[logo - American Funds® From Capital Group]







DEFERRED COMPENSATION PLAN

(Amended and restated, effective as of March
21, 2013)

TABLE OF CONTENTS



|Paragraph Title | Page No                                     
|--------------- | --------------------------------------------
|                |                                             
|1.              | Definitions                                 
|                |                                             
|2.              | Introduction                                
|                |                                             
|3.              | Plan Oversight; Administration and Amendment
|                | 3.1.                                        
|                | 3.2.                                        
|                | 3.3.                                        
|                | 3.4.                                        
|                |                                             
|4.              | Election to Defer Payments                  
|                | 4.1.                                        
|                | 4.2.                                        
|                |                                             
|                | 4.3.                                        
|                |                                             
|5.              | Beneficiary Designation                     
|                |                                             
|6.              | Deferred Payment Account                    
|                | 6.1.                                        
|                | 6.2.                                        
|                | 6.3.                                        
|                | 6.4.                                        
|                | 6.5.                                        
|                |                                             
|               
|7.              | Timing and Manner of Payments               
|                | 7.1.                                        
|                | 7.2.                                        
|                | 7.3.                                        
|                | 7.4.                                        
|                |                                             
|                | 7.5.                                        
|                | 7.6.                                        
|                | 7.7.                                        
|                |                                             
|                | 7.8.                                        
|               
|8.              | Miscellaneous                               







1. DEFINITIONS



1.1.	Administrator. An individual
designated by CRMC to process forms and receive Plan related communications from Plan Participants and otherwise assist the Committee
in the administration of the Plan.



1.2.	Beneficiary(ies). The person
or persons last designated in writing by a Plan Participant in accordance with procedures established by the Committee to receive
the amounts payable under the Plan in the event of the Plan Participant’s death. A Plan Participant may designate a Primary
Beneficiary(ies)to receive amounts payable under the Plan upon the Plan Participant’s death. A Plan Participant may
also name a Contingent Beneficiary(ies) to receive amounts payable under the Plan upon the Participant’s death if
there is no surviving Primary Beneficiary(ies).



1.3.	Board(s). The Board of Directors
or Trustees of a Fund(s).



1.4.	Committee. A group of Independent
Board Members responsible for oversight and operation of the Plan. The Committee must consist of a minimum of three members, each
currently serving as an Independent Board Member of at least one Fund. Each Fund, by the affirmative vote of at least a majority
of its Board (including a majority of the Fund’s Independent Board Members) shall appoint the initial members of the Committee.
Thereafter, the Committee shall determine its membership by majority vote.



1.5.	CRMC. Capital Research and
Management Company.



1.6.	Date of Crediting.

| | (i) | With respect to a retainer deferred by a Plan Participant, the Date of Crediting is the first day
of the period to which the retainer relates.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | With respect to a meeting fee deferred by a Plan Participant, the Date of Crediting is July 1 for
meetings held January through June 30, and (as administratively practicable) in late-December for meetings held July through December.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | If any Date of Crediting falls on a Saturday, Sunday or federal holiday, the Date of Crediting
will be the first business day following such Saturday, Sunday or federal holiday.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



1.7.	Deferred Payment Account(s).
An account established in the name of the Plan Participant on the books of each Fund serviced by the Plan Participant. Such account
shall reflect the number of Phantom Shares credited to the Plan Participant under the Plan.

| | (i) | A Deferred Payment Account will be divided into two separate Deferred Payment Accounts. One account
will contain deferrals made prior to January 1, 2005, including any earnings thereon (“pre-2005 deferrals”).
The other account will contain deferrals made on or after January 1, 2005, including any earnings thereon (“post-2004
deferrals”).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | For those participants residing outside the U.S., Deferred Payment Accounts will further be divided
into two separate accounts, “U.S.” and “Non-U.S.,” to provide appropriate tax reporting.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



1.8.	Disabled
or Disability. A Plan Participant is disabled when he or she is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months.







1.9.	Election Forms. The three
forms listed below as prescribed by the Administrator:

| | (i) | Beneficiary Designation Form. A form indicating the beneficiary designations of a Plan Participant.
| | --- | ---------------------------------------------------------------------------------------------------

| | (ii) | Deferral Election Form. A form indicating the compensation to be deferred under the Plan
and the timing and manner of distribution. This form must be filed with the Administrator prior to the first day of the calendar
year to which it first applies. Notwithstanding the foregoing, any person who is first elected or appointed an Independent Board
Member of the Fund may file this form before or within 30 days after first becoming an Independent Board Member.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | Rate of Return Election Form. A form indicating the percentages of deferrals allocated to
each Fund.
| | ----- | ----------------------------------------------------------------------------------------------------



1.10.	Fixed Dollar Installment Method.
One of the two alternative methods to a lump-sum available for payments under the Plan other than for reasons of death, Disability
or Unforeseeable Emergency. The amount of each installment shall equal the fixed dollar amount previously selected by the Plan
Participant on the Deferral Election Form. A Plan Participant’s Deferred Payment Account subject to the Fixed Dollar Installment
method shall be adjusted by the amount of each such installment payment by reducing the number of Phantom Shares of each Fund credited
to the Deferred Payment Account using the net asset values per Class A share as of the last day of the calendar quarter immediately
preceding the date of payment. These reductions shall occur proportionately so that, with respect to each such Fund, the ratio
of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after
each installment payment.



1.11.	Fund(s). A mutual fund advised
by CRMC, collectively the “Funds.”



1.12.	Independent Board Member(s).
Directors or trustees, and as applicable, advisory board members and director or trustee emeriti who are not considered “interested
persons” of any Participating Fund.



1.13	Money Market Fund. A
mutual fund managed by CRMC that invests solely in money market instruments and seeks to maintain a constant net asset value.



1.14.	Participating Funds. Mutual
funds managed by CRMC that have adopted the Plan.



1.15.	Permissible Payment Event.
A Permissible Payment Event is any one of the following:

| | (i) | The date specified on the Deferral Election Form by the Plan Participant that is objectively determinable
at the time compensation is deferred under the Plan and is at least twenty-four months past the date
of the first deferral election made by the Plan Participant; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | The date on which the Plan Participant is no longer an Independent Board Member of any Fund; or
| | ---- | -----------------------------------------------------------------------------------------------

| | (iii) | The date the Plan Participant dies; or
| | ----- | --------------------------------------

| | (iv) | The date the Administrator receives notification that the Plan Participant is Disabled; or
| | ---- | ------------------------------------------------------------------------------------------

| | (v) | The date the Committee determines that the Plan Participant has an Unforeseeable Emergency; or
| | --- | ----------------------------------------------------------------------------------------------

| | (vi) | For pre-2005 deferrals only, a distribution event permissible under the terms of the Plan in effect
on January 1, 2004.
| | ---- | -----------------------------------------------------------------------------------------------------------------------



1.16.	Phantom Shares. Fictional
shares of the Fund(s) that a Plan Participant has selected on the Rate of Return Election Form that have been credited to his or
her Deferred Payment Account(s). Phantom Shares shall have the same economic characteristics as actual Class A shares in terms
of mirroring changes in net asset value and reflecting corporate actions (including, without limitation,







receipt of dividends and capital gains distributions).
However, because Phantom Shares are fictional, they shall not entitle any Plan Participant to vote on matters of any sort, including
those affecting the Funds.



1.17.	Plan or Deferred Compensation
Plan. The deferred compensation plan adopted by the Participating Funds.



1.18.	Plan Participant(s). An
Independent Board Member who has elected to defer compensation under the Plan, or is receiving payments under the Plan in respect
of prior service as an Independent Board Member.



1.19.	Unforeseeable Emergency.
The following events may constitute an Unforeseeable Emergency under the Plan: (i) severe financial hardship of the Plan Participant
or his or her Beneficiary(ies) resulting from illness or accident of the Plan Participant or Beneficiary(ies) and such spouses
or dependents of the Plan Participant or Beneficiary(ies); (ii) loss of the Plan Participant’s or Beneficiary(ies)’
property due to casualty or (iii) similar extraordinary unforeseeable circumstances beyond the control of the Plan Participant
or the Beneficiary(ies). The Committee, in its sole discretion, will determine if the Plan Participant has an Unforeseeable Emergency,
after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation
by insurance or otherwise or by liquidation of the Plan Participant's assets (to the extent the liquidation of such assets would
not itself cause an Unforeseeable Emergency).



1.20.	Variable Dollar Installment
Method. One of the two alternative methods to a lump-sum available for payments under the Plan other than for reasons of death,
Disability or Unforeseeable Emergency. The amount of each installment shall be determined for a Deferred Payment Account by multiplying
the number of Phantom Shares of a Fund(s) allocated to the Deferred Payment Account by a fraction, the numerator of which shall
be one and the denominator of which shall be the then remaining number of unpaid installments (including the installment then to
be paid), and multiplying the resulting number of Phantom Shares by the net asset value per Class A share of such Fund(s) as of
the last day of the calendar quarter immediately preceding the date of payment. A Plan Participant’s Deferred Payment Account
subject to the Variable Dollar Installment method shall be adjusted by the amount of each such installment payment by reducing
the number of Phantom Shares of each Fund credited to the Deferred Payment Account. These reductions shall occur proportionately
so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred
Payment Account shall remain the same before and after each installment payment. For this purpose, net asset values per Class A
share as of the last day of the calendar quarter immediately preceding the date of payment shall be used in calculating pre- and
post-payment values.





2. INTRODUCTION



With effect on January 1,
2005, each Participating Fund has adopted, by the affirmative vote of at least a majority of its Board (including a majority of
its Board members who are not interested persons of the mutual fund), this Plan for Independent Board Members.





3. PLAN OVERSIGHT; ADMINISTRATION
AND AMENDMENT



3.1.	Plan Oversight and Operation.
The Committee shall enforce the Plan in accordance with its terms, shall be charged with the general administration of the Plan,
and shall have all powers







necessary to accomplish its purposes. The Committee
may utilize the services of the Administrator to conduct routine Plan administration.



3.2.	Plan Interpretation and Administration.
The Committee shall have full discretion to construe and interpret the terms and provisions of the Plan, which interpretation or
construction shall be final and binding on all parties, including, but not limited to, the Funds and any Plan Participant or Beneficiary.
The Committee shall administer such terms and provisions in a uniform and non-discriminatory manner and in full accordance with
any and all laws and regulations applicable to the Plan.



3.3. 	Plan Amendment.
The Committee may approve any amendment to the Plan; provided, however, (i) that no such amendment shall adversely affect the right
of Plan Participants to receive amounts previously credited to their Deferred Payment Accounts; and (ii) each Independent
Board Member shall receive notification of any such proposed amendment to the Plan at least ten (10) days prior to the Committee’s
consideration of such amendment. Upon receipt of such notification, an Independent Board Member may communicate to the Committee
for its consideration any concern or objection to the proposed amendment.



3.4. 	Plan Termination.
The Committee may recommend to the Boards the termination of the Plan; provided, however, that no such termination shall adversely
affect the right of Plan Participants to receive amounts previously credited to their Deferred Payment Accounts.





4. ELECTION TO DEFER PAYMENTS



4.1.	Election to Defer.
Pursuant to the Plan, Independent Board Members may elect to have all or any portion of payment of their retainer and/or meeting
fees, including board and committee meeting fees, deferred as provided herein. An Independent Board Member who elects to participate
in the Plan shall file copies of the Election Forms with the Administrator. An Independent Board Member will not be treated as
a Plan Participant and no amount will be deferred under the Plan until the Election Forms are received by the Administrator and
determined by the Administrator to be complete and in good order.



4.2.	Current Independent
Board Members. A deferral election made by a Plan Participant who timely files the Election Forms with the Administrator shall
become effective and apply with respect to retainers and meeting fees earned during the calendar year following the filing of the
deferral election, and each subsequent calendar year, unless modified or revoked in accordance with the terms of this Plan. During
the period from such filing and prior to the effectiveness of such election, the most recently filed and effective Deferral Election
Form shall apply to all amounts payable to the Plan Participant under the Plan.



4.2.a.	Newly
Elected or Appointed Independent Board Members. Any person who is first elected or appointed an Independent Board Member of
the Fund during a calendar year and who timely files the Election Forms with the Administrator may elect to defer any unpaid portion
of (i) the retainer applicable to such calendar year and (ii) the fees for future meetings during such calendar year. Unless revoked
or modified in accordance with the terms of this Plan, a deferral election made pursuant to this paragraph will apply for each
subsequent calendar year after the year of the deferral election.



4.3.	Modification
or Revocation of an Election to Defer. A Plan Participant may modify or revoke an election to defer, as to future compensation,
effective on the first day of the next calendar year, which modification or revocation shall remain in effect for each subsequent
calendar year (until modified







or revoked in accordance with the Plan), by
filing a new Deferral Election Form with the Administrator prior to the beginning of such next calendar year.





5. BENEFICIARY DESIGNATION



Each Plan Participant shall
designate on the Beneficiary Election Form the Primary and, if applicable, Contingent Beneficiary(ies) he or she desires to receive
amounts payable under the Plan in the event of the Plan Participant’s death. A Plan Participant may from time to time change
his or her designated Primary or Contingent Beneficiary(ies) without the consent of such Beneficiary(ies) by filing a new Beneficiary
Election Form with the Administrator.



At the time of death of
a Plan Participant, if there is no living designated Primary Beneficiary(ies), the designated Contingent Beneficiary(ies), if any,
shall be the Beneficiary. If there are no living Primary or Contingent Beneficiary(ies), the Plan Participant’s surviving
spouse shall be the Beneficiary. If there is no surviving spouse, the Plan Participant’s estate shall be the Beneficiary.





6. DEFERRED
PAYMENT ACCOUNT



6.1.	Crediting Amounts. A Plan
Participant may select one or more Funds in which his or her deferred compensation is invested for purposes of crediting earnings,
by filing the Rate of Return Election Form with the Administrator. Any compensation deferred by a Plan Participant shall be credited
to his or her Deferred Payment Account on the books of each Fund served by the Plan Participant in the form of Phantom Shares of
the Fund(s) that the Plan Participant has selected.



The number of Phantom Shares
credited to a Plan Participant’s Deferred Payment Account shall be the number of whole and fractional Phantom Shares determined
by dividing the amount of the deferred compensation invested in the particular Fund(s) by the net asset value per Class A share
of such Fund(s) as of the Date of Crediting.



6.2.	Change of Investment Designation.
A Plan Participant may change the designation of the Fund(s) in which his or her future deferred compensation is invested through
the participant website or by filing a revised Rate of Return Election Form with, or by telephoning, the Administrator. The Administrator
will confirm promptly in writing to the Plan Participant any change of investment designation accomplished by telephone. Any change
of investment designation shall be effective only with respect to retainers and meeting fees deferred after receipt of such request.
If a request is received after 1:00pm PT, the change in investment designation will be effective the next business day.



6.3.	Exchange Requests. By contacting
the Administrator or using the participant website, a Plan Participant may request to exchange Phantom Shares of one or more Funds
previously credited to a Deferred Payment Account for Phantom Shares of another Fund(s) based on their relative net asset values
per Class A share next determined. The Administrator will confirm promptly in writing to the Plan Participant any exchange request
made by telephone. An exchange request will be effective after receipt of such request. If a request is received after the close
of the New York Stock Exchange, the exchange will be effective on the next business day. An exchange request may relate to one
or more Deferred Payment Accounts; however, no more than 12 exchange requests will be processed each calendar year for all amounts
credited under this Plan to any one Plan Participant. For purposes of this limitation, all exchange requests received in one day
shall be treated as one exchange request.







6.4.	Plan Participants
Serving on Money Market Fund Boards. Notwithstanding the other provisions of Section 6, a Plan Participant serving on the Board
of a Money Market Fund may select only that Money Market Fund in which his or her compensation is invested for purposes of crediting
earnings. In addition, no exchanges will be permitted in a Deferred Payment Account on the books of a Money Market Fund.



6.5. 	Plan Participant
Electing Installment Payout Option under Section 7.4.a. When a Plan Participant elects the limited installment payout option
described in Section 7.4.a, all post-2004 deferrals will be exchanged into the appropriate American Funds Target Date Retirement
Fund based upon the age of the surviving spouse Beneficiary at the time of the Participant’s death unless alternative instructions
are provided in accordance with Section 6.5.a. Such exchange will occur as soon as administratively practicable, but in no event
later than thirty (30) days from the date that the Plan Administrator is notified of the Plan Participant’s death. Once this
exchange occurs, no further exchanges will be permitted for post-2004 deferrals.



6.5.a.	Alternative
Instructions under Section 6.5. A Plan Participant electing the limited installment payout option described in Section 7.4.a.
may instruct the Administrator to exchange all post-2004 deferrals into one or more Funds, rather than the appropriate American
Funds Target Date Retirement Fund as provided for in Section 6.5. A Plan Participant may change instructions provided under this
Section 6.5.a. no more than 12 times each calendar year. To be effective, such instructions must be received by the Administrator
prior to the Plan Participant’s death.





7. TIMING AND MANNER OF PAYMENTS



7.1.	Timing of Payments.
Amounts credited to a Deferred Payment Account under the Plan to a Plan Participant shall be paid to the Plan Participant in accordance
with the terms of the Plan only upon the occurrence of a Permissible Payment Event.



7.2.	Manner of Payment
– Lump Sum. Upon the occurrence of a Permissible Payment Event, the amount of payment to a Participant shall be determined
by multiplying the number of Phantom Shares of a Fund(s) that have been allocated to the Plan Participant’s Deferred Payment
Account subject to the Permissible Payment Event, by the net asset value per Class A share of such Fund(s) as of the date of the
Permissible Payment Event.



The payment shall be made
to the Plan Participant as soon as administratively practicable, but in no event later than thirty (30) days from the date of the
Permissible Payment Event.



7.3.	Alternative Payment
Methods. A Plan Participant entitled to payment for reasons other than death, Disability or Unforeseeable Emergency,
may elect, instead of a lump-sum payment, to receive annual or quarterly installment payments as specified by the Plan Participant
on the Deferral Election Form.



The Plan Participant may
elect either the Variable Dollar Installment Method or the Fixed Dollar Installment Method for a period not to exceed thirty (30)
years. Once installment payments begin under either method, they cannot be stopped, except in case of death, Disability or Unforeseeable
Emergency. Under either method, the first payment to a Plan Participant shall be calculated as of last day of the calendar quarter
that contains the Permissible Payment Event. This first payment shall be made to the Plan Participant as soon as administratively
practicable thereafter, but in no event later than thirty (30) days after the end of the calendar quarter that contains the Permissible
Payment Event. Subsequent







payments shall be made within thirty (30) days
of the close of future calendar quarters or years, consistent with the Plan Participant’s election of either quarterly or
annual installments. As of December 31, 2006, Plan Participants receiving payments under either one of the alternative payment
methods will continue to receive payments under the payment schedule existing on that date.



In no event shall a payment
under the Fixed Dollar Installment Method relating to a Deferred Payment Account exceed the value of the Deferred Payment Account
as of the last day of the calendar quarter immediately preceding the date of payment. If any balance credited to a Plan Participant’s
Deferred Payment Account remains positive on the date 30 years from the date of the initial payment to the Plan Participant, then
such remaining balance shall be paid to the Plan Participant as soon as practicable thereafter in a single lump sum payment.



The right to a series of
installment payments with respect to post-2004 deferrals under the Plan shall be treated as a right to a series of separate payments.



7.4.	Death of Plan Participant.
If the Plan Participant dies at any time before all amounts in his or her Deferred Payment Accounts have been paid, such remaining
amounts shall be paid in a lump-sum to the Plan Participant’s Beneficiary(ies).



7.4.a.	Optional
Payment Method upon Death for Post-2004 Deferrals. With respect to post-2004 deferrals under the Plan, a Plan Participant may
elect for his or her spouse Beneficiary to receive any remaining installment payments due the Plan Participant at his or her death
if all four of the following conditions are met:



| | (i) | The spouse was married to the Plan Participant at the time of the Plan Participant’s death.
| | --- | -------------------------------------------------------------------------------------------

| | (ii) | The spouse was designated as the sole Beneficiary under the Plan.
| | ---- | -----------------------------------------------------------------

| | (iii) | At the time of the Plan Participant’s death, the timing and manner of distribution election
in effect for such Plan Participant was one of the alternative payment methods described in Section 7.3 of the Plan.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | The Plan Participant had begun receiving installment payments described under Section 7.3 of the
Plan at the time of his or her death.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------



An election under
this Section 7.4.a must be made at least 12 months before the first scheduled payment under the Plan Participant’s current
timing and manner of payment designation.



All installment
payments made to a spouse Beneficiary under this section will be made under the same timing and manner of payment election made
by the Plan Participant and in effect at the time of the Plan Participant’s death. No changes to the timing or manner of
payment will be permitted.



If the spouse
Beneficiary dies while there are still post-2004 account balances in the Plan, all remaining post-2004 account balances will be
paid to the estate of the spouse Beneficiary as soon as administratively practicable, but in no event later than thirty (30) days
from the date of the spouse Beneficiary’s death.



7.5.	Disability of Plan Participant.
In the event the Plan Participant shall become Disabled before all amounts credited to the Plan Participant’s Deferred Payment
Accounts have been paid to him or her, such remaining amounts shall be paid in a lump sum to the Plan Participant.









7.6.	Unforeseeable Emergency.
If the Committee determines that the Plan Participant has an Unforeseeable Emergency, the Committee may make a lump sum payment
to the Plan Participant from his or her Deferred Payment Account(s) in an amount not to exceed the amount necessary to satisfy
the emergency need plus any taxes that may be owed on the payment. In the event the payment is less than the value of all of the
Plan Participant’s Deferred Payment Accounts, the Deferred Payment Accounts shall be reduced proportionately so that, with
respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account
shall remain the same before and after payment.



7.7.	Modification or Revocation for
Post-2004 Deferrals. A Plan Participant’s designation as to timing and manner of payments of post-2004 deferrals under
the Plan may be modified or revoked by filing a written election with the Administrator. Such designation will not be effective
for at least 12 months. To be valid the new designation must (i) be made at least 12 months before the first scheduled payment
under the current designation and (ii) delay the first payment by at least 5 years from the date the first payment would otherwise
have been made under the current designation. No other modification of the designation as to the timing or manner of payment will
be valid.



7.7.a.	Special
Transition Rule. Under U.S. Treasury transition relief that extends through December 31, 2008 (or such later date as may be
included in further Treasury guidance) a Plan Participant may change the timing or manner of payment of post-2004 deferrals without
regard to the limitations described in paragraph 7.7. A Plan Participant may not, however, change the
timing of payment with respect to deferrals that would have been paid in the year that he or she uses the transition relief. Furthermore,
a Plan Participant may not accelerate post-2004 deferrals into the year that he or she takes advantage of the transition relief.



7.8.	Modification or Revocation for
Pre-2005 Deferrals. A Plan Participant’s designation as to timing and manner of payments of pre-2005 deferrals under
the Plan may be modified or revoked by filing a written election with the Administrator. However, any subsequent designation that
would result in a change in the timing of a payment under the Plan or a change in the manner of payments under the Plan shall not
be effective unless such subsequent designation is made not less than 12 months prior to the date of the first scheduled payment
under the Plan. With respect to such pre-2005 deferrals, the Committee may, in its sole discretion, accelerate the payment of any
pre-2005 deferral.





8. MISCELLANEOUS



8.1.	Purchase of Underlying Shares.
To the extent a Plan Participant’s Deferred Payment Account has been credited with Phantom Shares of a Fund other than the
Fund responsible for payment of the compensation being deferred, a Fund may, but shall not be obligated to, purchase and maintain
Class A shares of such other Fund in amounts equal in value to such Phantom Shares.



8.2.	Unsecured Promise to Pay.
Amounts credited to a Plan Participant’s Deferred Payment Account under this Plan shall not be evidenced by any note or other
security, funded or secured in any way. No assets of a Fund (including, without limitation, shares of other Funds) shall be segregated
for the account of any Plan Participant (or Beneficiary), and Plan Participants (and Beneficiaries) shall be general unsecured
creditors for payments due under the Plan.



8.3.	Withholding Taxes.
The Administrator shall deduct, any federal, state or local taxes and other charges required by law to be withheld.







8.4.	Statements.
The Administrator, on behalf of each Fund, shall furnish to each Plan Participant a statement showing the balance credited to his
or her Deferred Payment Account at least annually.



8.5.	Assignment. No amount in
a Plan Participant’s Deferred Payment Account may be assigned or transferred by the Plan Participant except by will or the
law of descent and distribution.



8.6. Governing Law;
Severability. The Plan shall be construed, governed and administered in accordance with the laws and regulations of the United
States Treasury Department and the State of California. The Plan is subject to applicable law and regulation and, in the event
of changes in such law or regulation, shall be construed and applied in a manner in which the intent of its terms and provisions
are best preserved. In the event that one or more provisions of the Plan are held invalid, illegal or unenforceable in any respect
on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision
or provisions under other circumstances or in other jurisdictions and of the remaining provisions shall not in any way be affected
or impaired.



8.7. Washington Management
Corporation. Washington Management Corporation (“WMC”) provides services to the Washington Mutual Investors Fund,
The Tax Exempt Fund of Maryland, and The Tax Exempt Fund of Virginia (collectively, the “WMC Funds”). WMC became a
wholly-owned subsidiary of CRMC, effective as of December 21, 2012.



The WMC Funds maintained
the Deferred Compensation Plan for Independent Board Members of the WMC Funds (the “WMC Plan”). Effective as of March
21, 2013, each WMC Fund, by the affirmative vote of at least a majority of its Board (including a majority of its Board members
who are not interested persons of the mutual fund), merged the WMC Plan into, and adopted, the Plan.



The terms of the Plan shall
govern amounts deferred under the WMC Plan, provided that, in the case of a former participant in the WMC Plan, a reference to
the terms of the Plan in effect on January 1, 2004 shall be deemed a reference to the terms of the WMC Plan in effect on January
1, 2004. The timing and form of payments of amounts deferred under the WMC Plan as well as elections to defer made under the terms
of the WMC Plan shall not be affected by the merger. The terms of this Plan and the merger of the WMC Plan into the Plan are intended
to comply with section 409A of the Code.