According to the closing Order entered on January 12, 1999, from U.S. District Judge Barrington D. Parker Jr. of the U.S. District Court of the Southern District of New York, it is hereby stipulated and agreed that the actions are hereby dismissed on the merits, with prejudice and with all rights of appeal waived. The case is closed.

The original complaint alleges that GGT and its directors violated Section 14 of the Securities Exchange Act of 1934, Section 20 of the Investment Company Act of 1940, and state law by making material misstatements and omissions in soliciting shareholder proxies to remove GGT's restriction on the issuance of senior securities. The complaint alleges that the defendants: (1) falsely suggested that the only risk to the shareholders of issuing senior securities was the risk associated with leveraging the fund and (2) failed to disclose that the preferred stock defendants planned to issue would have the right to elect at least two directors and to veto any shareholder vote on a proposal to open-end GGT.