly and severally, represent and warrant to Ladenburg as of the date hereof and as of each Representation Date (as defined below) on which a certificate is required to be delivered pursuant to Section 8(p) of this Agreement, as of each Applicable Time and as of each Settlement Date (as defined below), and agrees with Ladenburg, as follows:</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Registration Statement has become effective under the Securities Act; no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act; and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional information has been complied with. At the respective times the Registration Statement and any post-effective amendments thereto became effective and as of the date hereof, the Registration Statement (as amended or supplemented) complied and will comply in all material respects with the requirements of the Securities Act, did not and will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus (as amended or supplemented), as of its date, and as of the respective dates of any amendments or supplements thereto, and as of the date hereof, complied and will comply in all material respects with the requirements of the Securities Act and did not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties in this Section 5(i) shall not apply to statements in or omissions from the Registration Statement or the Prospectus made in reliance upon and conformity with information concerning Ladenburg furnished in writing by or on behalf of Ladenburg to the Company expressly for use in the Registration Statement or the Prospectus.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company&#8217;s registration statement on Form 8-A under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exchange Act</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>) is effective.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company has been duly incorporated and is validly existing in good standing as a corporation under the laws of the State of Maryland. The Company has full power and authority to own its property and to conduct its business as described in the Prospectus and enter into this Agreement, and is in good standing and is duly qualified to transact business in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the condition, financial or otherwise, or on the earnings, business or operations of the Company (a<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Company Material Adverse Effect</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>). The Company has no consolidated subsidiaries.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company is registered with the Commission under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Investment Company Act</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>), as a closed-end management investment company, and no order of suspension or revocation of such registration has been issued or proceedings therefor initiated or, to the best of its knowledge, threatened by the Commission, and is in compliance in all material respects with the applicable terms and conditions of the Securities Act and the Investment Company Act. No person is serving or acting as an officer or director of, or investment adviser to, the Company except in compliance with the provisions of the Investment Company Act and the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Advisers Act</u></font>&#8221;). Except as disclosed in the Registration Statement and the Prospectus, no director of the Company is an &#8220;interested person&#8221; (as defined in the Investment Company Act) of the Company or an &#8220;affiliated person&#8221; (as defined in the Investment Company Act) of Ladenburg.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each of this Agreement, the Investment Advisory Agreement, dated as of September 10, 1993, by and between the Company and the Adviser (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Investment Advisory Agreement</u></font>&#8221;), and the Custodian Agreement, dated as of May 28, 2003, by and between the Company and State Street Bank and Trust Company (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Custodian Agreemen</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">t</font>&#8221; and together with the Investment Advisory Agreement, the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Company Agreements</font>&#8221;), has been duly authorized by the Company. Each Company Agreement complies with all applicable provisions of the Securities Act, the Investment Company Act and the Advisers Act. The Company has adopted a Dividend Reinvestment Plan (the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Plan</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>). Each Company Agreement has been duly executed and delivered by the Company and (assuming the due and valid authorization, execution and delivery by the other parties thereto) represents a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except (a) as rights to indemnity and contribution may be limited by federal or state securities laws or principles of public policy and subject to the qualification that the enforceability of the Company&#8217;s obligations thereunder may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, receivership, moratorium, and other laws relating to or affecting creditors&#8217; rights generally and by general equitable principles (including without limitation the availability of specific performance or injunctive relief and the application of concepts of materiality, reasonableness, good faith and fair dealing) whether enforcement is considered in a proceeding in equity or at law, and (b) in the case of the Investment Advisory Agreement, with respect to termination under the Investment Company Act or the reasonableness or fairness of compensation payable thereunder.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(vi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">None of (1) the execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement and each Company Agreement, or (2) the issuance and sale of the Shares as contemplated by this Agreement conflicts with or will conflict with, result in, or constitute a violation, breach of, default under, (x) the articles of incorporation of the Company, as amended to date (the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Charter</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>) or the bylaws of the Company, as amended to date (the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Bylaws</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>) (y) any agreement, indenture, note, bond, license, lease or other instrument or obligation binding upon the Company that is material to the Company, or (z) any law, rule or regulation applicable to the Company or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company, whether foreign or domestic; except, with respect to clauses (y) or (z), any contravention which would have neither (i) a Company Material Adverse Effect or (ii) a material adverse effect on the consummation of the transactions contemplated by this Agreement;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"> provided</font> that no representation or warranty is made with respect to compliance with the laws of any jurisdiction outside of the United States in connection with the offer or sale of the Shares in such jurisdiction by Ladenburg.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(vii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No consent, approval, authorization, order or permit of, license from, or qualification with, any governmental body, agency or authority, self-regulatory organization or court or other tribunal, whether foreign or domestic, is required to be obtained by the Company for the performance by the Company of its obligations under this Agreement or the Company Agreements, except such as have been obtained and as may be required by (i) the Securities Act, the Investment Company Act, the Advisers Act, or the Exchange Act, (ii) the rules and regulations of the Financial Industry Regulatory Authority (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>FINRA</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>) or the NASDAQ Stock Market, LLC (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Nasdaq</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>), (iii) by the securities or &#8220;blue sky laws&#8221; of the various states and foreign jurisdictions in connection with the offer and sale of the Shares or (iv) such as which the failure to obtain would have neither (i) a Company Material Adverse Effect or (ii) a material adverse effect on the consummation of the transactions contemplated by this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(viii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The authorized, issued and outstanding capital stock of the Company conforms in all material respects to the description thereof under the heading &#8220;Description of Common Stock&#8221; in the Prospectus, and this Agreement, the Charter, the Bylaws, the Company Agreements and the Plan conform in all material respects to the descriptions thereof contained in the Prospectus.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(ix)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This Agreement and the other Company Agreements, the Charter and the Bylaws, and the Plan comply with all applicable provisions of the Securities Act and the Investment Company Act, and all approvals of such documents required under the Investment Company Act by the Company&#8217;s shareholders and Board of Directors have been obtained and are in full force and effect.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(x)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company Agreements are in full force and effect and neither the Company nor, to the knowledge of the Company, any other party to any such agreement is in default thereunder, and no event has occurred which with the passage of time or the giving of notice or both would constitute a default by the Company thereunder, and the Company is not currently in breach of, or in default under, any other written agreement or instrument to which it or its property is bound or affected, the default under or breach of which could reasonably be expected to have a Company Material Adverse Effect.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Common Shares outstanding prior to the issuance of the Shares have been duly authorized and are validly issued, fully paid and non-assessable. None of the outstanding Common Shares of the Company was issued in violation of the preemptive or other similar rights of any securityholder of the Company. Other than as contemplated in the Prospectus, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership interests in the Company are outstanding.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Shares have been duly authorized by all requisite corporate action on the part of the Company for issuance and sale pursuant to the terms of this Agreement and, when issued and delivered by the Company pursuant to the terms of this Agreement against payment of the consideration set forth in the Prospectus will be validly issued and fully paid and non-assessable; all statements relating to the Shares contained in the Registration Statement and the Prospectus conform, in all material respects, to the Shares; and the issuance of the Shares is not subject to any preemptive rights.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xiii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Common Shares have been duly listed on the Nasdaq Capital Market and prior to their issuance, the Shares will have been approved for listing, subject to official notice of issuance.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xiv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There has not occurred any material adverse change, or any development reasonably likely to involve a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company from that set forth in the Prospectus, and there have been no transactions entered into by the Company which are material to the Company other than those in the ordinary course of its business or as described in the Prospectus.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened to which the Company is a party or to which any of the properties of the Company is subject (i) other than proceedings accurately described in all material respects in the Prospectus and proceedings that would not have a Company Material Adverse Effect, or limit the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Prospectus or (ii) that are required to be described in the Registration Statement or the Prospectus and are not so described.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xvi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The statements in the Registration Statement and the Prospectus under the headings &#8220;Prospectus Supplement Summary &#8211; Management of the Fund&#8221;, &#8220;Prospectus Supplement Summary &#8211; Investment Advisory Agreement&#8221;, &#8220;Prospectus Summary &#8211; Information Regarding the Adviser and Custodian, Transfer Agent, Dividend Disbursing Agent, and Registrar&#8221;, &#8220;Management of the Fund &#8211; Investment Advisory Agreement&#8221;, &#8220;Dividends and Distributions; Dividend Reinvestment Plan&#8221;, &#8220;Taxation&#8221; and &#8220;Description of Common Stock&#8221;, insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate summaries in all material respects of such legal matters, agreements, documents or proceedings.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xvii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company has all necessary consents, authorizations, approvals, orders (including exemptive orders), licenses, certificates, permits, qualifications and registrations of and from, and has made all declarations and filings with, all governmental authorities, self-regulatory organizations and courts and other tribunals, whether foreign or domestic, to own and use its assets and to conduct its business in the manner described in the Prospectus, except to the extent that the failure to obtain or file the foregoing would not result in a Company Material Adverse Effect.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xviii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Except as otherwise contemplated in the Prospectus, the financial statements included in the Registration Statement and the Prospectus, together with the related notes thereto (collectively, the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Company Financial Statements</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>), present fairly the financial condition of the Company as of the date indicated and said Company Financial Statements comply as to form with the requirements of Regulation S-X under the Securities Act and have been prepared in conformity with generally accepted accounting principles (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>GAAP</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>). The supporting schedules to such Company Financial Statements, if any, present fairly in accordance with GAAP the information required to be stated therein. KPMG LLP, whose report appears in the Prospectus and who have certified the Company Financial Statements and supporting schedules, if any, included in the Registration Statement, is an independent registered public accounting firm as required by the Investment Company Act, the Securities Act and the Public Company Accounting Oversight Board.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xix)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There are no material restrictions, limitations or regulations with respect to the ability of the Company to invest its assets as described in the Prospectus, other than as described therein.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xx)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the securities registered pursuant to the Registration Statement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The expense summary information set forth in the Prospectus in the &#8220;Fee Table&#8221; has been prepared in accordance with the requirements of Form N-2 and any fee projections or estimates, if applicable, are reasonably based and comply in all material respects with the requirements of Form N-2.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Subsequent to the respective dates as of which information is given in each of the Registration Statement and the Prospectus, (i) the Company has not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction; (ii) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock, other than ordinary and customary dividends; and (iii) there has not been any material change in the capital stock, short-term debt or long-term debt of the Company, except in each case as contemplated in the Registration Statement and the Prospectus, respectively.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxiii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company owns or possesses, or can acquire on reasonable terms, all material patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names currently employed by them in connection with the business now operated by it, and the Company has not received any notice of infringement of or conflict with asserted rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Company Material Adverse Effect.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxiv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&#8217;s general or specific authorizations and with the applicable requirements of the Securities Act and the Investment Company Act; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability and compliance with the books and records requirements under the Securities Act and the Investment Company Act; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the date of the Company&#8217;s most recent audited financial statements included in the Prospectus, there has been (i) no material weakness in the Company&#8217;s internal control over financial reporting (whether or not remediated); (ii) no fraud, whether or not material, that involves management or other employees who have a role in the Company&#8217;s internal controls; and (iii) no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company maintains &#8220;disclosure controls and procedures&#8221; (as such term is defined in Rules 30a-3 under the Investment Company Act); such disclosure controls and procedures are effective; and the Company is not aware of any material weakness in such controls and procedures.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxvi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Neither the Company nor, to the knowledge of the Company, any employee nor agent of the Company has made any payment of funds of the Company or received or retained any funds, which payment, receipt or retention is of a character to be disclosed in the Prospectus.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxvii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Any statistical and market-related data included in the Registration Statement or the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxviii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There are no contracts or documents which are required to be described in the Registration Statement or the Prospectus (or the documents incorporated by reference therein) or to be filed as exhibits thereto by the Securities Act or the Investment Company Act which have not been so described or filed as required.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxix)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Money Laundering Laws</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxx)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Neither the Company nor the Adviser, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or the Adviser is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>FCPA</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#8220;foreign official&#8221; (as such term is defined in FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company or the Adviser, and to the knowledge of the Company or the Adviser, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Neither the Company nor the Adviser, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or the Adviser is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>OFAC</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>) and neither the Company or the Adviser will directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged; all policies of insurance insuring the Company or its business, assets, employees, officers and directors, including the Company&#8217;s directors and officers errors and omissions insurance policy and its fidelity bond required by Rule 17g-1 under the Investment Company Act, are in full force and effect; the Company is in compliance with the terms of such policies and fidelity bond in all material respects; there are no claims by the Company under any such policies or fidelity bond as to which any insurance company is denying liability or defending under a reservation of rights clause; the Company has not been refused any insurance coverage sought or applied for; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage and fidelity bond as and then such coverage and fidelity bond expires or to obtain similar coverage and fidelity bond from similar insurers as may be necessary to continue its business at a cost that would not result in a Company Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus (exclusive of any supplement thereto).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxiii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Except as set forth in or contemplated in the Prospectus, the Company (i) does not have any material lending or other relationship with any bank or lending affiliate of Ladenburg (the description of such arrangements and outstanding indebtedness thereunder is true, accurate and complete in all respects) and (ii) does not intend to use any of the proceeds from the sale of the Shares hereunder to repay any outstanding debt owed to any affiliate of Ladenburg.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxiv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There are no business relationships or related-party transactions involving the Company or any other person required to be described in the Registration Statement or the Prospectus which have not been described as required, it being understood and agreed that the Company and Adviser make no representation or warranty with respect to such relationships involving Ladenburg or any affiliate and any other person that have not been disclosed to the Company by Ladenburg in connection with this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company (A) has not taken, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the issuance and sale or resale of the Shares, (B) has not since the filing of the Registration Statement sold, bid for or purchased, or paid anyone any compensation for soliciting purchases of, Common Shares of the Company and (C) will not, until the completion of the distribution (within the meaning of Regulation M under the Exchange Act) of the Shares, sell, bid for or purchase, pay or agree to pay to any person any compensation for soliciting another to purchase any other securities of the Company (except for the solicitation of the exercises of rights to purchase the Company&#8217;s common stock offered and solicited in a manner not otherwise inconsistent with this Agreement); <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font> that any action in connection with the Company&#8217;s dividend reinvestment plan will not be deemed to be within the terms of this Section 5(xxxv).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxvi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company intends to direct the investment of the proceeds from the sale of Shares pursuant to this Agreement in such a manner as to comply with the applicable requirements to qualify to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (&#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Subchapter M of the Code</u></font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxvii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company and its officers and directors, in their capacities as such, are in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxviii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company has (a) appointed a Chief Compliance Officer and (b) adopted and implemented written policies and procedures which the Board of Directors of the Company has determined are reasonably designed to prevent violations of the federal securities laws in a manner required by and consistent with Rule 38a-1 under the Investment Company Act and is in compliance in all material respects with such Rule.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xxxix)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company owns, leases or has rights to use all such properties as are necessary to the conduct of its operations as presently conducted.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xl)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No director or officer of the Company or the Adviser is subject to any non-competition agreement or non-solicitation agreement with any employer or prior employer which could materially affect his ability to be and act in his respective capacity of the Company or the Adviser or result in a Company Material Adverse Effect.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xli)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company has not distributed and, prior to the completion of the distribution of the Shares, will not distribute any offering material in connection with the transactions contemplated herein other than the Prospectus to which Ladenburg has consented.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Any certificate signed by or on behalf of the Company and delivered to Ladenburg or counsel for Ladenburg in connection with this Agreement shall be deemed to be a representation and warranty by the Company as to the matters covered therein to Ladenburg.</div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 6.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Representations and Warranties of the Adviser</u></font>. The Adviser represents and warrants to Ladenburg as of the date hereof and as of each Representation Date on which a certificate is required to be delivered pursuant to Section 8(p) of this Agreement, as of each Applicable Time and as of each Settlement Date, and agree with Ladenburg, as follows:</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Adviser has been duly formed and is validly existing as a corporation in good standing under the laws of the State of <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Florida</font>, with the corporate power and authority to own its property and to conduct its business as described in the Prospectus and enter into this Agreement and the Company Agreements to which it is a party, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the condition, financial or otherwise, or on the earnings, business or operations of the Adviser (an<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Adviser Material Adverse Effect</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>). The Adviser has no subsidiaries.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Adviser is duly registered as an investment adviser under the Advisers Act, and is not prohibited by the Advisers Act or the Investment Company Act from acting under the Investment Advisory Agreement as an investment adviser to the Company as contemplated by the Registration Statement and the Prospectus, and no order of suspension or revocation of such registration has been issued or proceedings therefor initiated or, to the knowledge of the Adviser, threatened by the Commission.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each of this Agreement and the Company Agreements to which the Adviser is a party has been duly authorized by the Adviser. Each Company Agreement to which the Adviser is a party complies with the applicable provisions of the Securities Act, the Investment Company Act and the Advisers Act. Each Company Agreement to which the Adviser is a party has been duly executed and delivered by the Adviser and (assuming the due and valid authorization, execution and delivery by the other parties thereto) represents a valid and binding agreement of the Adviser, enforceable against the Adviser, in accordance with its terms, except (a) as rights to indemnity and contribution may be limited by federal or state securities laws or principles of public policy and subject to the qualification that the enforceability of the Adviser&#8217;s obligations thereunder, as applicable, may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, receivership, moratorium, and other laws relating to or affecting creditors&#8217; rights generally and by general equitable principles (including without limitation the availability of specific performance or injunctive relief and the application of concepts of materiality, reasonableness, good faith and fair dealing) whether enforcement is considered in a proceeding in equity or at law, and (b) in the case of the Investment Advisory Agreement, with respect to termination under the Investment Company Act or the reasonableness or fairness of compensation payable thereunder.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The execution and delivery by the Adviser of, and the performance by the Adviser of its obligations under, this Agreement and each Company Agreement to which the Adviser is a party, does not conflict with or will conflict with, result in, or constitute a violation, breach of, default under, (x) the articles of incorporation of the Adviser (y) any agreement, indenture, note, bond, license, lease or other instrument or obligation binding upon the Adviser that is material to the Adviser or (z) any law, rule or regulation applicable to the Adviser or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Adviser whether foreign or domestic; except, with respect to clauses (y) or (z), any contravention which would have neither (i) an Adviser Material Adverse Effect or (ii) a material adverse effect on the consummation of the transactions contemplated by this Agreement;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"> provided</font> that no representation or warranty is made with respect to compliance with the laws of any jurisdiction outside of the United States in connection with the offer or sale of the Shares in such jurisdiction by Ladenburg.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No consent, approval, authorization, order or permit of, license from, or qualification or registration with any governmental body, agency or authority, self-regulatory organization or court or other tribunal, whether foreign or domestic, is required to be obtained by the Adviser for the performance by the Adviser of its obligations under this Agreement or any Company Agreement to which it is a party, except such as have been obtained and as may be required by (i) the Securities Act, the Investment Company Act, the Advisers Act or the Exchange Act, (ii) the rules and regulations of the FINRA or Nasdaq, (iii) by the securities or &#8220;blue sky laws&#8221; of the various states and foreign jurisdictions in connection with the offer and sale of the Shares or (iv) such as which the failure to obtain would have neither (i) an Adviser Material Adverse Effect or (ii) a material adverse effect on the consummation of the transactions contemplated by this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(vi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There are no legal or governmental proceedings pending or, to the knowledge of the Adviser, threatened to which the Adviser is a party or to which any of the properties of the Adviser is subject (i) other than proceedings accurately described in all material respects in the Prospectus and proceedings that would not have a material adverse effect on the Adviser or on the power or ability of the Adviser to perform its obligations under this Agreement or to consummate the transactions contemplated by the Prospectus or (ii) that are required to be described in the Registration Statement or the Prospectus and are not so described.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(vii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Adviser has all necessary consents, authorizations, approvals, orders (including exemptive orders), licenses, certificates, permits, qualifications and registrations of and from, and has made all declarations and filings with, all governmental authorities, self-regulatory organizations and courts and other tribunals, whether foreign or domestic, to own and use its assets and to conduct its business in the manner described in the Prospectus, except to the extent that the failure to obtain or file the foregoing would not result in an Adviser Material Adverse Effect.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(viii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Adviser has the financial resources available to it necessary for the performance of its services and obligations as contemplated in the Prospectus and by this Agreement and each Company Agreement to which it is a party.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(ix)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Investment Advisory Agreement is in full force and effect and neither the Adviser nor, to the knowledge of the Adviser, any other party to the Investment Advisory Agreement is in default thereunder, and, no event has occurred which with the passage of time or the giving of notice or both would constitute a default by the Adviser under such document.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(x)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">All information furnished by the Adviser for use in the Registration Statement and the Prospectus, including, without limitation, the description of the Adviser does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make such information not misleading (in the case of the Prospectus, in light of the circumstances under which such information is provided).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There has not occurred any material adverse change, or any development reasonably likely to involve a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Adviser from that set forth in the Prospectus, and there have been no transactions entered into by the Adviser which are material to the Adviser other than those in the ordinary course of its business or as described in the Prospectus.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Neither the Adviser nor any of its affiliates, has taken, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Shares.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xiii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The operations of the Adviser are and have been conducted at all times in compliance with applicable Money Laundering laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Adviser with respect to the Money Laundering laws is pending or, to the knowledge of the Adviser, threatened.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xiv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Adviser maintains a system of internal controls sufficient to provide reasonable assurance that (i) transactions effectuated by it under the Investment Advisory Agreement are executed in accordance with its management&#8217;s general or specific authorization and (ii) access to the Company&#8217;s assets is permitted only in accordance with its management&#8217;s general or specific authorization.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(xv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Any certificate signed by or on behalf of the Adviser and delivered to Ladenburg or counsel for Ladenburg in connection with this Agreement shall be deemed to be a representation and warranty by the Adviser as to the matters covered therein to Ladenburg.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 7.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Sale and Delivery to Ladenburg; Settlement</u></font>.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Sale of Placement Securities. </font>On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon Ladenburg&#8217;s acceptance of the terms of a Placement Notice or upon receipt by Ladenburg of an Acceptance, as the case may be, and unless the sale of the Placement Securities described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, Ladenburg, for the period specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable), will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Securities in negotiated transactions or transactions that are deemed to be &#8220;at the market&#8221; offerings up to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). Each of the Company and the Adviser acknowledges and agrees that (i) there can be no assurance that Ladenburg will be successful in selling Placement Securities, and (ii) Ladenburg will incur no liability or obligation to the Company, the Adviser or any other person or entity if it does not sell Placement Securities for any reason other than a failure by Ladenburg to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Securities as required under this Section 7 and (iii) Ladenburg shall be under no obligation to purchase Common Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by Ladenburg in the Placement Notice (as amended by the corresponding Acceptance, if applicable) and in the manner set forth in a separate prospectus supplement or pricing supplement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Settlement of Placement Securities. </font>Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable), settlement for sales of Placement Securities will occur on the third (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Settlement Date</u></font>&#8221;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Securities sold (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Net Proceeds</u></font>&#8221;) will be equal to the aggregate offering price received by Ladenburg at which such Placement Securities were sold, after deduction for (i) Ladenburg&#8217;s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales that are paid or payable by Ladenburg.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Delivery of Placement Securities.</font> On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Securities being sold by crediting Ladenburg&#8217;s or its designee&#8217;s account (provided Ladenburg shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, Ladenburg will deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Securities on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Section 11(a) and Section 12 hereto, it will (i) hold Ladenburg harmless against any loss, liability, claim, damage, or expense whatsoever (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to Ladenburg any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Denominations; Registration. </font>The Placement Securities shall be in such denominations and registered in such names as Ladenburg may request in writing at least one full business day before the Settlement Date. The Company shall deliver the Placement Securities, if any, through the facilities of The Depository Trust Company unless Ladenburg shall otherwise instruct.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Limitations on Offering Size.</font> Under no circumstances shall the Company cause or request the offer or sale of any Shares, if after giving effect to the sale of such Shares, the aggregate offering price of the Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement, and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company and notified to Ladenburg in writing. In no event shall the Company issue or sell Placement Securities in a number or manner that would (i) cause the Company to exceed the limitations set forth in General Instruction I.B.6 of Form S-3 to the extent applicable, or (ii) would require the Company to obtain stockholder approval under Nasdaq Listing Rule 5635, as amended, without first obtaining such stockholder approval. Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement (i) at a price lower than the minimum price authorized from time to time by the Company and notified to Ladenburg in writing and (ii) at a price (net of Ladenburg&#8217;s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof) lower than the Company&#8217;s then current net asset value per share (as calculated pursuant to the Investment Company Act), unless the Company has received the requisite approval from stockholders as required pursuant to the Investment Company Act. Further, under no circumstances shall the aggregate offering price of Shares sold pursuant to this Agreement, including any separate underwriting or similar agreement covering principal transactions described in Section 1 of this Agreement, exceed the Maximum Amount.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 8.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Covenants of the Company and the Adviser</u></font>. Each of the Company and the Adviser covenants with Ladenburg as follows:</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Registration Statement Amendments. </font>After the date of this Agreement and during any period in which a Prospectus relating to any Placement Securities is required to be delivered by Ladenburg under the Securities Act, (i) the Company will notify Ladenburg promptly of the time when any subsequent amendment to the Registration Statement has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter from the Commission or any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare and file with the Commission, promptly upon Ladenburg&#8217;s request, any amendments or supplements to the Registration Statement or Prospectus that, in Ladenburg&#8217;s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Securities by Ladenburg (<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>however</u></font>, that the failure of Ladenburg to make such request shall not relieve the Company of any obligation or liability hereunder, or affect Ladenburg&#8217;s right to rely on the representations and warranties made by the Company in this Agreement); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, relating to the Placement Securities or a security convertible into the Placement Securities unless a copy thereof has been submitted to Ladenburg within a reasonable period of time before the filing and Ladenburg has not reasonably objected thereto (<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>however</u></font>, that the failure of Ladenburg to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect Ladenburg&#8217;s right to rely on the representations and warranties made by the Company in this Agreement); and (iv) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to Rule 497 of the Securities Act.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Filings. </font>Except as may be mutually agreed by the Company and Ladenburg, the Company and Ladenburg agree that no sales of Shares shall take place, and the Company shall not request the sale of any Shares that would be sold, and Ladenburg shall not be obligated to sell, (i) with respect to the Company&#8217;s quarterly filings on Form N-Q, during any period commencing upon the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day following the end of each fiscal quarter and ending on the date on which the Company files with the Commission a prospectus supplement under Rule 497 relating to the Shares that includes updated financial and other information as of the end of the Company&#8217;s most recent quarterly period (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>N-Q Filing</u></font>&#8221;) and (ii) with respect to the Company&#8217;s semi-annual and annual report filings on Form N-CSR, during any period commencing upon the 50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day following the end of the Company&#8217;s second fiscal quarter or fiscal year, as applicable, and ending on the date on which the Company files with the Commission a prospectus supplement under Rule 497 related to the Shares that includes updated financial information and other information as of the end of the Company&#8217;s most recent second fiscal quarter or fiscal year, as applicable (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>N-CSR Filing</u></font>&#8221; and each N-Q Filing shall also be referred to herein as a &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>497 Filing</u></font>&#8221;). To the extent the Company releases its earnings for its most recent quarterly period or fiscal year, as applicable (an &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Earnings Release</u></font>&#8221;) before it files with the Commission its quarterly report on Form N-Q for such quarterly period or semi-annual or annual report on Form N-CSR for such second fiscal quarter or fiscal year, as applicable, then Ladenburg and the Company agree that no sales of Shares shall take place for the period beginning on the date of the Earnings Release and ending on the date of the applicable 497 Filing. Notwithstanding the foregoing, without the prior written consent of each of the Company and Ladenburg, no sales of Common Shares shall take place, and the Company shall not request the sale of any Shares that would be sold, and Ladenburg shall not be obligated to sell, during any period in which the Company is in possession of material non-public information.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Notice of Commission Stop Orders.</font> The Company will advise Ladenburg, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any other order preventing or suspending the use of the Prospectus, or of the suspension of the qualification of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption from any such qualification, or of the initiation or threatening of any proceedings for any of such purposes, or of any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement or if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Shares. The Company will make every reasonable effort to prevent the issuance of any stop order, the suspension of any qualification of the Shares for offering or sale and any loss or suspension of any exemption from any such qualification, and if any such stop order is issued or any such suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Delivery of Registration Statement and Prospectus. </font>The Company will furnish to Ladenburg and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Securities is required to be delivered under the Securities Act, in each case as soon as reasonably practicable, but in no event later than two Business Days after such filing, and in such quantities and at such locations as Ladenburg may from time to time reasonably request. The copies of the Registration Statement and the Prospectus and any supplements or amendments thereto furnished to Ladenburg will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Continued Compliance with Securities Laws. </font>If at any time when a Prospectus is required by the Securities Act to be delivered in connection with a pending sale of the Placement Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for Ladenburg or for the Company, to amend the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any such time to amend the Registration Statement or amend or supplement the Prospectus in order to comply with the requirements of the Securities Act, the Company will promptly notify Ladenburg to suspend the offering of Placement Securities during such period and the Company will promptly prepare and file with the Commission such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements, and the Company will furnish to Ladenburg such number of copies of such amendment or supplement as Ladenburg may reasonably request.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">(f)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal">&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Blue Sky and Other Qualifications. </font>The Company will endeavor, in cooperation with Ladenburg, to qualify the Placement Securities for offering and sale, or to obtain an exemption for the Common Shares to be offered and sold, under the applicable securities laws of such states as Ladenburg may designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Shares (but in no event for less than one year from the date of this Agreement); <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>however</u></font>, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Placement Securities have been so qualified or exempt, the Company will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Placement Securities (but in no event for less than one year from the date of this Agreement).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(g)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Rule 158. </font>As soon as practicable, the Company will make generally available to its security holders and to Ladenburg an earning statement or statements of the Company which will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(h)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Use of Proceeds. </font>The Company will use the net proceeds received by it from the sale of the Shares in the manner specified in the Prospectus under &#8220;Use of Proceeds.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Listing. </font>During any period in which the Prospectus relating to the Placement Securities is required to be delivered by Ladenburg under the Securities Act with respect to a pending sale of the Placement Securities, the Company will use its best efforts to cause the Placement Securities to be duly authorized for listing on the Nasdaq Capital Market prior to the time of issuance.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(j)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Filings with the Nasdaq. </font>The Company will timely file with the Nasdaq all material documents and notices required by the Nasdaq of companies that have or will issue securities that are traded on the Nasdaq Capital Market.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(k)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Reporting Requirements. </font>The Company, during any period when the Prospectus is required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Investment Company Act within the time periods required by the Investment Company Act.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(l)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Notice of Other Sales. </font>During the pendency of any Placement Notice (as amended by the corresponding Acceptance, if applicable) given hereunder, the Company shall provide Ladenburg notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any Common Shares (other than Placement Securities offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase or acquire Common Shares; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, that such notice shall not be required in connection with the (i) the issuance of securities in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus or (ii) the issuance or sale of Common Shares pursuant to any dividend reinvestment plan that the Company may adopt from time to time.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(m)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Change of Circumstances. </font>The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice or sell Placement Securities, advise Ladenburg promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided to Ladenburg pursuant to this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(n)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Due Diligence Cooperation. </font>The Company will cooperate with any reasonable due diligence review conducted by Ladenburg or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior officers, during regular business hours and at the Company&#8217;s principal offices, as Ladenburg may reasonably request. The parties acknowledge that the due diligence review contemplated by this Section 8(n) will include, without limitation, during the term of this Agreement a quarterly diligence conference to occur within five business days after each N-Q Filing or N-CSR Filing whereby the Company will make its senior corporate officers available to address diligence inquiries of Ladenburg and will provide such additional information and documents as Ladenburg may reasonably request.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(o)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Disclosure of Sales. </font>The Company will disclose in a prospectus supplement filed with the Commission pursuant to Rule 497, in its semi-annual and annual reports on Form N-CSR the number of Placement Securities sold through Ladenburg, the net proceeds to the Company and the compensation payable by the Company to Ladenburg with respect to such Placement Securities. To the extent the information set forth in this Section 8(o) is filed in a prospectus supplement, the Company agrees to deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(p)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Representation Dates; Certificates. </font>On or prior to the date that the first Shares are sold pursuant to the terms of this Agreement and:</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">files the Prospectus relating to the Placement Securities or amends or supplements the Registration Statement or the Prospectus relating to the Placement Securities by means of a post-effective amendment, sticker, or supplement relating to the Placement Securities;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">files a semi-annual report or annual report on Form N-CSR under the Investment Company Act; or</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">files a quarterly report on Form N-Q under the Investment Company Act; and</div>
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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(r)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Comfort Letter. </font>On or prior to the date that the first Shares are sold pursuant to the terms of this Agreement, each time Common Shares are delivered to Ladenburg as principal on a Settlement Date, within three (3) Trading Days after the date of a N-CSR Filing, within three (3) Trading Days after the date of a N-Q Filing and each time that the Registration Statement is amended or the Prospectus supplemented to include additional or amended financial information (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Comfort Letter Triggering Event</u></font>&#8221;), the Company shall cause its independent accountants to furnish Ladenburg letters (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Comfort Letters</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>), dated the date the Comfort Letter is delivered, in form and substance satisfactory to Ladenburg, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act and the Public Company Accounting Oversight Board, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#8217; &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>comfort letters</u></font>&#8221; to underwriters in connection with registered public offerings (the first such letter, the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Initial Comfort Letter</u></font>&#8221;) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. The requirement to provide a Comfort Letter under this Section 8(r) shall be waived if at the time of the Comfort Letter Triggering Event there is no Placement Notice outstanding. Notwithstanding the foregoing, if the Company subsequently decides to issue a Placement Notice, the Company shall provide Ladenburg with a Comfort Letter prior to the issuance of such Placement Notice.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(s)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Market Activities. </font>The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Common Shares or (ii) sell, bid for, or purchase the Shares to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Shares to be issued and sold pursuant to this Agreement other than Ladenburg; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>however</u></font>, that the Company may bid for and purchase its Common Shares in accordance with Rule 10b-18 under the Exchange Act.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(t)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Securities Act and Exchange Act. </font>The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Securities as contemplated by the provisions hereof and the Prospectus.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(u)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Sarbanes-Oxley Act. </font>The Company will comply with all applicable securities and other applicable laws, rules and regulation, including, without limitation, the Sarbanes-Oxley Act of 2002, and will use reasonable efforts to cause the Company&#8217;s directors and officers, in their capabilities, as such, to comply with such laws, rules and regulations, including, without limitation, the provisions of Sarbanes-Oxley Act of 2002.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab"><font style="FONT-STYLE: normal">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Regulation M. </font>If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Company or the Shares, it shall promptly notify Ladenburg and sales of the Placement Securities under this Agreement may be suspended until that or other exemptive provisions have been satisfied in the judgment of each party<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">.</font></font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(w)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Status as Regulated Investment Company.</font> The Company will use reasonable best efforts to comply with the requirements to qualify as a regulated investment company under Subchapter M of the Code with respect to any fiscal year in which the Company is an investment company registered under the Investment Company Act.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(x)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Additional Sales Materials. </font>Except by means of the Prospectus or as otherwise agreed by the parties, the Company (including its agents and representatives, other than Ladenburg in its capacity as such) will not make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act and including without limitation any advertisement as defined in Rule 482 under the Securities Act, required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Shares hereunder; provided, that the foregoing shall not prohibit the Company from (i) making its required filings with the Commission or the dissemination thereof as required by the Investment Company Act, state law or the rules and regulations of Nasdaq and (ii) disseminating any additional sales material used in connection with the Registration Statement other than in connection with the offer and sale of the Shares hereunder.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 9.&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Payment of Expenses</u></font>.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Expenses. </font>The Company will pay all of its own expenses incident to the performance of its obligations under this Agreement, including, but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment and supplement thereto, (ii) the word processing, printing and delivery to Ladenburg of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Securities, (iii) the preparation, issuance and delivery of the certificates for the Placement Securities to Ladenburg, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Securities to Ladenburg, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) filing fees and the reasonable fees and disbursements of counsel for Ladenburg in connection with the qualification or exemption of the Placement Securities under securities laws in accordance with the provisions of Section 8(f) hereof, and in connection with the preparation of a state securities law or &#8220;blue sky&#8221; survey and any supplements thereto, (vi) the printing and delivery to Ladenburg of copies of the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by Ladenburg to investors, (viii) the fees and expenses of the custodian and the transfer agent and registrar for the Shares, (ix) the filing fees incident to, and the reasonable fees and disbursements of counsel to Ladenburg in connection with, the review by FINRA of the terms of the sale of the Shares, and (x) the fees and expenses incurred in connection with the listing of the Placement Securities on the Nasdaq Capital Market. In addition to any fees that may be payable to Ladenburg under this Agreement, subject to at least 200,000 Shares being sold pursuant to this Agreement, the Company shall reimburse Ladenburg upon request made from time to time for its reasonable expenses incurred in connection with its activities under this Agreement, including the reasonable fees and disbursements of its legal counsel, in an amount up to $30,000 (inclusive of reimbursement pursuant to this Section 9(a)). The Company shall not be obligated to reimburse Ladenburg for any expenses arising under or in connection with this Agreement in an aggregate amount in excess of $30,000.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Termination of Agreement. </font>If this Agreement is terminated by Ladenburg in accordance with the provisions of Section 10 or 14(a)(i) hereof, the Company shall reimburse Ladenburg for all of its out of pocket expenses, including the fees and disbursements of counsel incurred by Ladenburg; provided, however, that such reimbursement amount shall not exceed $30,000.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 10.&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Conditions of Ladenburg&#8217;s Obligations</u></font>. The obligations of Ladenburg hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties of the Company and the Adviser contained in this Agreement or in certificates of any officer of the Company or the Adviser the Company delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and other obligations hereunder, and to the following further conditions:</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">(a)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Effectiveness of Registration Statement. </font>The Registration Statement shall have become effective and shall be available for (i) all sales of Placement Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding Acceptance, if applicable) and (ii) the sale of all Placement Securities contemplated to be issued by any Placement Notice (as amended by the corresponding Acceptance, if applicable)<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">.</font></font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab"><font style="FONT-STYLE: normal">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No Material Notices. </font>None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, including any notice objecting to the use of the Registration Statement or order pursuant to Section 8(e) of the Investment Company Act having been issued and proceedings therefor initiated, or to the knowledge of the Company, threatened by the Commission; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Material Changes. </font>Except as contemplated in the Prospectus, there shall not have been any material adverse change in the authorized capital stock of the Company or in the condition, financial or otherwise, or the earnings, business affairs or business prospects of the Company.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Opinion of Counsel for Company. </font>Ladenburg shall have received the favorable opinion of Company Counsel (or Reliance Letter), required to be delivered pursuant to Section 8(q) on or before the date on which such delivery of such opinion is required pursuant to Section 8(q).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Opinion of Counsel for Agent. </font>On or prior to the date that the first Shares are sold pursuant to the terms of this Agreement, each time Common Shares are delivered to Ladenburg as principal on a Settlement Date and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Exhibit E</u></font> for which no waiver is applicable, Ladenburg shall have received a written opinions of Blank Rome LLP, in form and substance satisfactory to Ladenburg, dated the date that the opinion is required to be delivered, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided, however, that in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish Ladenburg with a Reliance Letter to the effect that Ladenburg may rely on a prior opinion delivered under this Section 10(e) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(f)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Representation Certificate. </font>Ladenburg shall have received the certificate required to be delivered pursuant to Section 8(p) on or before the date on which delivery of such certificate is required pursuant to Section 8(p).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(g)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab"><font style="FONT-STYLE: normal">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Accountant&#8217;s Comfort Letter. </font>Ladenburg shall have received the Comfort Letter required to be delivered pursuant Section 8(r) on or before the date on which such delivery of such opinion is required pursuant to Section 8(r).</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(h)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Approval for Listing. </font>The Placement Securities shall either have been (i) approved for listing on the Nasdaq Capital Market, subject only to notice of issuance, or (ii) the Company shall have submitted to Nasdaq a notice of &#8220;Listing of Additional Shares&#8221; for listing of the Placement Securities on the Nasdaq Capital Market at, or prior to, the issuance of any Placement Notice.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No Suspension. </font>Trading in the Common Shares shall not have been suspended on the Nasdaq Capital Market.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(j)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Additional Documents. </font>On each date on which the Company is required to deliver a certificate pursuant to Section 8(p), counsel for Ladenburg shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Shares as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained in this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(k)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;Securities Act Filings Made. </font>All filings with the Commission required by Rule 497 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 497.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(l)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Termination of Agreement. </font>If any condition specified in this Section 10 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by Ladenburg by notice to the Company, and such termination shall be without liability of any party to any other party except as provided in Section 9 hereof and except that, in the case of any termination of this Agreement, Sections 5, 6, 11, 12, 13, 15, 17, 18, 21 and 22 hereof shall survive such termination and remain in full force and effect.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 11.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Indemnification and Contribution</u></font>.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company and the Adviser, jointly and severally, agree to indemnify and hold harmless Ladenburg, each person, if any, who controls Ladenburg within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each partner, director, officer, trustee, manager, member and shareholder of Ladenburg (each, a<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Ladenburg Indemnified Party</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>) from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim), caused by, arising out of, related to or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, or the Prospectus or any amendment or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon written information furnished to the Company by Ladenburg expressly for use therein.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladenburg agrees to indemnify and hold harmless each of the Company and the Adviser, and each of their respective partners, directors, trustees, managers, members and shareholders (as the case may be), and each officer of the Company who signs the Registration Statement and each person, if any, who controls the Company and/or the Adviser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font>&#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Company Indemnified Party</u></font>&#8221;) to the same extent as the foregoing indemnity from the Company and the Adviser to Ladenburg, but only with reference to written information relating to Ladenburg furnished to the Company by Ladenburg expressly for use in the Registration Statement or any amendment thereof, or the Prospectus or any amendment or supplement thereto.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 11(a) or 11(b), such person (the<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>indemnified party</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>) shall promptly notify the person against whom such indemnity may be sought (the<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"> &#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>indemnifying party</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#8221;</font>) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements reasonably incurred of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with an actual conflict of interest, or (iii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for (i) the fees and expenses reasonably incurred of more than one separate firm (in addition to any local counsel) for all Ladenburg Indemnified Parties, collectively, and (ii) the fees and expenses reasonably incurred of more than one separate firm (in addition to any local counsel) for all Company Indemnified Parties, collectively. In the case of any such separate firm for Ladenburg Indemnified Parties, such firm shall be designated in writing by Ladenburg. In the case of any such separate firm for the Company Indemnified Parties, such firm shall be designated in writing by the Company. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there is a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for the reasonable fees and expenses of counsel as contemplated by the second and third sentences of this Section 11(c), the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the material terms of such settlement at least 30 days prior to such settlement being entered into, and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">To the extent the indemnification provided for in Section 11(a) or 11(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and/or the Adviser on the one hand and Ladenburg on the other hand from the issuance and sale of the Shares or (ii) if the allocation provided by clause 11(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 11(d)(i) above but also the relative fault of the Company and the Adviser on the one hand and of Ladenburg on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and/or the Adviser on the one hand and Ladenburg on the other hand in connection with the issuance and sale of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the issuance and sale of the Shares (before deducting expenses) received by the Company and the total fees received by Ladenburg, bear to the aggregate offering price of the Shares. The relative fault of the Company and/or the Adviser on the one hand and Ladenburg on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and/or the Adviser or by Ladenburg and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company, the Adviser and Ladenburg agree that it would not be just or equitable if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 11(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 11(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 11, Ladenburg shall not be required to contribute any amount in excess of the fees received by it. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(f)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The indemnity and contribution provisions contained in this Section 11 and the representations, warranties and other statements of the Company and the Adviser contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Ladenburg Indemnified Party or by or on behalf of any Company Indemnified Party and (iii) acceptance of and payment for any of the Shares.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(g)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No party shall be entitled to indemnification under this Section 11 if such indemnification of such party would violate Section 17(i) of the Investment Company Act.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 12.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Information Furnished by Ladenburg</u></font>. The name of Ladenburg set forth on the front and back cover pages of the Prospectus and the statements set forth in the second and third sentences of the second paragraph and the third paragraph under the caption &#8220;Plan of Distribution &#8211; Potential Conflicts of Interest&#8221; in the Prospectus constitute the only information furnished by or on behalf of Ladenburg as such information is referred to in Sections 5 and 11 hereof.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 13.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Representations, Warranties and Agreements to Survive Delivery</u></font>. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company, or the Adviser submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of Ladenburg, or by or on behalf of the Company or the Adviser, and shall survive delivery of the Shares to Ladenburg.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 14.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Termination of Agreement.</u></font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Termination; General. </font>Ladenburg may terminate this Agreement, by notice to the Company, as hereinafter specified at any time if (x) since the time of execution of this Agreement or the earlier respective dates as of which information is given in the Registration Statement and the Prospectus, there has been any material adverse change or any development involving a prospective material adverse change in the business, properties, management, financial condition or results of operation of the Company or the Adviser, which would, in Ladenburg&#8217;s judgment, make it impracticable or inadvisable to proceed with the sale of the Placement Securities on the terms and in the manner contemplated in the Registration Statement and the Prospectus, or (y) there shall have occurred: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the Nasdaq Stock Market; (ii) a suspension or material limitation in trading in the Company&#8217;s securities on Nasdaq; (iii) a general moratorium on commercial banking activities declared by either federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) an outbreak or escalation of hostilities or acts of terrorism involving the United States or a declaration by the United States of a national emergency or war; or (v) any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in Ladenburg&#8217;s judgment makes it impracticable or inadvisable to proceed with the sale of the Placement Securities on the terms and in the manner contemplated in the Registration Statement and the Prospectus, or (z) there shall have occurred any downgrading, or any notice or announcement shall have been given or made of (i) any intended or potential downgrading or (ii) any watch, review or possible change that does not indicate an affirmation or improvement, in the rating accorded any securities of or guaranteed by the Company by any &#8220;nationally recognized statistical rating organization,&#8221; as that term is defined in Rule 436(g)(2) under the Securities Act.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Termination by the Company. </font>The Company shall have the right, by giving three (3) days' notice, unless such notice is waived by the recipient, as hereinafter specified to terminate this Agreement in their sole discretion at any time after the date of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Termination by Ladenburg</font>. Ladenburg shall have the right, by giving three (3) days' notice, unless such notice is waived by the recipient, as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;Automatic Termination. </font>Unless earlier terminated pursuant to this Section 14, this Agreement shall automatically terminate upon the issuance and sale of Placement Securities through Ladenburg on the terms and subject to the conditions set forth herein with an aggregate offering price equal to the amount set forth in Section 1 of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Continued Force and Effect. </font>This Agreement shall remain in full force and effect unless terminated pursuant to Sections 10(l), 14(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(f)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;Effectiveness of Termination. </font>Any termination of this Agreement shall be effective on the date specified in such notice of termination; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>however</u></font>, that such termination shall not be effective until the close of business on the date of receipt of such notice by Ladenburg or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Securities, such Placement Securities shall settle in accordance with the provisions of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(g)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liabilities. </font>If this Agreement is terminated pursuant to this Section 14, such termination shall be without liability of any party to any other party except as provided in Section 9 hereof, and except that, in the case of any termination of this Agreement, Section 5, Section 11, Section 12, Section 13, Section 18 and Section 21 hereof shall survive such termination and remain in full force and effect.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 15.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Notices</u></font>. Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to Ladenburg shall be directed to Ladenburg Thalmann &amp; Co. Inc., 570 Lexington Avenue, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, New York, NY 10022, with a copy to Blank Rome LLP, 405 Lexington Avenue, New York, NY 10174; if sent to the Company or the Adviser, will be mailed, delivered or telegraphed and confirmed to them at 119 Washington Avenue &#8211; Suite 504, Miami Beach, Florida 33139 with a copy to Pepper Hamilton LLP, 3000 Two Logan Square, 18<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and Arch Streets, Philadelphia, PA 19103.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 16.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Successors</u></font>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and will inure to the benefit of the officers and directors and controlling persons referred to in Section 11 hereof, and no other person will have any right or obligation hereunder.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 17.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Governing Law; Construction</u></font>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8220;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Claim</u></font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8221;</font>), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflict of law principles or rules thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction. The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 18.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Submission to Jurisdiction</u></font>. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in The City and County of New York or in the U.S. District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the jurisdiction of such courts and personal service with respect thereto. Each of the Company and the Adviser hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against Ladenburg or any indemnified party. Each of Ladenburg, the Adviser and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. Each of the Company and the Adviser agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and the Adviser and may be enforced in any other courts to the jurisdiction of which the Company or the Adviser is or may be subject, by suit upon such judgment.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 19.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Counterparts</u></font>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 20.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Merger</u></font>. This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated hereby and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 21.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Definitions</u></font>. As used in this Agreement, the following terms have the respective meanings set forth below:</font></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECTION&#160; 22.&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Absence of Fiduciary Relationship</u></font>. Each of the Company and the Adviser, severally and not jointly, acknowledges and agrees that:</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(a)&#160;&#160; </font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladenburg is acting solely as agent and/or principal in connection with the public offering of the Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and Ladenburg, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not Ladenburg has advised or is advising the Company on other matters, and Ladenburg has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(b)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">the public offering price of the Common Shares set forth in this Agreement was not established by Ladenburg;</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladenburg has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(e)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">it is aware that Ladenburg and its respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and Ladenburg has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(f)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;it waives, to the fullest extent permitted by law, any claims it may have against Ladenburg for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that Ladenburg shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">If the foregoing is in accordance with your understanding of our agreement, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Adviser and Ladenburg.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">President and Chairman of the Board of Directors</div>
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<td style="WIDTH: 50.05%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50.05%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.04%; VERTICAL-ALIGN: top">/s/ Thomas J. Herzfeld</td>
</tr>

<tr>
<td style="WIDTH: 50.05%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Name: </div>
</td>
<td style="VERTICAL-ALIGN: top">Thomas J. Herzfeld</td>
</tr>

<tr>
<td style="WIDTH: 50.05%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Title: </div>
</td>
<td style="VERTICAL-ALIGN: top">President</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CONFIRMED AND ACCEPTED, as of</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;the date first above written:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">LADENBURG THALMANN &amp; CO. INC.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d010f2f0c69c4e38a603c9d88c3cd739" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">/s/ Steven Kaplan</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Name: </div>
</td>
<td style="VERTICAL-ALIGN: top">Steven Kaplan</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Title: </div>
</td>
<td style="VERTICAL-ALIGN: top">Head of Capital Markets</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top"></td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">[Signature Page to Equity Distribution Agreement]</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">EXHIBIT A</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>FORM OF PLACEMENT NOTICE</u></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="67a1b10b6082450982667f5ebaf10ded" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">From:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="719b4c60a18e4834b441f0d8c2c0f3b7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cc:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="131644e8a35a4ccd90670c2f6e31926f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">To:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Subject: Equity Distribution&#8212;Placement Notice</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladies and Gentlemen:</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Company</u></font>&#8221;), HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. and Ladenburg Thalmann &amp; Co. Inc. (&#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Ladenburg</u></font>&#8221;) dated September 10, 2015 (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Agreement</u></font>&#8221;), I hereby request on behalf of the Company that Ladenburg sell shares of the Company&#8217;s common stock, par value $0.001 per share, having an aggregate offering price of up to $[ ], at a minimum market price of $[&#9679;] per share.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">ADDITIONAL SALES PARAMETERS MAY BE ADDED, SUCH AS THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE MADE, SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY LADENBURG, AND/OR THE CAPACITY IN WHICH LADENBURG MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">A-1</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">EXHIBIT B</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">AUTHORIZED INDIVIDUALS FOR <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>PLACEMENT NOTICES AND ACCEPTANCES</u></font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Ladenburg Thalmann &amp; Co. Inc.</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4b2c599eb0084af7b16b5ff9e72a86cf" border="0" cellspacing="0" cellpadding="4">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 48.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Name</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 48.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Email</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 48.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Peter H. Blum</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 48.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">phblum@ladenburg.com</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Steven Kaplan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">skaplan@ladenburg.com</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">B-1</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>The Herzfeld Caribbean Basin Fund, Inc.</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c8d0108202014fc9a037384d9f6f8608" border="0" cellspacing="0" cellpadding="4">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.6pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 21.6pt">Name</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.6pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 21.6pt">Email</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">tom@herzfeld.com</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Erik M. Herzfeld</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">emh@herzfeld.com</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Reanna J. M. Lee</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">rlee@herzfeld.com</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">B-2</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">EXHIBIT C</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>COMPENSATION</u></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladenburg shall be paid compensation equal to 2.0% of the gross sales price of Common Shares sold pursuant to the terms of this Agreement.</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">C-1</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">EXHIBIT D</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>[RESERVED]</u></div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">D-1</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">EXHIBIT E</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>OFFICERS&#8217; CERTIFICATE</u></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[APPLICABLE DATE]</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The undersigned officer of The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Company</font>&#8221;), does hereby certify on behalf of the Company pursuant to the Equity Distribution Agreement dated <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">September 10,</font> 2015 (the &#8220;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Distribution Agreement</font>&#8221;), by and among the Company and HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc., on the one hand, and Ladenburg Thalmann &amp; Co. Inc., on the other hand, in connection with the issuance and sale of shares of the Company&#8217;s common stock, par value $0.001 per share, as follows:</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt" id="d69c6dee1caf45a4a095e48dbc35b963" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">(i)</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There is no material change, or any development involving a prospective change, in the authorized capital stock of the Company or in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company from that set forth in the Prospectus.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The representations and warranties of the Company in Section 5 of the Distribution Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Company Material Adverse Effect (as defined in the Distribution Agreement), are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or, to the Company&#8217;s knowledge, threatened.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company has complied in all material respects with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied under the Distribution Agreement on or before the date hereof.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Distribution Agreement.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">THE HERZFELD CARIBBEAN BASIN</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FUND, INC.</div>
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<DOCUMENT>
<TYPE>EX-99.J.2
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<!--Licensed to: FilePoint
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    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">STATE STREET BANK AND TRUST COMPANY</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">CONFIDENTIAL FEE SCHEDULE</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">AS OF JULY 1, 2012</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOMESTIC AND FOREIGN CUSTODY</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This fee schedule is for services (the <font style="FONT-WEIGHT: bold">"</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Services")</font> provided by State Street Bank and Trust Company or its affiliates <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">("State Street")</font> to the Funds (as defined below) pursuant to that certain (a) Custodian and (b) Transfer Agency Services agreements dated as of December 30, 1993 by and between State Street and the Client (the <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">"Agreements"). </font>This fee schedule shall apply to all funds, portfolios or accounts that may be party or subject to the Agreements from time to time (each a <font style="FONT-WEIGHT: bold">"</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund"</font> and collectively, the <font style="FONT-WEIGHT: bold">"</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Funds").</font></div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">I.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Fund Accounting (includes calculation of N.A.V.), Domestic and Foreign Custody</td>
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</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For the provision of custody services pursuant to the Custody Agreement, State Street shall be entitled to the fees set forth below. This amount does not include transaction processing fees*, foreign custody, out-of-pocket expenses or any other fees, charges or expenses specifically identified in this fee schedule.</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="879a4a3add954a75a2ed15f711929800" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">*</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Appendix 1</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"> for information on transaction processing fees including important information on foreign currency exchange transactions.</font></td>
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<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT: 11pt/1.15 'Times New Roman', Times, serif"><u>Annual Fee</u></div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">First $50mm in assets</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.0 bps</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Next $50mm of Assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.0 bps</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Assets in excess of $100 mm</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.0 bps</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Monthly Minimum for the Herzfeld Caribbean Basin Fund</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$7,000</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Foreign Custody</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See <font style="BACKGROUND-COLOR: #dcdcdc; FONT-VARIANT: normal; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Appendix 2</u></font></div>
</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">II.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Institutional and Retail Transfer Agency (Full Service)</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For the provision of custody services pursuant to the Transfer Agency Services Agreement, State Street shall be entitled to the fees set forth below.</div>

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<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 80%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; FONT: 11pt/1.15 'Times New Roman', Times, serif"><u>Annual Fee</u></div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">First 300 retail shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$24,000</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per shareholder over 300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$14.00</div>
</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">III.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Additional Services</td>
</tr>
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</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fees for special activities of a non-recurring nature such as fund consolidations or reorganizations, extraordinary security shipments and the preparation of special reports will be subject to negotiation. There will be a fee of $175 per hour for customized programming or customized transmissions and an annual maintenance fee of $4,000 per transmission. Fees for other special items will be negotiated separately.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Significant regulatory changes, significant legal changes or changes in the Funds&#8217; service elections or status may necessitate additional services, processing or reports. In these instances, if State Street elects to provide such services or arrange for their provision, State Street shall be entitled to additional fees and expenses as negotiated with the Funds.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">1</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">STATE STREET BANK AND TRUST COMPANY</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">CONFIDENTIAL FEE SCHEDULE</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">AS OF JULY 1, 2012</div>
</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="016ed11686e4403ea70c3b7ce468dca3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">IV.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Other Expenses, Fees and Charges</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">A billing for the recovery of applicable reimbursable expenses, direct pass-through fees and other charges, as applicable, will be made as of the end of each month. Unless indicated otherwise, the Funds&#8217; share of such expenses, fees and charges will be based upon actual usage of a service or an allocated charge for the use of the service for the benefit of the Funds.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u style="FONT-WEIGHT: bold">Out-of-Pocket Expenses</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds will reimburse State Street for out-of-pocket expenses incurred on their behalf including, but not limited to, the following:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="775a694d368b47fcbb6100d980f3b2a5" border="0" cellspacing="0" cellpadding="2">
<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Micro and Support Equipment Rental</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Forms and Supplies</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pricing &amp; Verification Services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Party Review</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Printing, Delivery &amp; Postage</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Subcustodian/Depositor Charges, ADR, GDR</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Travel and Legal Fees (billed by mutual agreement)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ad-Hoc Reporting</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">FAS157</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17f-5</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CCO Services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">IRS Certification and Form Filing</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Telephone</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#9679;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Initial Offering Certificates</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u style="FONT-WEIGHT: bold">Other Charges</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds will reimburse State Street for other charges incurred in relation to the provision of the Services including, but not limited to, the following:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="adacd05532f64df7a0765fcdccbd4b6a" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 68.78%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman">&#9679;&#160;&#160; </font>&#160;<font style="FONT-STYLE: normal; FONT-WEIGHT: normal">FDIC Insurance Charge: Calculated monthly on the Funds&#8217; average <br>
 positive non-interest bearing U.S. Dollar cash balances.</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.50 basis points/year</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ab46ec99507a42009c43cf3c43c1e6f0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">V.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Domestic Balance Credits</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">We allow balance credits against fees (excluding out-of-pocket charges) for domestic fund balances arising out of the custody relationship. The credit is based on collected balances reduced by balances required to support the activity charges of the accounts. The monthly earnings allowance is equal to 75% of the 90-day T-bill rate.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c53c8c957476449b8fbedeb93f931559" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">VI.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Confidentiality</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This fee schedule is the confidential information of the parties and shall not be disclosed to any third party without the prior written consent of the other parties.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">VII.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Payment of Fees</font></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The fees, charges and expenses set forth herein will be charged against each Fund&#8217;s demand deposit account 15 days after the invoice is mailed to Funds&#8217; offices. Any fees or reimbursable expenses not paid within 30 days of the date of the original invoice will be charged a late payment fee of 1% per month until payment of the fees are received by Billing.</div>

<div style="LINE-HEIGHT: 1.15">
<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">2</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.15">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">STATE STREET BANK AND TRUST COMPANY</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">CONFIDENTIAL FEE SCHEDULE</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">AS OF JULY 1, 2012</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">&#160;</div>
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="798af7a906cb4284a0dcce6203dc1598" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">VIII.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Effectiveness</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This fee schedule shall become effective upon the commencement of the provision of the Services and shall remain in effect until it is revised as a result of negotiations initiated by either party.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="fa19278c645b41f399812d12eb292912" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">IX.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Signatures</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="482b8177985e487a9f9799ded312add3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The Herzfeld Caribbean Basin Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">State Street Bank and Trust Company</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="3">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="3"></td>
</tr>

<tr style="HEIGHT: 21px">
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">/s/ Thomas J. Herzfeld&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">/s/ Brian DeNardo</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Name:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">Thomas J. Herzfeld</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Name:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">Brian DeNardo&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Title:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">President</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Title:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">Assistant Vice President</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Date:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">9.4.12</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Date:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">9/7/2012</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 8%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">3</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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</div>
</div>

<div style="TEXT-ALIGN: center; FONT: bold 11pt/1.15 'Times New Roman', Times, serif"><u>Appendix 1</u></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Transaction Processing Fees per Trade<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="981a43dc7e56470fa08fa883b419107e" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">State Street Repurchase Agreements (Repo)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No Charge</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">DTC*</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$12</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Non-DTC, Boston Settlement</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$20</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Non-DTC, New York Settlement</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$35</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Non-DTC, New York Maturities</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government Paydown</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$5</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">GNMA Securities</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$35</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Options</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$25</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Foreign Exchange through State Street Global Markets</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No Charge <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Futures</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$18</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Outgoing Wires</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$7</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Incoming Wires</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$7</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">*&#160;&#160;&#160; These fees and charges assume automated trade instruction/information delivery in an electronic format.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: left; BACKGROUND-COLOR: #000000; WIDTH: 20%; HEIGHT: 1px; COLOR: #000000; MARGIN-LEFT: 0px; MARGIN-RIGHT: auto" noshade="noshade">
<br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="87b10b1d730c4a85bc886f9533ff8bdc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">The Transaction Processing Fees are per trade processing fees charged for processing the settlement of transactions by State Street on behalf of the Funds in connection with the provision of custody services under the Custody Agreement. These Transaction Processing Fees, unless otherwise waived, apply whether a Fund or its third party investment managers entered into such transactions with or through State Street or one of its affiliates or a third party dealer or broker. The processing fees are in addition to, and are not to be construed as payments in lieu of, any compensation (as described herein) that may be earned by State Street or any of its affiliates or by a third party dealer or broker in connection with such transaction.</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">State Street Global Markets, a separate division of State Street, offers principal or &#8220;dealer&#8221; trading services as well as agency execution services (which include its proprietary electronic trading platforms) in a variety of asset classes, including most of those described in this schedule. A Fund or its third party fiduciary investment managers may select State Street Global Markets to effect principal or agency transactions; however, any such services, irrespective of whether trade orders are transmitted through State Street&#8217;s custody or trustee operations, are conducted under contractual or other arrangements that are distinct from its services and obligations under the Agreements. When State Street or State Street Global Markets acts as a counterparty (e.g., foreign exchange, over the counter derivatives, repurchase transactions) to a Fund, such transactions are principal transactions and State Street or State Street Global Markets enters into them as a dealer and not in a fiduciary, agency or similar capacity (regardless of any other relationships between State Street and the Funds under the Agreements). In connection with such trading or agency execution services, State Street Global Markets may receive compensation from the Funds in a variety of forms, including a commission, click fee, revenue share, spread, mark-up, mark-down, interest, fee or similar amount.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">4</div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u style="FONT-WEIGHT: bold">Appendix 2</u></div>

<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Foreign Custody - Country Based Fees</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Any country not listed below will be negotiated and agreed upon prior to investment.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a08573769e9d47ec867ca322281167f6" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COUNTRY</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">* HOLDING CHARGES IN <br>
BASIS POINTS <br>
 (ANNUAL FEE)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TRANSACTION CHARGES <br>
 (PER TRADE)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COUNTRY</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">*HOLDING CHARGES IN <br>
 BASIS POINTS </div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(ANNUAL FEE)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TRANSACTION CHARGES <br>
 (PER TRADE)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Argentina</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Lebanon</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Australia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Lithuania</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Austria</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Malaysia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$100.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Bahrain</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mauritius</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Bangladesh</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexico</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">12</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$50.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Belgium</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Morocco</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Bermuda</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Namibia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Bolivia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Netherlands</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Botswana</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">New Zealand</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Brazil</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Norway</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$65.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Bulgaria</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Oman</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Canada</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Pakistan</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Chile</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Peru</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">China</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$195.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Philippines</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$135.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clearstream</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Poland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Colombia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Portugal</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$100.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Croatia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Puerto Rico</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cyprus</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Romania</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Czech Republic</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Russia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Denmark</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Singapore</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ecuador</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Slovakia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Egypt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Slovak Republic</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Estonia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Slovenia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Euroclear</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">South Africa</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$50.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Finland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">South Korea</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$50.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">France</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Spain</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Germany</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Sri Lanka</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ghana</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Swaziland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Greece</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Sweden</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32,00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hong Kong</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">4</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Switzerland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hungary</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Taiwan</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$195.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Iceland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thailand</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">India</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">50</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$200.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Trinidad &amp; Tobago</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Indonesia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$95.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Tunisia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ireland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$65.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Turkey</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Israel</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ukraine</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Italy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$32.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">United Kingdom</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ivory Coast</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Uruguay</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Jamaica</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Venezuela</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Japan</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$25.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Zambia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Jordan</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Zimbabwe</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Kenya</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$90.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Korea</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$135.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Latvia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$125.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt" id="DSPFPageNumberArea">5</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><img style="WIDTH: 151px; HEIGHT: 27px" src="image00002.jpg"></div>

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<div style="LINE-HEIGHT: 1.15">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3000 Two Logan Square</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Eighteenth and Arch Streets</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Philadelphia, PA&#160;&#160;19103-2799</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">215.981.4000</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fax 215.981.4750</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">September 10, 2015</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">119 Washington Avenue, Suite 504</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Miami Beach, FL 33139</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Re:</div>
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<div style="TEXT-ALIGN: left; FONT: 11pt/1.15 'Times New Roman', Times, serif"><u>Registration Statement on Form N-2 (File Nos. 333-202213; 811-06445)</u></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladies and Gentlemen:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">We have acted as counsel to The Herzfeld Caribbean Basin Fund, Inc., a Maryland corporation (the &#8220;Fund&#8221;), in connection with the filing by the Fund with the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) of (i) a post-effective amendment (the &#8220;Amendment&#8221;) pursuant to Rule 462 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), to the Fund&#8217;s registration statement on Form N-2 (File Nos. 333-202213; 811-06445) (as amended from time to time, the &#8220;Registration Statement&#8221;) under the Securities Act and the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), which Registration Statement was declared effective by the SEC on June 11, 2015 and (ii) a prospectus supplement to the base prospectus contained in the Registration Statement pursuant to Rule 497 under the Securities Act (the &#8220;Prospectus Supplement&#8221;), relating to the Fund&#8217;s issuance of up to $17,900,000 aggregate offering amount of shares (the &#8220;Shares&#8221;) of the Fund&#8217;s common stock, $0.001 par value per share, which Shares are covered by the Registration Statement, in each case, dated as of the date hereof. We understand that the Shares are to be offered and sold in the manner set forth in the Prospectus Supplement pursuant to the Equity Distribution Agreement, dated as of September 10, 2015, by and among the Fund, HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc., a Florida corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended, and Ladenburg Thalmann &amp; Co. Inc. (the &#8220;Distribution Agreement&#8221;).</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">You have requested our opinion as to the matters set forth below in connection with the filing of the Amendment and the Prospectus Supplement.&#160;&#160;For purposes of rendering the opinion set forth below, we have examined the Registration Statement, the base prospectus contained in the Registration Statement, the Prospectus Supplement, the Fund&#8217;s Articles of Incorporation and By-Laws, in each case, as amended to date, the Distribution Agreement, and the resolutions or other records of the proceedings of the board of directors of the Fund that provide for the issuance of the Shares, and we have made such other investigations and reviewed such other documents, records, instruments and matters as we have deemed appropriate.&#160;&#160;We have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have also relied on a certificate of an officer of the Fund.&#160;&#160;In rendering our opinion, we also have made the assumptions that are customary in opinion letters of this kind.&#160;&#160;We have not verified any of those assumptions.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Page 2</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">September 10, 2015</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Our opinion, as set forth herein, is limited to the federal laws of the United States of America and the laws of the State of Maryland (other than the securities laws of the State of Maryland, as to which we express no opinion). We express no opinion with respect to any other laws.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based upon and subject to the foregoing, we are of the opinion that, as of the date hereof, when the Shares have been sold pursuant to the Distribution Agreement, (a) the issuance and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and (b) when issued and delivered by the Company against payment therefor as set forth in the Prospectus Supplement, will be validly issued, fully paid and nonassessable.&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">No opinion is rendered herein as to matters not specifically referred to herein and under no circumstances are you to infer from anything stated or not stated herein any opinion with respect to which such specific reference is not made. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This opinion is rendered solely in connection with the filing of the Amendment and the Prospectus Supplement.&#160;&#160;We hereby consent to the filing of this opinion with the SEC as an exhibit to the Amendment and to the reference to this firm under the caption &#8220;Legal Matters&#8221; in the Prospectus Supplement and the Registration Statement.&#160;&#160;In giving our consent we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC thereunder. Except as otherwise set forth herein, this opinion may not be used, circulated, quoted or otherwise referred to for any purpose or relied upon by any other person without the express written permission of this firm.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 270pt; FONT-SIZE: 11pt">Very truly yours,</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 270pt; FONT-SIZE: 11pt">/s/ Pepper Hamilton LLP</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 270pt; FONT-SIZE: 11pt">Pepper Hamilton LLP</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">cc:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Mr. Thomas J. Herzfeld, President and Chairman of the Board of Directors</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Reanna J. M. Lee, Esq., Secretary and Treasurer</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Joseph V. Del Raso, Esq.</div>

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<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>5
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<head>
<title></title>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consent of Independent Registered Public Accounting Firm</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">The Board of Directors and Stockholders of<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> The Herzfeld Caribbean Basin Fund, Inc.:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">We consent to the use of our report with respect to The Herzfeld Caribbean Basin Fund, Inc. (the Fund) dated August 21, 2015 included herein and to the incorporation by reference in the Base Prospectus our report on the </font>Fund dated August 20, 2014, which appears in the Registration Statement on Form N-2 (File. No. 333-202213).&#160; We also consent<font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt"> to the reference to our firm under the heading &#8220;Experts&#8221; in the Prospectus Supplement and to the references to our firm under the headings &#8220;Financial Highlights&#8221; and &#8220;Independent Registered Public Accounting Firm&#8221; in the Prospectus.</font></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 11pt">/s/ KPMG LLP<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Columbus, Ohio<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> September 10, 2015</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
