|AMENDMENT NO. 2 TO LIMITED LIABILITY COMPANY AGREEMENTOF BELROSE CAPITAL FUND LLC
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This Amendment No. 2 to the Limited Liability Company Agreement (the Agreement) of Belrose Capital Fund LLC (the Company) dated as of December 5, 2001, as amended from time to time, is made and effective this 31st day of December, 2009.

A.Amendments. The Agreement is hereby amended as follows:

1. The third to last paragraph in Section 3.1(b) of the Agreement is hereby amended and restated in its entirety to read as follows:



| | Any determination made in good faith, whether by or pursuant to the authoritygranted by the Manager, as to: the amount of the assets, debts, obligations or liabilities ofthe Fund or its Shareholders; the amount of any reserves or charges set up and thepropriety thereof; the time of or purpose for creating such reserves or charges; the use,alteration or cancellation of any reserves or charges (whether or not any debt, obligationor liability for which such reserves or charges shall have been created shall have beenpaid or discharged or shall be then or thereafter required to be paid or discharged); thecost of any investment or other asset owned or held by the Fund; the value of anyinvestment or other asset of the Fund; the number of Shares outstanding; the estimatedexpense to the Fund in connection with the issue and sale of its Shares; the ability toliquidate investments in an orderly fashion; the extent to which it is practicable to delivera selection of securities to satisfy a redemption of Shares; and as to any and all othermatters relating to the issue, sale, redemption, exchange, transfer and/or other acquisitionor disposition of investments or Shares of the Fund, shall in each and all cases be finaland conclusive, and shall be binding upon the Fund and its Shareholders, past, presentand future, and Shares are issued and sold on the condition and understanding that anyand all such determinations shall be binding as aforesaid.
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2. The paragraph immediately following clause (e) of Article 7 of the Agreement is hereby amended and restated in its entirety to read as follows:



| | Subject to the foregoing provisions of this Article 7, no value shall be assignedto the Fund name and goodwill or to the office records, files, statistical data or anysimilar intangible assets of the Fund not normally reflected in the Funds accountingrecords; provided, that fixed liabilities of the Fund will generally be stated at theirprincipal value, reasonable provision to be made, however, for contingent or otherliabilities not reflected on such books and, in the case of the liquidation of the Fund, forthe expenses (to be borne by the Fund) of the liquidation and winding up of the Fundsaffairs. Promptly after completing any such determination of value with respect to theFunds portfolio in connection with a distribution of assets in kind on the termination ofthe Fund, the Manager shall give written notice of such determination to allShareholders.
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3. Section 8.1(a) of the Agreement is hereby amended and restated in its entirety to read as follows:



|On the last business day of each Fiscal Year or shortly thereafter, the Fundintends to distribute to the Shareholders of record on the date identified as the record date
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| | for such distribution (i) an amount approximately equal to 25% (which percentage maybe adjusted to reflect changes in the effective individual federal tax rate) of the NetCurrent Income of the Fund for the Fiscal Year, if any, that is characterized as qualifieddividend income for federal tax purposes and (ii)an amount approximately equal to45% (which percentage may be adjusted to reflect changes in the effective individualfederal tax rate) of the Net Current Income of the Fund for the Fiscal Year, if any, that isnot characterized as qualified dividend income for federal tax purposes. The termNet Current Income shall mean the net income and net realized short-term capital gainsin excess of net realized long-term capital losses accrued by or allocated to the Fund forthe Fiscal Year ended, determined in accordance with the treatment of various income,gain, loss, expense and other items for federal income tax purposes, except as mayotherwise be appropriate. Such distributions shall be made to the Shareholders pro rata inproportion to the number of Undivided Shares and Paired Share Units then outstanding.Amounts distributable in respect of Paired Share Units shall be distributed in thefollowing manner: (i) to the holders of Preferred Shares in amounts not to exceed thecumulative accrued but undistributed Preferred Return on such Preferred Shares; and (ii)the balance, if any, to the holders of the corresponding Common Shares.
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B.Continuing Effect. Except as otherwise amended hereby, the Agreement shall remain in full force and effect.



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|IN WITNESS WHEREOF, the undersigned Manager of the Company, acting pursuant toSection 12.1 of the Agreement, has executed this Amendment No. 2 to the Agreement as of the day andyear set forth above.
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|MANAGEREATON VANCE MANAGEMENTBy: /s/ Deidre E. WalshDeidre E. WalshVice President
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