Resolution of the Board of Directors

Resolution of the Board of Directors

OF

A CORPORATION

This Resolution was adopted by the Board of Directors of , a business corporation, at a meeting of the Board of Directors held on the day of , 20 in accordance with the by-laws of the Corporation.

BE IT RESOLVED by the Board of Directors of as follows:

RESOLVED, that, based upon the recommendation of the President and Secretary of the Corporation, the Corporation hereby establishes the following dividend policy and directs the President and Secretary of the Corporation, working in conjunction with Corporate Counsel, implement the policy regarding the dividend distribution.

[The following are examples of various dividend policy statements]

Dividend Policy

In order to reward the shareholders, the Corporation intends to pay stable dividends continuously, while consideration must be given for the additional provision of corporate reserves from a viewpoint of safe and sound investment planning.

[List some of the corporate actions and reviews that produce considerations of investment planning that impact, positively and negatively, the likelihood of corporate dividends. For example: During the fiscal year ended , 20 , in the anticipation of the introduction of "Corrective Action" designed to enhance the profitability of the corporation, the Corporation has conducted a self-assessment of its assets and has made a significant amount of charge-off and provision for possible losses, in order to further improve its financial soundness.]

Conditions in the field of provide the Corporation significant opportunities for expansion and development of an enhanced business foundation for future development. Corporate efforts will continue to afford the Corporation excellent opportunities to increase operating efficiency by better employing economies of scale as we refine our organizational structure. The Corporation will make efforts to be in a position to be better able to pay stable dividends continuously for the future periods.

Dividend Policy

Our shareholders are entitled to receive interim and final dividends, which are recommended by our board and, in the case of final dividends, approved by our shareholders.

Dividend Policy

The Company currently intends to continue paying regular cash dividends on a quarterly basis.

Dividend Policy

The Company makes the maintenance of a stable dividend its first principle, giving due consideration to achieving a balance between returning profits to shareholders and to securing sufficient funds for future development of its business. To this end, the Company considers efforts both to improve business results and to meet the expectations of its shareholders to be of the utmost importance.

Dividend Policy

The Company has never paid dividends on its Common Stock and has no intention of paying dividends for the foreseeable future. Management intends to use profits, if any, to expand its operations and to further develop operations as opposed to using such funds for dividend purposes.

Dividend Policy

The current dividend policy is to declare distributions in stock. Stock distributions will automatically be paid in newly issued shares of the Corporation unless otherwise instructed by the shareholder. The shares will be valued at the lower of the net asset value or market price on the payable date. Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts at the transfer agent who will have the whole and fractional shares added to their account.

If a distribution was declared in cash, it would then be subject to the Dividend Reinvestment Plan. Under the Dividend Reinvestment Plan, distributions declared in cash will automatically be paid in additional shares of the Fund, unless the Plan Agent is otherwise instructed.

Shareholders may request to be paid in cash instead of shares by responding to the bank, brokerage, or nominee who holds the shares if the shares are in “street name” or by filling out a form received from Bank if the shares are in registered form.

A description of the automatic Dividend Reinvestment Plan may be obtained by calling Bank.

The Corporation distributes annually all income and capital gains if earned. It is expected that dividends, if any, will be declared after fiscal year-end and will be payable for that year before the end of January.

SO RESOLVED, this the day of , 20 .

CERTIFICATE

I, , Secretary of , a Corporation, do hereby certify that the above resolution was adopted by the Board of Directors of the Corporation on the day of , 20 .

DATED this the day of , 20 .

Respectfully submitted,