EXHIBIT 4(B) EXTENSION AGREEMENT THIS EXTENSION AGREEMENT (this "Agreement"), is made as of the 30th day of December, 1994 by and between MuniBond Income Fund, Inc., a Maryland corporation and MuniAssets Fund, Inc., (collectively, the "Funds"). RECITALS The Funds, have entered into an agreement and plan of reorganization dated as of November 17, 1994 (the "Plan of Reorganization"). In connection therewith, the Funds deem it necessary and advisable that the Plan of Reorganization be extended beyond December 31, 1994 pursuant to this Agreement. NOW, THEREFORE, the Funds hereby agree as follows: 1. The transactions contemplated by the Plan of Reorganization have not been fully consummated. 2. The Plan of Reorganization shall not automatically terminate, pursuant to its terms, on December 31, 1994. 3. If the transactions contemplated by the Plan of Reorganization have not been fully consummated by June 30, 1995, the Plan of Reorganization shall automatically terminate on that date, unless a later date is mutually agreed to by the Boards of Directors of the respective Funds. 4. The Valuation Time, as defined in Section 3(c) of the Plan of Reorganization, shall be 4:00 P.M., New York time, on March 10, 1995, or such earlier or later day and time as mutually may be agreed upon in writing. 5. This Agreement may be signed in counterparts, which together shall constitute one and the same instrument. 6. This Agreement shall be governed and construed in all respects in accordance with the laws of the State of New York. IN WITNESS WHEREOF, this Agreement has been executed as of the date and year first above written by the undersigned for themselves and for the Funds as set forth above. MUNIBOND INCOME FUND, INC. ...................................... By: Title: MUNIASSETS FUND, INC. ...................................... By: Title: