Common use of Sum of Clause in Contracts

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe Preferred Shares) anx SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe ratxxx xxx Preferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Vxxxxxxxty Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably xxxevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe raxxxx xxe Preferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Xxxxxxxity Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably xxrevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe ratixx xxx Preferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Voxxxxxxxy Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably xxxxvocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody'sXxxxx'x, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL XXXX RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S XXXXX'X OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Xxxxx'x Volatility Factor (if Moody's Xxxxx'x is then rxxxxx xhe rating the Preferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Xxxxx'x Volatility Factor and vi. Fitch Xxxxxxlity Volatility Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cashx.xxxx, Fund's assets b. short-term Municipal Obligations rated MIG-1XXX-0, VMIG-1 or P-1XXXX-0 xx X-0, and xrrevocably irrevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and anx AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in ix the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Volxxxxxxx Factor (if Moody's is then rxxxxx xhe xxxx xxting the Preferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Volxxxxxxx Factor and vi. Fitch Xxxxxxlity Volatility Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1VMIG-0 xx X-0, and xrrevocably xxx irrevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe ratxxx xxx Preferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Volatility Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably xxxevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe Preferred ratinx xxx Xreferred Shares) anx and SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Volxxxxxxx Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably xxxxxocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.

Sum of. a.LIQUIDATION VALUE OF THE OUTSTANDING SHARES OF PREFERRED STOCK Number of The product of the number of Preferred Shares outstanding on the Valuation Date multiplied by the liquidation preferred price of $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding shares on such date multiplied by the liquidation preference of such shares) plus any redemption premium applicable outstanding * to Preferred Shares (or other preferred shares) then subject to redemption liquidation price of preferred shares FEDERATED TO INFORM SSFA OF ANY INSTANCE OF A REDEMPTION PREMIUM. b. CURRENT PERIOD DIVIDEND EXPOSURE For each series The aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not of preferred earned or declared) to (but not including) the first respective Dividend Payment Dates for Preferred Shares shares: outstanding that follows such Valuation Date (plus the aggregate amount of dividends, whether or not earned Number of or declared, that will have accumulated in respect of other outstanding preferred shares to, but not preferred including, the first respective dividend payment dates for such other shares that follow such Valuation Date) shares outstanding * $25,000 * Auction rate * (# of days in dividend period / 365 [if dividend period = 7 days or 360 [for all other dividend periods]) c.PROJECTED DIVIDEND AMOUNT For each series The aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares of preferred shares: # of preferred shares outstanding * $25,000 * Maximum Rate* Volatility Factor * # of days from first Dividend Payment Date following Valuation Date through the 49th day after Valuation Date 365 [if dividend period = 7 days] or 360 [for all other dividend periods] outstanding from such first respective Dividend Payment Date therefore through the 49th day after such Maximum rate= Valuation Date, RATE MULTIPLE (1.10 if prevailing rating is Aa3 or higher for Moody's, and AA- or higher for Fitch) MULTIPLIED BY (A) THE "AA" FINANCIAL COMPOSITE COMMERCIAL PAPER RATE (in the case of Minimum Rate Periods and Special Rate Periods of fewer than 183 Rate Period Days) OR (B) THE TREASURY BILL RATE in the case of Special Rate Periods of more than 182 Rate Period Days but fewer than 365 Rate Period Days. at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing FEDERATED TO on such Dividend Payment Date) NOTIFY SSFA IN CASE OF : * SPECIAL RATE PERIOD * CREDIT RATING FOR PREFERRED SHARES FALLS BELOW AA3 FOR MOODY'S OR AA- FOR FITCH * IF A FAILURE TO DEPOSIT OCCURS * IF ALL OUTSTANDING SHARES ARE SUBJECT TO SUBMITTED HOLD ORDERS for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to shares of such series, such Maximum Rate shall be the HIGHER OF i.the Maximum Rate for the Special Rate Period of shares of such series to commence on such Dividend Payment Date AND ii.the Maximum Rate for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the greater of iii. the Moody's Volatility Factor (if Moody's is then rxxxxx xhe xxxxxx the Preferred Shares) anx axx SSFA WILL USE A VOLATILITY RATE OF 2.75 FOR CONSERVATISM. iv. the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, OR, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent with respect to such shares of such series designating a Special Rate Period consisting of 56 Rate Period Days or more the greater of v.the Moody's Volatility Factor and vi. Fitch Xxxxxxlity Fitcx Xxxxxility Factor applicable to a Special Rate Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other preferred stock outstanding from such respective dividend payment dates through the 56th day after such Valuation Date, as established by or pursuant to the respective statements supplementary establishing and fixing the rights and preferences of such other preferred shares), (except that if such Valuation Date occurs at a time when a Failure to Deposit (or, in the case of preferred stock other than Preferred Shares, a failure similar to a Failure to Deposit) has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred AND for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect (or, in the case of preferred shares other than Preferred Shares, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days) d. THE AMOUNT OF ANTICIPATED EXPENSES OF THE FUND FOR THE 90 DAYS SUBSEQUENT TO SUCH VALUATION DATE. Current daily expense accrual * 90 days e. THE AMOUNT OF THE FUND'S MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY FEDERATED TO in respect of Preferred Shares (and similar amounts payable in respect of other preferred shares, as of such INFORM SSFA IF Valuation Date. SUCH SITUATION MAXIMUM POTENTIAL GROSS-UP PAYMENT LIABILITY as of any Valuation Date, shall mean the aggregate amount of EXISTS. Gross-up Payments that would be due if the Fund were to make Taxable Allocations, with respect to any taxable Estimated year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable taxable income earned by the Fund, as of the end of the calendar month immediately preceding such Valuation distribution Date, and assuming such Gross-up Payments are fully taxable. (capital gain + taxable income) to preferred shares * 38.6% federal tax. f. THE AMOUNT OF ANY INDEBTEDNESS OR OBLIGATIONS OF THE FUND SENIOR IN RIGHT OF PAYMENT TO THE PREFERRED FEDERATED TO SHARES; and INFORM SSFA IF SUCH SITUATION EXISTS. g. ANY CURRENT LIABILITIES as of such Valuation Date to the extent not reflected in any of 1a through 1f Liabilities (including, without limitation, any payables for Municipal Obligations purchased as of such Valuation Date and from the trial any liabilities incurred for the purpose of clearing securities transactions) balance. 2. LESS: Less: the face value of The value of (i.e., for purposes of current Moody's guidelines, any of the a.cash, Fund's assets b. short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1, and xrrevocably irrevocably c.short-term securities that are the direct obligation of the U.S. government, provided in each case that such deposited by securities mature on or prior to the date upon which any of 1a through 1g become payable, otherwise the the Fund for Moody's Discounted Value) the payment of of any of the Fund's assets irrevocably deposited by the Fund for the payment of any of 1a through 1g any of 1a through 1g.