Document:

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                              MARKET ACCESS PROGRAM

                               MARKETING AGREEMENT

THIS AGREEMENT (the "Agreement") made and entered into this 26th day of January
2000, by and between CONTINENTAL CAPITAL & EQUITY CORPORATION, located at 195
Wekiva Springs Road, Suite 200, Longwood, FL 32779 (hereinafter referred to as
"CCEC,") and WALL STREET STRATEGIES CORPORATION, located at 130 William Street,
Suite 401, New York, NY 10038, (hereinafter referred to as the "Company.")

WITNESSETH:
For and consideration of the mutual promises and covenants contained herein, the
parties hereto agree as follows:

1. EMPLOYMENT. Company hereby hires and employs CCEC as an independent
contractor; and CCEC does hereby accept its position as an independent
contractor to the Company upon the terms and conditions hereinafter set forth.

2. TERM. The term of this Agreement shall be for twelve (12) months.

3. DUTIES AND OBLIGATIONS OF CCEC. CCEC shall have the following duties and
obligations under this Agreement:

      3.1. Establish a financial public relations methodology designed to
increase awareness of the Company within the investment community.

      3.2. Assist the Company in the implementation of its business plan and in
accurately disseminating information to the marketplace, which information has
been provided by the Company.

      3.3. To expose the Company to a broad network of active retail brokers,
financial analysts, institutional fund managers, private investors and active
financial newsletter writers.

      3.4. Prepare Company due diligence reports, corporate profile and fact
sheets.

      3.5. Conduct a tele-marketing campaign to the investment community and
brokerage community and conduct tele-conferences with a CCEC moderator, Company
executive(s), brokers, financial analysts, fund managers and other interested
participants.

      3.6. Feature the Company's corporate profile or fact sheet on CCEC's web
site(s).

      3.7. Assist the Company in the preparation of all press releases and
coordinate the releases via a Company paid account with PR NewsWire or
BusinessWire.

      3.8. Create, build and continually enhance a fax database of all brokers,
investors, analysts and media contacts who have expressed an interest in
receiving on-going information on the Company. Assist the Company in setting up
an account with a fax broadcasting agency to manage the actual broadcasting in
the event Company does not have this capability in-house. Further, CCEC will, at
its election, mass-fax broadcast select releases to its extensive network of
U.S. stockbrokers, analysts and institutional investors.

      3.9. E-mail press releases, corporate announcements, broker updates,
Company news developments to CCEC's e-mail database of brokers, Institutional
fund managers, financial analysts, and industry professionals.
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      3.10. Serve as the Company's external publicist and endeavor to obtain
media coverage on the Company in both trade and industry press, on local and
national radio and/or TV programming, in subscription-based financial
newsletters, and on the worldwide web.

      3.11. At the Company's request, strive to obtain the Company analyst
coverage and/or investment banking sponsorship.

      3.12. Introduce Company to various fund managers and institutional
investors.

ALL OF THE FOREGOING CCEC PREPARED DOCUMENTATION CONCERNING THE COMPANY,
INCLUDING, BUT NOT LIMITED TO, DUE DILIGENCE REPORTS, CORPORATE PROFILE, FACT
SHEETS, AND QUARTERLY NEWSLETTERS, SHALL BE PREPARED BY CCEC FROM MATERIALS
SUPPLIED TO IT BY THE COMPANY AND SHALL BE APPROVED BY THE COMPANY PRIOR TO
DISSEMINATION BY CCEC.

4. CCEC'S COMPENSATION. Upon the execution of this Agreement, Company hereby
covenants and agrees to pay CCEC as follows:

      4.1. Thirty thousand (30,000) restricted shares of the Company's common
stock due upon execution of this Agreement.

      4.2. Further, CCEC has the option to purchase one hundred thousand
(100,000) shares of the Company's common stock as follows: twenty five thousand
(25,000) shares at a per share price of ten dollars ($10.00); twenty five
thousand (25,000) shares at a per share price of twelve dollars ($12.00); twenty
five thousand (25,000) shares at a per share price of fourteen dollars ($14.00);
and twenty five thousand (25,000) shares at a per share price of sixteen dollars
($16.00). The options shall expire 24 months from the day the Registration
Statement registering the underlying shares of the option is deemed effective.
The Company agrees that CCEC shall have piggy-back registration rights with
respect to the Common Shares referenced above so as to permit the public resale
thereof by CCEC. The Company shall include such shares on the first registration
statement filed by the Company with the SEC after the date hereof on a form that
would permit such inclusion. The Company shall use its best efforts to make the
Registration effective on a timely basis.

      4.3. The referenced options shall vest according to the following
schedule:

           $10.00 options 1/20/2000
           $12.00 options 4/20/2000
           $14.00 options 7/20/2000
           $16.00 options 10/20/2000

Unvested options may be cancelled only upon written notice by the company of
termination of this Agreement on account of cause. An accelerated vesting period
may be awarded to CCEC upon request and satisfaction of performance under this
contract.

5. CCEC'S EXPENSES AND COSTS. Company shall pay all reasonable costs and
expenses incurred by CCEC, its directors, officers, employees and agents, in
carrying out its duties and obligations pursuant to the provisions of this
Agreement, excluding CCEC's general and administrative expenses and costs, but
including and not limited to the following costs and expenses: provided all
costs and expense items in excess of $500.00 (Five Hundred U.S. Dollars) must be
approved by the Company in writing prior to CCEC's incurrence of the same:

      5.1. Travel expenses, including but not limited to transportation, lodging
and food expenses, when such travel is conducted on behalf of the Company.

      5.2. Seminars, expositions, money and investment shows.

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      5.3. Radio and television time and print media advertising costs, when
applicable.

      5.4. Subcontract fees and costs incurred in preparation of research
reports, when applicable.

      5.5. Cost of on-site due diligence meetings, if applicable.

      5.6. Printing and publication costs of brochures and marketing materials
which are not supplied by the Company.

      5.7. Corporate web site development costs.

      5.8. Printing and publication costs of Company annual reports, quarterly
reports, and/or other shareholder communication collateral material which are
not supplied by Company.

      5.9. Creation, production, and mailing of Inside Wall Street lead
generation pieces and associated fulfillment material and services, i.e.
corporate profiles, presidential cover letters, pre-printed envelopes, 1-800
numbers, postage, list selection, lead distribution, etc., at an established
price of $2.00 per Inside Wall Street piece mailed, with a minimum of 25,000
pieces.

      5.10. Cost of mass-fax broadcasts as referred to in Section 3.8.

      5.11. Company shall pay to CCEC reasonable costs and expenses incurred
within ten (10) days of receipt of CCEC's written invoice for the same,
excluding any costs associated with material and services defined in Section 5.9
above, which are due and payable in advance of material production.

6. COMPANY'S DUTIES AND OBLIGATIONS. Company shall have the following duties and
obligations under this Agreement.

      6.1. Cooperate fully and timely with CCEC so as to enable CCEC to perform
its obligations under this Agreement.

      6.2. Within ten (10) days of the date of execution of this Agreement to
deliver to CCEC a complete due diligence package on the Company including all
the Company's filings with the Securities and Exchange Commission within the
last twelve months, the last twelve months of press releases on the Company and
all other relevant materials with respect to such filings, including but not
limited to corporate reports, brochures, and the like; a list of the names and
addresses of all the Company's shareholders known to the Company: and list of
the brokers and market makers in the Company's securities and a list of analysts
or fund managers which have been following the Company.

      6.3. The Company will act diligently and promptly in reviewing materials
submitted to it from time to time by CCEC and inform CCEC of any inaccuracies
contained therein prior to the dissemination of such materials.

      6.4. On a timely basis give written notice to CCEC of any change in
Company's financial condition or in the nature of its business or operations
which had or might have an adverse material effect on its operations, assets,
properties or prospects of its business.

      6.5. On a timely basis upon billing pay all costs and expenses incurred by
CCEC under the provisions of this Agreement when presented with invoices for the
same by CCEC

      6.6. Give adequate disclosure of all material facts concerning the
Company to CCEC and update such information on a timely basis.

      6.7. Promptly pay the compensation due CCEC under the provisions of this
Agreement.

7. NONDISCLOSURE. Except as may be required by law, neither party hereto nor any
of its respective officers, directors, employees, agents and affiliates, shall
disclose the contents and

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provisions of this Agreement or any nonpublic information provided hereunder
without obtaining the prior written consent of the other party hereto, subject
to disclosing same further to respective counsel, accountants and other persons
performing investment banking, financial or related functions who have a need to
know such information.

8. COMPANY'S DEFAULT. In the event of any default in the payment of CCEC's
compensation to be paid to it pursuant to this Agreement, or any other charges
or expenses on the Company's part to be paid or met, or any part or installment
thereof, at the time and in the manner herein prescribed for the payment thereof
and as when the same becomes due and payable, and such default shall continue
for twenty five (25) days after CCEC's notice thereof is received by Company; in
the event of any default in the performance of any of the other covenants,
conditions, restrictions, agreements, or other provisions herein contained on
the part of the Company to be performed, kept, complied with or abided by, and
such default shall continue for twenty five (25) days after CCEC has given
Company written notice thereof, or if a petition in bankruptcy is filed by the
Company, or if the Company is adjudicated bankrupt, or if the Company shall
compromise all its debts or assign over all its assets for the payment thereof,
or if a receiver shall be appointed for the Company's property, then upon the
happening of any of such events, CCEC shall have the right, at its option,
forthwith or thereafter to accelerate all compensation, costs and expenses due
or coming due hereunder and to recover the same from the Company by suit or
otherwise and further, to terminate this Agreement. The Company covenants and
agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses
of CCEC, including court costs, (including such attorney fees, paralegal fees,
costs and expenses incurred on appeal) if CCEC employs an attorney to collect
the aforesaid amounts or to enforce other rights to CCEC provided for in this
Agreement in the event of any default as set forth above and CCEC prevails in
such litigation. Further, until CCEC has received the first cash and/or payment
as described above in Section 4.1, CCEC shall not be required to commence
performing hereunder.

9. COMPANY'S REPRESENTATIONS AND WARRANTIES. Company represents and warrants to
CCEC for the purpose of inducing CCEC to enter into and consummate this
Agreement as follows:

      9.1. Company has the power and authority to execute, deliver and perform
this Agreement.

      9.2. The execution and delivery by the Company of this Agreement have been
duly and validly authorized by all requisite action by the Company. No license,
consent or approval of any person is required for the Company's execution and
delivery of this Agreement.

      9.3. This Agreement has been duly executed and delivered by the Company.
This Agreement is the legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its respective terms, subject
to the effect to any applicable bankruptcy, insolvency, reorganization,
moratorium or similar law affecting creditors' rights generally and to general
principles of equity.

      9.4. The execution and delivery by the Company of this Agreement do not
conflict with, constitute a breach of or a default under: (i) any applicable
law, or any applicable rule, judgment, order, writ, injunction, or decree of any
court; (ii) any applicable rule or regulation of any administrative agency or
other governmental authority; (iii) the certificate of incorporation and By-Laws
of the Company; (iv) any agreement, indenture, instrument or contract to which
the Company is now a party or by which it is bound.

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      9.5. No representation or warranty by the Company in this Agreement and no
information in any statement, certificate, exhibit, schedule or other document
furnished, or to be furnished by the Company to CCEC pursuant hereto, or in
connection with the transactions contemplated hereby, contains or will contain
any untrue statement of a material fact, or omits or will omit to state a
material fact necessary to make the statements contained herein or therein not
misleading. There is no fact which the Company has not disclosed to CCEC, in
writing, or in SEC filings or press releases, which materially adversely
affects, nor, so far as the Company can now reasonably foresee, may adversely
affect the business, operations, prospects, properties, assets, profits or
condition (financial or otherwise) of the Company.

10. LIMITATION OF CCEC LIABILITY: If CCEC fails to perform its services
hereunder, its entire liability to the Company shall not exceed the lessor of
(a) the amount of cash compensation CCEC has received from the Company under
Section 4 of this Agreement or (b) the actual damage to the Company as a result
of such non-performance. IN NO EVENT WILL CCEC BE LIABLE FOR ANY INDIRECT,
SPECIAL OR CONSEQUENTIAL DAMAGES NOR FOR ANY CLAIM AGAINST THE COMPANY BY ANY
PERSON OR ENTITY ARISING FROM OR IN ANY WAY RELATED TO THIS AGREEMENT, UNLESS
SUCH DAMAGES RESULT FROM THE USE, BY CCEC, OF INFORMATION NOT AUTHORIZED BY THE
COMPANY.

11. MISCELLANEOUS

      11.1. Notices. Any notice or other communication required or permitted to
be given hereunder shall be in writing, and shall be deemed to have been duly
given when delivered personally or sent by registered or certified mail, return
receipt requested, postage prepaid to the parties hereto at their addresses
indicated hereinafter. Either party may change his or its address for the
purposes of this paragraph by written notice similarly given.

      11.2. Entire Agreement. This Agreement represents the entire agreement
between the Parties in relation to its subject matter and supersedes and voids
all prior agreements between such Parties relating to such subject matter.

      11.3. Amendment of Agreement. This Agreement may be altered or amended, in
whole or in part, only in a writing signed by both Parties.

      11.4. Waiver. No waiver of any breach or condition of this Agreement shall
be deemed to be a waiver of any other subsequent breach or condition, whether of
a like or different nature, unless such shall be signed by the person making
such waiver and/or which so provides by its terms.

      11.5. Captions. The captions appearing in this Agreement are inserted as a
matter of convenience and for reference and in no way affect this Agreement,
define, limit or describe its scope or any of its provisions.

      11.6. Situs. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida. Venue shall be located in
Seminole County, Florida.

      11.7. Benefits. This Agreement shall inure to the benefit of and be
binding upon the Parties hereto, their heirs, personal representatives,
successors and assigns.

      11.8. Severability. If any provision of this Agreement shall be held to be
invalid or unenforceable, such invalidity or unenforceability shall attach only
to such provision and shall not in any way affect or render invalid or
unenforceable any other provision of this Agreement, and this Agreement shall be
carried out as if such invalid or unenforceable provision were not contained
herein.

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      11.9. Arbitration. Except as to a monetary default by Company hereunder,
any controversy, dispute or claim arising out of or relating to this Agreement
or the breach thereof shall be settled by arbitration. Arbitration proceedings
shall be conducted in accordance with the rules then prevailing of the American
Arbitration Association or any successor. The award of the Arbitration shall be
binding on the Parties. Judgment may be entered upon an arbitration award of in
a court of competent jurisdiction and confirmed by such court. Venue for
Arbitration proceedings shall be Seminole County, Florida. The costs of
arbitration, reasonable attorneys' fees of the Parties, together with all other
expenses, shall be paid as provided in the Arbitration award.

      11.10. Currency. In all instances, references to monies used in this
Agreement shall be deemed to be United States dollars.

      11.11. Multiple Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, and all of such
counterparts shall constitute one (1) instrument.

      12. This Agreement may be executed in counterparts and by fax
transmission, each counterpart being deemed an original.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year
first above written.

CONFIRMED AND AGREED ON THIS 26 DAY OF January, 2000.

CONTINENTAL CAPITAL & EQUITY CORPORATION

/s/ Illegible                                 /s/ Jill Eardley
------------------------------------          ----------------------------------
      Corporate Officer                                   Witness

/s/ Illegible                                 /s/ Jill Eardley
------------------------------------          ----------------------------------
      Company Representative                              Witness

CONFIRMED AND AGREED ON THIS 26 DAY OF January, 2000.

WALL STREET STRATEGIES CORPORATION

/s/ Charles Payne                             /s/ Illegible
------------------------------------          ----------------------------------
      Corporate Officer                                   Witness

                                       6EXHIBIT 4(a)

                          INVESTMENT ADVISORY AGREEMENT

      AGREEMENT made this __ day of ______, 2000, by and between MERCURY GLOBAL
HOLDINGS, INC., a Maryland corporation (hereinafter referred to as the "Fund"),
and FUND ASSET MANAGEMENT, L.P., a Delaware corporation (hereinafter referred to
as "FAM").

                               W I T N E S S E T H

      WHEREAS, the Fund is engaged in business as a diversified, open-end
investment Fund registered under the Investment Company Act of 1940, as amended
(hereinafter referred to as the "Investment Company Act"); and

      WHEREAS, FAM is engaged principally in rendering management and investment
advisory services and is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended; and

      WHEREAS, the Fund desires to retain FAM to provide management and
investment advisory services to the Fund in the manner and on the terms
hereinafter set forth; and

      WHEREAS, FAM is willing to provide management and investment advisory
services to the Fund on the terms and conditions hereinafter set forth;

      NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, the Fund and FAM hereby agree as follows:

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                                    ARTICLE I

                                  Duties of FAM

      The Fund hereby employs FAM to act as manager and investment adviser of
the Fund and to furnish, or arrange for affiliates to furnish, the management
and investment advisory services described below, subject to the policies of,
review by and overall control of the Board of Directors of the Fund, for the
period and on the terms and conditions set forth in this Agreement. FAM hereby
accepts such employment and agrees during such period, at its own expense, to
render, or arrange for the rendering of, such services and to assume the
obligations herein set forth for the compensation provided for herein. FAM and
its affiliates shall for all purposes herein be deemed to be independent
contractors and shall, unless otherwise expressly provided or authorized, have
no authority to act for or represent the Fund in any way or otherwise be deemed
agents of the Fund.

      (a) Management Services. FAM shall perform, or arrange for affiliates to
perform, the management and administrative services necessary for the operation
of the Fund including administering stockholder accounts and handling
stockholder relations. FAM shall provide the Fund with office space, facilities,
equipment and necessary personnel and such other services as FAM, subject to
review by the Directors, shall from time to time determine to be necessary or
useful to perform its obligations under this Agreement. FAM shall also, on
behalf of the Fund, conduct relations with custodians, depositories, transfer
agents, dividend disbursing agents, other stockholder servicing agents,
accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and such other persons in any such other capacity
deemed to be necessary or desirable. FAM shall generally monitor the Fund's
compliance with

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investment policies and restrictions as set forth in the currently effective
prospectus and statement of additional information relating to the shares of the
Fund under the Securities Act of 1933, as amended (the "Prospectus" and
"Statement of Additional Information," respectively). FAM shall make reports to
the Directors of its performance of obligations hereunder and furnish advice and
recommendations with respect to such other aspects of the business and affairs
of the Fund as it shall determine to be desirable.

      (b) Investment Advisory Services. FAM shall provide the Fund with such
investment research, advice and supervision as the latter may from time to time
consider necessary for the proper supervision of the assets of the Fund, shall
furnish continuously an investment program for the Fund and shall determine from
time to time which securities shall be purchased, sold or exchanged and what
portion of the assets of the Fund shall be held in the various securities in
which the Fund invests or cash, subject always to the restrictions of the
Articles of Incorporation and By-Laws of the Fund, as amended from time to time,
the provisions of the Investment Company Act and the statements relating to the
Fund's investment objectives, investment policies and investment restrictions as
the same are set forth in the Prospectus and Statement of Additional
Information. FAM shall make decisions for the Fund as to foreign currency
matters and make determinations as to foreign exchange contracts. FAM shall make
decisions for the Fund as to the manner in which voting rights, rights to
consent to corporate action and any other rights pertaining to the Fund's
portfolio securities shall be exercised. Should the Directors at any time,
however, make any definite determination as to investment policy and notify FAM
thereof in writing, FAM shall be bound by such determination for the period, if
any, specified in such notice or until similarly notified that such
determination has

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been revoked. FAM shall take, on behalf of the Fund, all actions which it deems
necessary to implement the investment policies determined as provided above, and
in particular to place all orders for the purchase or sale of portfolio
securities for the Fund's account with brokers or dealers selected by it, and to
that end, FAM is authorized as the agent of the Fund to give instructions to the
Custodian of the Fund as to deliveries of securities and payments or cash for
the account of the Fund. In connection with the selection of such brokers or
dealers and the placing of such orders with respect to assets of the Fund, FAM
is directed at all times to seek to obtain execution and prices within the
policy of guidelines determined by the Directors and set forth in the Prospectus
and Statement of Additional Information. Subject to this requirement and the
provisions of the Investment Company Act, the Securities Exchange Act of 1934,
as amended, and other applicable provisions of law, FAM may select brokers or
dealers with which it or the Fund is affiliated. Subject to the policies of,
review by and overall control of the Board of Directors, FAM is responsible for
the allocation of the Fund's assets among the various securities markets of the
world.

      (c) Notice Upon Change in Partners of FAM. FAM is a limited partnership.
Its limited partner is Merrill Lynch & Co., Inc. and its general partner is
Princeton Services, Inc. FAM will notify the Fund of any change in the
membership of the partnership within a reasonable time after such change.

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                                   ARTICLE II

                       Allocation of Charges and Expenses

      (a) FAM. FAM assumes and shall pay for maintaining the staff and personnel
necessary to perform its obligations under this Agreement, and shall at its own
expense, provide the office space, facilities, equipment and necessary personnel
which it is obligated to provide under Article I hereof, and shall pay all
compensation of officers of the Fund and all Directors of the Fund who are
affiliated persons of FAM.

      (b) The Fund. The Fund assumes and shall pay or cause to be paid all other
expenses of the Fund (except for the expenses paid by the Fund's distributor
(the "Distributor")), including, without limitation: taxes, expenses for legal
and auditing services, costs of printing proxies, stock certificates,
stockholder reports, Prospectuses and Statements of Additional Information,
charges of the custodian, any sub-custodian and transfer agent, expenses of
portfolio transactions, expenses of redemption of shares, Securities and
Exchange Commission fees, expenses of registering the shares under Federal,
state and foreign laws, fees and actual out-of-pocket expenses of Directors who
are not affiliated persons of FAM or any investment research provider pursuant
to Article IV hereof, accounting and pricing costs (including the daily
calculation of the net asset value), insurance, interest, brokerage costs,
litigation and other extraordinary or non-recurring expenses, and other expenses
properly payable by the Fund. The Distributor will pay certain of the expenses
of the Fund incurred in connection with the continuous offering of shares of
common stock of the Fund.

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                                   ARTICLE III

                               Compensation of FAM

      (a) Management and Investment Advisory Fee. For the services rendered, the
facilities furnished and expenses assumed by FAM, the Fund shall pay to FAM at
the end of each calendar month a fee based on the average daily value of the net
assets of the Fund, as determined and computed in accordance with the
description of the determination of net asset value contained in the Prospectus
and Statement of Additional Information, at the annual rate of 0.75% of the
average daily net assets of the Fund, commencing on the day following the date
hereof. If this Agreement becomes effective subsequent to the first day of a
month or shall terminate before the last day of a month, compensation for that
part of the month this Agreement is in effect shall be prorated in a manner
consistent with the calculation of the fee as set forth above. Subject to the
provisions of subsection (b) hereof, payment of FAM's compensation for the
preceding month shall be made as promptly as possible after completion of the
computations contemplated by subsection (b) hereof. During any period when the
determination of net asset value is suspended by the Directors, the net asset
value of a share as of the last business day prior to such suspension shall for
this purpose be deemed to be the net asset value at the close of each succeeding
business day until it is again determined.

      (b) Expense Limitations. In the event the operating expenses of the Fund,
including amounts payable to FAM pursuant to subsection (a) hereof, for any
fiscal year ending on a date on which this Agreement is in effect exceed the
expense limitations applicable to the Fund imposed by applicable state
securities laws or regulations thereunder, as such limitation may be raised or
lowered from time to time, FAM shall reduce its management fee by the extent of
such

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excess and, if required pursuant to any such laws or regulations, will reimburse
the Fund in the amount of such excess; provided, however, to the extent
permitted by law, there shall be excluded from such expenses the amount of any
interest, taxes, brokerage fees and commissions, distribution fees and
extraordinary expenses (including but not limited to legal claims and
liabilities and litigation costs and any indemnification related thereto) paid
or payable by the Fund. Whenever the expenses of the Fund exceed a pro rata
portion of the applicable annual expense limitations, the estimated amount of
reimbursement under such limitations shall be applicable as an offset against
the monthly payment of the fee due to FAM. Should two or more such expense
limitations be applicable as at the end of the last business day of the month,
that expense limitation which results in the largest reduction in FAM's fee
shall be applicable.

                                   ARTICLE IV

                         Limitation of Liability of FAM

      FAM shall not be liable for any error of judgment or mistake of law or for
any loss arising out of an investment or for any act or omission in the
management of the Fund, except for willful misfeasance, bad faith or gross
negligence in the performance of its duties, or by reason of reckless disregard
of its obligations and duties hereunder. As used in this Article IV, the term
"FAM" shall include any affiliates of FAM performing services for the Fund
contemplated hereby and directors, officers and employees of FAM and such
affiliates.

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                                    ARTICLE V

                                Activities of FAM

      The services of FAM to the Fund are not to be deemed to be exclusive, FAM
and any person controlled by or under common control with FAM (for purposes of
this Article V referred to as "affiliates") being free to render services to
others. It is understood that Directors, officers, employees and stockholders of
the Fund are or may become interested in FAM and its affiliates, as directors,
officers, employees, partners, and stockholders or otherwise and that directors,
officers, employees, partners, and stockholders of FAM and its affiliates are or
may become similarly interested in the Fund, and that FAM and directors,
officers, employees, partners, and shareholders of its affiliates may become
interested in the Fund as stockholders or otherwise.

                                   ARTICLE VI

                   Duration and Termination of this Agreement

      This Agreement shall become effective as of the date hereof and shall
remain in force until January 31, 2001, and thereafter, but only so long as such
continuance is specifically approved at least annually by (i) the Board of
Directors of the Fund, or by the vote of a majority of the outstanding voting
securities of the Fund, and (ii) by the vote of a majority of those Directors
who are not parties to this Agreement or interested persons of any such party
cast in person at a meeting called for the purpose of voting on such approval.

      This Agreement may be terminated at any time, without the payment of any
penalty, by the Board of Directors of the Fund or by vote of a majority of the
outstanding voting securities of

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the Fund, or by FAM, on sixty days' written notice to the other party. This
Agreement shall automatically terminate in the event of its assignment.

                                   ARTICLE VII

                          Amendments of this Agreement

      This Agreement may be amended by the parties only if such amendment is
specifically approved by (i) the vote of a majority of outstanding voting
securities of the Fund, and (ii) a majority of those Directors who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval.

                                  ARTICLE VIII

                          Definitions of Certain Terms

      The terms "vote of a majority of the outstanding voting securities,"
"assignment," "affiliated person" and "interested person," when used in this
Agreement, shall have the respective meanings specified in the Investment
Company Act and the rules and regulations thereunder, subject, however, to such
exemptions as may be granted by the Securities and Exchange Commission under
said Act.

                                   ARTICLE IX

                                  Governing Law

      This Agreement shall be construed in accordance with the laws of the State
of New York and the applicable provisions of the Investment Company Act. To the
extent that the applicable laws of the State of New York, or any of the
provisions herein, conflict with the applicable provisions of the Investment
Company Act, the latter shall control.

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      IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first above written.

                                    MERCURY GLOBAL HOLDINGS, INC.

                                    By:
                                        ---------------------------------------
                                        Terry K. Glenn
                                        President

                                    FUND ASSET MANAGEMENT, L.P.

                                    By:
                                        ---------------------------------------

                                       10

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