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SIGNATURE PATRICK F. QUAN
TITLE SECRETARY
SHAREHOLDER SERVICES AGREEMENT
1. The parties to this Agreement, which is effective as
of January 1, 1995, are The Growth Fund of America, Inc.
(hereinafter called "the Fund") and American Funds Service
Company, a California corporation (hereinafter called "AFS"). AFS
is a wholly owned subsidiary of Capital Research and Management
Company (hereinafter called "CRMC"). This Agreement will continue
in effect until amended or terminated in accordance with its
terms.
2. The Fund hereby employs AFS, and AFS hereby accepts
such employment by the Fund, as its transfer agent. In such
capacity AFS will provide the services of stock transfer agent,
dividend disbursing agent, redemption agent, and such additional
related services as the Fund may from time to time require, all of
which services are sometimes referred to herein as "shareholder
services."
3. AFS has entered into substantially identical
agreements with other investment companies for which CRMC serves
as investment adviser. (For the purposes of this Agreement, such
investment companies, including the Fund, are called
"participating investment companies.")
4. AFS has entered into an agreement with DST Systems,
Inc. (hereinafter called "DST"), to provide AFS with electronic
data processing services sufficient for the performance of the
shareholder services referred to in paragraph 2.
5. The Fund, together with the other participating
companies, will maintain a Review and Advisory Committee, which
Committee will review and may make recommendations to the boards
of the participating investment companies regarding all fees and
charges provided for in this Agreement, as well as review the
level and quality of the shareholder services rendered to the
participating investment companies and their shareholders. Each
participating investment company may select one director or
trustee who is not affiliated with CRMC, or any of its affiliated
companies, or with Washington Management Corporation or any of its
affiliated companies, to serve on the Review and Advisory
Committee.
6. AFS will provide to the participating investment
companies the shareholder services referred to herein in return
for the following fees:
Annual account maintenance fee (paid monthly):
$.67 per month for each open account on AFS books or
in Level 2 or 4 Networking ($8.04 per year)
$.09 per month for each open account maintained in
Street Name or Level 1 or 3 Networking ($1.08 per year) <PAGE>
No annual fee will be charged for a participant
account underlying a 401(k)
or other defined contribution plan where the
plan maintains a single account on AFS books and
responds to all participant inquiries
Transaction fees:
$2.00 per non-automated transaction
$0.50 per automated transaction
For this purpose, "transactions" shall include all types of
transactions included in an "activity index" as reported to the
Review and Advisory Committee at least annually. AFS will bill
the Fund monthly, on or shortly after the first of each calendar
month, and the Fund will pay to AFS within five business days of
such billing.
Any revision of the schedule of charges set forth herein
shall require the affirmative vote of a majority of the members of
the board of directors/trustees of the Fund.
7. All fund-specific charges from third parties --
including DST charges, payments described in the next sentence,
postage, NSCC transaction charges and similar out-of-pocket
expenses -- will be passed through directly to the Fund or other
participating investment companies, as applicable. AFS, subject
to approval of its board of directors, is authorized in its
discretion to negotiate payments to third parties for account
maintenance and/or transaction processing services provided such
payments do not exceed the anticipated savings to the Fund, either
in fees payable to AFS hereunder or in other direct Fund expenses,
that AFS reasonably anticipates would be realized by the Fund from
using the services of such third party rather than maintaining the
accounts directly on AFS' books and/or processing non-automated
transactions.
8. It is understood that AFS may have income in excess of
its expenses and may accumulate capital and surplus. AFS is not,
however, permitted to distribute any net income or accumulated
surplus to its parent, CRMC, in the form of a dividend without the
affirmative vote of a majority of the members of the boards of
directors/trustees of the Fund and all participating investment
companies.
9. This Agreement may be amended at any time by mutual
agreement of the parties, with agreement of the Fund to be
evidenced by affirmative vote of a majority of the members of the
board of directors/trustees of the Fund.
10. This Agreement may be terminated on 180 days' written
notice by either party. In the event of a termination of this
Agreement, AFS and the Fund will each extend full cooperation in
effecting a conversion to whatever successor shareholder service
provider(s) the Fund may select, it being understood that all
records relating to the Fund and its shareholders are property of
the Fund.
11. In the event of a termination of this Agreement by the
Fund, the Fund will pay to AFS as a termination fee the Fund's
proportionate share of any costs of conversion of the Fund's
shareholder service from AFS to a successor. In the event of
termination of this Agreement and all corresponding agreements
with all the participating investment companies, all assets of AFS
will be sold or otherwise converted to cash, with a view to the
liquidation of AFS when it ceases to provide shareholder services
for the participating investment companies. To the extent any
such assets are sold by AFS to CRMC and/or any of its affiliates,
such sales shall be at fair market value at the time of sale as
agreed upon by AFS, the purchasing company or companies, and the
Review and Advisory Committee. After all assets of AFS have been
converted to cash and all liabilities of AFS have been paid or
discharged, an amount equal to any capital or paid-in surplus of
AFS that shall have been contributed by CRMC or its affiliates
shall be set aside in cash for distribution to CRMC upon
liquidation of AFS. Any other capital or surplus and any assets
of AFS remaining after the foregoing provisions for liabilities
and return of capital or paid-in surplus to CRMC shall be
distributed to the participating investment companies in such
proportions as may be determined by the Review and Advisory
Committee.
12. In the event of disagreement between the Fund and AFS,
or between the Fund and other participating investment companies
as to any matter arising under this Agreement, which the parties
to the disagreement are unable to resolve, the question shall be
referred to the Review and Advisory Committee for resolution. If
the Review and Advisory Committee is unable to resolve the
question to the satisfaction of both parties, either party may
elect to submit the question to arbitration; one arbitrator to be
named by each party to the disagreement and a third arbitrator to
be selected by the two arbitrators named by the original parties.
The decision of a majority of the arbitrators shall be final and
binding on all parties to the arbitration. The expenses of such
arbitration shall be paid by the party electing to submit the
question to arbitration.
13. The obligations of the Fund under this Agreement are
not binding upon any of the directors, trustees, officers,
employees, agents or shareholders of the Fund individually, but
bind only the Fund itself. AFS agrees to look solely to the
assets of the Fund for the satisfaction of any liability of the
Fund in respect to this Agreement and will not seek recourse
against such directors, trustees, officers, employees, agents or
shareholders, or any of them or their personal assets for such
satisfaction.
AMERICAN FUNDS SERVICE COMPANY THE GROWTH FUND OF AMERICA, INC.
By /s/ Don R. Conlan By /s/ Walter P. Stern
Don R. Conlan, Chairman Walter P. Stern, Chairman
By /s/ Kenneth R. Gorvetzian By /s/ Patrick F.Quan
Kenneth R. Gorvetzian, Secretary Patrick F. Quan, Secretary
4<PAGE>
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