EXHIBIT 99.B4h
INVESTMENT SUBADVISORY AGREEMENT
STRATEGIC GROWTH PORTFOLIO
THIS AGREEMENT, made this 1st day of May, 2003, is between JEFFERSON PILOT
INVESTMENT ADVISORY CORPORATION, a Tennessee corporation with offices at Xxx
Xxxxxxx Xxxxx, Xxxxxxx, Xxx Xxxxxxxxx, 00000 (the "Investment Manager") and
X. XXXX PRICE ASSOCIATES, INC. (the "Subadviser"), a Maryland corporation with
offices at 000 Xxxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx 00000.
WITNESSETH:
WHEREAS, Jefferson Pilot Variable Fund, Inc. (the "Fund") is engaged in
business as a diversified open-end management investment company and is
registered as such under the Investment Company Act of 1940 (the "Investment
Company Act");
WHEREAS, the Fund issues separate classes or series of stock, each of which
represents a separate portfolio of investments;
WHEREAS, the Fund's shareholders are and will be separate accounts
maintained by insurance companies for variable life insurance policies under
which income, gains, losses, whether or not realized, from assets allocated to
such accounts are, in accordance with the Policies, credited to or charged
against such accounts without regard to other income, gains, or losses of such
insurance companies;
WHEREAS, the Fund has employed the Investment Manager to act as investment
manager of the Portfolio, as set forth in an Investment Management Agreement
between the Fund and the Investment Manager dated August 28, 1997, (the
"Investment Management Agreement") pursuant to which it was agreed that the
Investment Manager may contract with the Subadviser, or other parties for
certain investment management services;
WHEREAS, the Subadviser is engaged in the business of rendering investment
advisory services and is registered as an investment adviser under the
Investment Advisers Act of 1940 (the "Advisers Act");
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WHEREAS, the Investment Manager desires to retain the Subadviser to render
investment management services to the Fund's Strategic Growth Portfolio (the
"Portfolio") in the manner and on the terms hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained the Investment Manager and the Subadviser hereby agree as
follows:
1. Appointment of the Subadviser. The Investment Manager hereby appoints
the Subadviser to act as an investment subadviser for the Portfolio and to
manage the investment and reinvestment of the assets of the Portfolio, subject
to the supervision of the Directors of the Fund and the terms and conditions of
this Agreement. The Subadviser will be an independent contractor and will have
no authority to act for or represent the Fund or Investment Manager in any way
or otherwise be deemed an agent of the Fund or Investment Manager except as
expressly authorized in this Agreement or another writing by the Fund,
Investment Manager and the Subadviser. Notwithstanding the foregoing, the
Subadviser shall have full and complete discretion to establish brokerage
accounts with one or more brokers, dealers, or other financial intermediaries as
the Subadviser may select. The Fund will be a party to any agreement or contract
which opens a futures account or options account.
2. Duties of the Subadviser. The Subadviser hereby agrees, subject to
the supervision of the Investment Manager and the Board of Directors of the
Fund, (1) to act as the Subadviser of the Portfolio, (2) to manage the
investment and reinvestment of the assets of the Portfolio for the period and on
the terms and conditions set forth in this Agreement, and (3) during the term
hereof, to render the services and to assume the obligations herein set forth in
return for the compensation provided for herein and to bear all expenses of its
performance of such services and obligations as set forth herein.
3. Services to be Rendered by the Subadviser to the Fund
A. The Subadviser will manage the investment and reinvestment of
the assets of the Portfolio and determine the composition of the assets of the
Portfolio, subject always to the general direction and control of the Directors
of the Fund and the Investment Manager and in accordance with the provisions of
the Fund's registration statement, as amended from time to time. In fulfilling
its obligations to manage the investment and reinvestment of the assets of the
Portfolio, the Subadviser will:
(i) obtain and evaluate pertinent, statistical, financial,
and other information relating to individual companies or industries, the
securities of which are included in the Portfolio or are under consideration for
inclusion in the Portfolio;
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(ii) formulate and implement a continuous investment program
for the Portfolio (a) consistent with the investment objectives, policies, and
restrictions of the Portfolio as stated in the Fund's Agreement and Articles of
Incorporation, Bylaws, and such Portfolio's currently effective Prospectus and
Statement of Additional Information ("SAI") as amended from time to time, and
(b) in compliance with the requirements applicable to both regulated investment
companies and segregated asset accounts under Subchapters M and L of the
Internal Revenue Code of 1986, as amended ("IRC"), and requirements applicable
to registered investment companies under applicable laws;
(iii) take whatever steps are necessary to implement the
investment program for the Portfolio by the purchase and sale of securities and
other investments authorized under the Fund's Agreement and Articles of
Incorporation, Bylaws, and such Portfolio's currently effective Prospectus and
SAI, including the placing of orders for such purchases and sales;
(iv) regularly report to the Directors of the Fund and the
Investment Manager, as reasonably requested, with respect to the implementation
of the investment program and, in addition, provide such statistical information
and special reports concerning the Portfolio and/or important developments
materially affecting the investments held, or contemplated to be purchased, by
the Portfolio, as may reasonably be requested by the Investment Manager or the
Directors of the Fund, including attendance at Board of Directors Meetings, as
reasonably requested, to present such information and reports to the Board,
provided that Subadviser shall not be responsible for fund accounting;
(v) assist with providing information relating to the fair
value of certain portfolio securities when market quotations are not readily
available for the purpose of calculating the Portfolio's net asset value in
accordance with procedures and methods established by the Directors of the Fund;
(vi) establish appropriate interfaces with the Fund's
Investment Manager in order to provide such Investment Manager with all
necessary information requested by the Investment Manager and required to be
provided by Subadviser hereunder.
(vii) vote and exercise consent rights with respect to such
securities owned by the Portfolio in accordance with Subadviser's proxy voting
policy, provided that the Fund custodian has furnished such proxy materials and
other otems in a timely fashion to the Subadviser to enable it to vote or
exercise any consent rights.
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B. To facilitate the Subadviser's fulfillment of its obligations under this
Agreement, the Investment Manager will undertake the following:
(i) the Investment Manager agrees to provide the Subadviser
with all amendments or supplements to the Registration Statement, the Fund's
Investment Management Agreement and Articles of Incorporation, and Bylaws prior
to filing with Securities and Exchange Commission.
(ii) the Investment Manager agrees, on an ongoing basis, to
notify the Subadviser expressly in writing of each change in the fundamental
investment policies of the Portfolio ten days prior to the effective date of
such changes, and of each change in the non-fundamental investment policies of
the Portfolio five days prior to the effective date of such changes.
(iii) The Investment Manager agrees to provide or cause to be
provided to the Subadviser such assistance as may be reasonably requested by the
Subadviser in connection with its activities pertaining to the Portfolio under
this Agreement, including, without limitation, information concerning the
Portfolio, its available funds, or funds that may reasonably become available
for investment, and information as to the general condition of the Portfolio's
affairs and information to enable Subadviser to monitor the Portfolio's
compliance with Subchapters M and L of the IRC;
(iv) the Investment Manager agrees to provide or cause to be
provided to the Subadviser on an ongoing basis, such information as is
reasonably requested by the Subadviser for performance by the Subadviser of its
obligations under this Agreement, and the Subadviser shall not be in breach of
any term of this Agreement or be deemed to have acted negligently if the
Investment Manager fails to provide or cause to be provided such requested
information and the Subadviser relies on the information most recently furnished
to the Subadviser;
(v) the Investment Manager will promptly provide the
Subadviser with any guidelines and procedures applicable to the Subadviser or
the Portfolio adopted from time to time by the Board of Directors of the Fund
and agrees to promptly provide the Subadviser copies of all amendments thereto;
and
(vi) the Investment Manager will provide such assistance to
Subadviser in setting up and maintaining custody accounts, brokerage accounts,
futures and options accounts (as applicable), and other accounts reasonably
necessary to allow for the purchase, sale and ownership of various securities by
the Portfolio.
C. The Fund and the Investment Manager shall not, without the prior
written consent of Subadviser, make representations in any disclosure document,
advertisement, sales literature or other promotional material regarding the
Subadviser or its affiliates. The Investment Manager shall hold harmless and
indemnify the Subadviser against any loss, liability, cost, damage or expense
(including reasonable attorneys fees and costs)
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arising out of the contents and any use of any disclosure documents,
advertisement, sales literature or other promotional material provided that such
loss, liability, cost, damage, or expense did not arise out of any disclosure
provided by Subadviser for inclusion in such disclosure documents,
advertisement, sales literature, or other promotional material, and further
provided that Subadviser did not consent to such disclosure. Consent shall be
assumed where Subadviser has not objected to the disclosure within five days of
receipt.
D. The Subadviser, at its expense, will furnish all necessary investment
and management facilities and investment personnel, including salaries, expenses
and fees of any personnel required for it to faithfully perform its duties under
this Agreement. The Fund or Investment Manager assumes and shall pay all
expenses incidental to their respective organization, operation and business not
specifically assumed or agreed to be paid by the Subadviser pursuant hereto,
including, but not limited to, investment adviser fees; any compensation, fees,
or reimbursements which the Fund pays to its Directors; compensation of the
Fund's custodian, transfer agent, registrar and dividend disbursing agent;
legal, accounting, audit and printing expenses; administrative, clerical,
record-keeping and bookkeeping expenses; brokerage commissions and all other
expenses in connection with execution of portfolio transactions; interest, all
federal, state and local taxes (including stamp, excise, income and franchise
taxes) costs of stock certificates and expenses of delivering such certificates
to the purchaser thereof; expenses of shareholders' meetings and of preparing,
printing and distributing proxy statements, notices, and reports to
shareholders; the costs of filing with regulatory authorities; all expenses
incurred in complying with all federal and state laws and the laws of any
foreign country applicable to the issue, offer, or sale of shares for the Fund,
including, but not limited to all costs involved in the registration or
qualification of shares of the Fund for sale in any jurisdiction, the costs of
portfolio pricing services and systems for compliance with blue sky laws, and
all costs involved in preparing, printing and mailing prospectuses and
statements of additional information of the Fund; and all fees, dues and other
expenses incurred by the Fund in connection with the membership in any trade
association or other investment company organization.
Notwithstanding anything herein, the Subadviser shall be responsible for
any and all commercially reasonable expenses relating to the filing, printing
and mailing of required supplements to the Fund's registration statement,
provided that such supplements relate solely to an action taken or proposed to
be taken by the Subadviser, including, but not limited to, changes in portfolio
manager(s) or other organizational changes. Notwithstanding the above, the
Subadviser shall not be responsible for such costs and expenses where the change
in Portfolio Manager reflects a request by the Investment Manager, the Fund or
the Portfolio.
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E. The Subadviser will select brokers and dealers to effect all
portfolio transactions subject to the conditions set forth herein (except to the
extent such transactions are cross-trades effected in accordance with Rule 17a-7
and such policies or procedures as may be established by the Board of
Directors). The Subadviser will place all necessary orders with brokers,
dealers, or issuers, and will negotiate brokerage commissions if applicable. The
Subadviser is directed at all times to seek to execute brokerage transactions
for the Portfolio in accordance with such policies or practices as may be
established by the Board of Directors and described in the Fund's currently
effective prospectus and SAI, as amended from time to time. The Investment
Manager reserves the right to direct the Subadviser upon written notice not to
execute transactions through any particular broker(s) or dealer(s), and the
Subadviser agrees to comply with such request within ten business days of
receiving written notice. The Investment Manager acknowledges that to the extent
it directs the Subadviser not to execute transactions through a particular
broker or dealer, the Portfolio will not be able to participate in the
Subadviser's aggregation with respect to transactions placed by the Subadviser
for its other clients with such broker or dealer.
The Subadviser will monitor the use of broker-dealers. In placing orders
for the purchase or sale of investments for the Portfolio, in the name of the
Portfolio or its nominees, the Subadviser shall use its best efforts to obtain
for the Portfolio the best execution available, considering all of the
circumstances, and shall maintain records adequate to demonstrate compliance.
"Best execution" shall mean prompt and reliable execution subject to the most
favorable execution terms that are reasonably available in the specific
circumstances of each trade, taking into account the other provisions
hereinafter set forth. Whenever the Subadviser places orders, or directs the
placement of orders, for the purchase or sale of portfolio securities on behalf
of the Portfolio, in selecting brokers or dealers to execute such orders, the
Subadviser is expressly authorized to consider the fact that a broker or dealer
has furnished statistical, research or other information or services which
enhance the Subadviser's research and portfolio management capability generally.
It is further understood in accordance with Section 28(e) of the Securities
Exchange Act of 1934, as amended, that the Subadviser may negotiate with and
assign to a broker a commission which may exceed the commission which another
broker would have charged for effecting the transaction if the Subadviser
determines in good faith that the amount of commission charged was reasonable in
relation to the value of brokerage and/or research services (as defined in
Section 28(e)) provided by such broker. To the extent authorized by said Section
28(e) and the Fund's Board of Directors, the Subadviser shall not be deemed to
have acted unlawfully or to have breached any duty created by this Agreement or
otherwise solely by reason of such action. In addition, subject to seeking the
best execution available, the Subadviser may also consider sales of shares of
the Fund as a factor in the selection of brokers and dealers.
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F. On occasions when the Subadviser deems the purchase or sale of a security
to be in the best interest of the Portfolio as well as other clients of the
Subadviser, the Subadviser to the extent permitted by applicable laws and
regulations, may, but shall be under no obligation to, aggregate the securities
to be purchased or sold to attempt to obtain a more favorable price or lower
brokerage commissions and efficient execution. In such event, allocation of the
securities so purchased or sold, as well as the expenses incurred in the
transaction, will be made by the Subadviser in compliance with Section 17(d) of
the Investment Company Act of 1940 and the rules established thereunder, Section
206 of the Investment Advisers Act of 1940 and any rules established thereunder,
and pursuant to policies adopted by the Subadviser and communicated to the Board
of Directors of the Fund.
The Subadviser may perform its Services through any employee, partner,
officer or agent of Subadviser and the Investment Manager and the Fund shall not
be entitled to the advice, recommendation or judgment of any specific person.
The Subadviser makes no representation or warranty, express or implied, that any
level of performance or investment results will be achieved by the Portfolio or
that the Portfolio will perform comparably with any standard or index, including
other clients of Subadviser, whether public or private.
G. The Subadviser will maintain all accounts, books and records with
respect to the Portfolio as are required of an investment adviser of a
registered investment company pursuant to the Investment Company Act and
Advisers Act and the rules thereunder.
4. Compensation of the Subadviser. The Investment Manager will pay the
Subadviser, with respect to the Portfolio, the compensation specified in
Appendix A to this Agreement. Payments shall be made to the Subadviser within
the first five business days of each month; however, this advisory fee will be
calculated on the average daily net assets of the Portfolio and accrued on a
daily basis. Each month, the Investment Manager will provide the Subadviser with
a worksheet accompanying payment of the subadvisory fee that sets forth the
computation of the subadvisory fee. If the Subadviser shall serve for less than
the whole of any month, the foregoing compensation shall be prorated. Solely for
the purpose of determining the promptness of payments, payments shall be
considered made upon mailing or wiring pursuant to wiring instructions provided
by the Subadviser.
5. Non-Exclusivity. The Investment Manager agrees that the services of
the Subadviser are not to be deemed exclusive and the Subadviser is free to act
as investment manager to various investment companies and for other managed
accounts. The Subadviser shall, for all purposes herein, be deemed to be an
independent contractor and shall, unless otherwise provided or authorized, have
no authority to act for or represent the Fund or the Investment Manager in any
way or otherwise be deemed an agent of the Fund or Investment Manager other than
in furtherance of its duties and responsibilities as set forth in this
Subadvisory Agreement.
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6. Books and Records. The Subadviser agrees that all books and records
which it maintains for the Fund in accordance with Section 3.G. are the Fund's
property, and, in the event of termination of this Agreement for any reason, the
Subadviser agrees promptly to return to the Fund, free from any claim or
retention of rights by the Subadviser, all records relating to the Portfolio,
provided, however, that the Subadviser may retain a copy of such records. The
Subadviser also agrees upon request of the Investment Manager or the Fund,
promptly to surrender the books and records to either party or make the books
and records available for inspection by representatives of regulatory
authorities.
The Subadviser will use records or information obtained under this
Agreement only for the purposes contemplated hereby, and will not disclose such
records or information in any manner other than expressly authorized by the
Fund, or if disclosure is expressly required by applicable federal or state
regulatory authorities or by this Agreement. The Subadviser will furnish any
information reasonably necessary for the Fund or the Investment Manager to
complete reports requested by any state insurance commissioner.
7. Liability. Except as may otherwise be provided by the Investment
Company Act, neither the Subadviser nor its officers, directors, employees or
agents shall be subject to any liability to the Investment Manager, the Fund or
any shareholder of the Fund for any error of judgment, mistake of law or any
loss arising out of any investment or other act or omission in the course of,
connected with or arising out of any service to be rendered hereunder, except by
reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of reckless disregard of its obligations and duties
under this Agreement. The Investment Manager shall hold harmless and indemnify
the Subadviser for any loss, liability, cost, damage or expense (including
reasonable attorneys fees and costs) arising from any claim or demand by the
Fund or any past or present shareholder of the fund that does not arise from
Subadviser's willful misfeasance, bad faith or gross negligence.
8. Reliance on Documents. The Board of Directors of the Fund or its
officers or agents will provide timely information to the Subadviser regarding
such matters as purchases and redemptions of shares in the Portfolio, the cash
requirements, and cash available for investment in the Portfolio, and all other
information as may be reasonably necessary or appropriate in order for the
Subadviser to perform its responsibilities hereunder. The Subadviser has
provided the Investment Manager with a copy of its current form ADV.
Neither the Fund nor the Investment Manager, nor their respective designees
or agents, shall use any material describing or identifying the Subadviser or
its affiliates without the prior consent of the Subadviser. Such material shall
include, but not be limited to all prospectuses, proxy statements, reports to
shareholders, sales literature, or other material prepared for distribution to
shareholders of the Portfolio or the public,
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which refer to the Subadviser or its clients in any way. Any material utilized
by the Fund, the Investment Manager or their respective designees or agents
which contain information as to the Subadviser and/or its affiliates shall be
submitted to the Subadviser for approval prior to use, not less than five (5)
business days before such approval is requested. Investment Manager shall not
use any such materials if the Subadviser reasonably objects in writing five days
(or such other time as may be mutually agreed) after receipt thereof providing
details of the substance of the objection, unless the Investment Manager redacts
the objectionable material.
The Investment Manager has herewith furnished the Subadviser copies of the
Fund's Prospectus, Statement of Additional Information, Articles of
Incorporation and By-Laws as currently in effect and agrees during the
continuance of the Agreement to furnish the Subadviser copies of any amendments
or supplements thereto before or at the time the amendments or supplements
become effective. The Subadviser will be entitled to rely on all such documents
furnished to it by the Investment Manager of the Fund.
9. Duration and Termination of the Agreement. This Subadvisory Agreement
shall become effective as of the date first written above and remain in force
until May 1, 2005. Thereafter, it shall continue in effect from year to year,
but only so long as such continuance is specifically approved at least annually
by (a) the Board of Directors of the Fund, or by the vote of a majority of the
outstanding voting securities of the Portfolio, and (b) a majority of those
directors who are not parties to this Subadvisory Agreement, nor interested
persons of any party to this Subadvisory Agreement, cast in person at a meeting
called for the purpose of voting on such approval. This Agreement may be
terminated, without the payment of any penalty, by the Board of Directors of the
Fund, by a vote of a majority of the outstanding shares of the Portfolio, or by
the Investment Manager on sixty days' written notice to the Subadviser, or by
the Subadviser on sixty days' written notice to the Fund or the Investment
Manager. This Agreement shall automatically terminate in the event of its
assignment or in the event of termination of the Investment Management
Agreement.
10. Amendments of the Agreement. Except to the extent permitted by the
Investment Company Act or the rules or regulations thereunder or pursuant to any
exemptive relief granted by the Securities and Exchange Commission ("SEC"), this
Agreement may be amended by the parties only if such amendment, if material, is
specifically approved by the vote of a majority of the outstanding voting
securities of the Portfolio (unless such approval is not required by Section 15
of the Investment Company Act as interpreted by the SEC or its staff) and by the
vote of a majority of the Independent Directors cast in person at a meeting
called for the purpose of voting on such approval. The required shareholder
approval shall be effective with respect to the Portfolio if a majority of the
outstanding voting securities of the Portfolio vote to approve the amendment,
notwithstanding that the amendment may not have been approved by a majority of
the outstanding voting securities of any other portfolio affected by the
amendment or all the portfolios of the Fund.
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11. Definitions. The terms "assignment", "interested person", and
"majority of the outstanding voting securities", when used in this Agreement,
shall have the respective meaning specified under the Investment Company Act and
the rules thereunder.
12. Change in Law. Where the effect of a requirement of the Investment
Company Act of 1940 or of the Investment Advisers Act of 1940 reflected in any
provision of this Agreement is altered by a rule, regulation or order of the
Securities and Exchange Commission, whether of special or general application,
such provision shall be deemed to incorporate the effect of such rule,
regulation or order.
13. Notices. Any notice that is required to be given by the parties to
each other under the terms of this Agreement shall be given in writing,
delivered, or mailed postpaid to the other party, or transmitted by facsimile
with acknowledgment of receipt, to the parties at the following addresses or
facsimile numbers, which may from time to time be changed by the parties by
notice to the other party:
(a) If to the Subadviser:
X. Xxxx Price Associates, Inc.
000 Xxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Attn: Xxxx Xxxxxxx
Facsimile (000) 000-0000
With a copy to: Xxxxxxx X. Xxxxxx, Esq.
Facsimile (000) 000-0000
(b) If to the Investment Manager:
Jefferson Pilot Investment Advisory Corporation
Xxx Xxxxxxx Xxxxx
Xxxxxxx, XX 00000
Attn: Xxxxxx Xxxxxxxxx
Facsimile (000) 000-0000
14. Governing Law. The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the State of New Hampshire as at
the time in effect and the applicable provisions of the Investment Company Act
or other federal laws and regulations which may be applicable. To the extent
that the applicable law of the State of New Hampshire or any of the provisions
herein, conflict with the applicable provisions of the Investment Company Act or
other federal laws and regulations which may be applicable, the latter shall
control.
15. Use of Subadviser's Name. Neither the Fund nor the Investment Manager
or any affiliate or agent thereof shall make reference to or use the name, and
any
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derivative thereof or logo associated with that name, of the Subadviser or any
of its affiliates in any advertising or promotional materials without the prior
approval of the Subadviser, which approval shall not be unreasonably withheld or
delayed. Upon termination of this Agreement, the Investment Manager and the Fund
shall forthwith cease to use such name (or derivative or logo) as soon as
reasonably practicable. Investment Manager agrees to use the name and logo of
the Subadviser only in the form and manner depicted in Appendix B or as
otherwise approved in writing by Subadviser and use the appropriate trademark
symbol whenever one of Subadviser's trademarks is first mentioned in any Sales
Materials, and Investment Manager shall use such footnotes as provided in with
the logos in Appendix B that are appropriate or necessary to indicate
proprietary interest in the trademark.
Investment Manager will do nothing inconsistent with the ownership of the X.
Xxxx Price marks, and that it will not, now or hereafter, contest any
registration or application for registration of the X. Xxxx Price marks by
Subadviser in any jurisdiction, nor will it, now or hereafter, aid anyone in
contesting any such registration or application for registration of the X. Xxxx
Price marks by Subadviser. Investment Manager further agrees that it will not,
without the prior written consent of Subadviser, register, attempt to register
or assist anyone else to register the X. Xxxx Price marks in the United States,
the UK or anywhere else. For the purposes of this paragraph, the X. Xxxx Price
marks shall include any xxxx registered with the United States Patent and
Trademark Office by X. Xxxx Price Group, Inc. or any of its subsidiaries.
16. The Investment Manager agrees that the Subadviser may inform others
that the Investment Manager and Fund are clients of the Subadviser, and further
agrees that the Subadviser may provide others with performance results related
to the Portfolio on a composite basis without disclosing the specific
performance results attributed to the Portfolio, the Investment Manager or the
Fund, except as required by law, rule or regulation.
17. Entire Agreement. This Agreement contains the entire understanding
and agreement of the parties with respect to the Portfolio.
18. Headings. The headings in the sections of this Agreement are inserted
for convenience of reference only and shall not constitute a part hereof.
19. Severability. Should any portion of this Agreement for any reason be
held to be void in law or in equity, the Agreement shall be construed, insofar
as is possible, as if such portion had never been contained herein.
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JEFFERSON PILOT INVESTMENT
ADVISORY CORPORATION
ATTEST: BY:
------------------------ ------------------------
Xxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxxx
Assistant Secretary President
X. XXXX PRICE ASSOCIATES, INC.
ATTEST: BY:
------------------------ ------------------------
Xxxxxx X. Xxxxx Xxxxxxx X. Xxxxxx
Assistant Vice President Vice President
00
Xxxxxxxx X - X. Xxxx Price Logo
[X. XXXX PRICE INVEST WITH CONFIDENCE LOGO]
"The xxxx X. Xxxx Price and the Bighorn Sheep logo are owned by X. Xxxx Price
Group, Inc."
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