<SEC-DOCUMENT>0001398344-18-002494.txt : 20180215
<SEC-HEADER>0001398344-18-002494.hdr.sgml : 20180215
<ACCEPTANCE-DATETIME>20180215160535
ACCESSION NUMBER:		0001398344-18-002494
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180215
DATE AS OF CHANGE:		20180215
EFFECTIVENESS DATE:		20180215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE STRATEGIC VALUE FUND INC
		CENTRAL INDEX KEY:			0000814083
		IRS NUMBER:				133407699
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05150
		FILM NUMBER:		18617707

	BUSINESS ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		866-668-6558

	MAIL ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNERSTONE STRATEGIC VALUE FUND INC/ NEW
		DATE OF NAME CHANGE:	20010503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEMENTE STRATEGIC VALUE FUND INC
		DATE OF NAME CHANGE:	19990622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEMENTE GLOBAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>fp0031194_ncsr.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-CSR</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number <U>811-05150</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cornerstone Strategic Value Fund, Inc.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">48 Wall Street, 22<SUP>nd</SUP> Floor, New York, New York</FONT></TD>
    <TD STYLE="width: 40%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">10005</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="width: 40%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">(Zip code)</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">Frank J. Maresca</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">AST Fund Solutions, LLC, 48 Wall Street, 22<SUP>nd</SUP> Floor, New York, New York</FONT></TD>
    <TD STYLE="width: 40%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">10005</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center">(Name and address of agent for service)</TD></TR>
</TABLE>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Registrant's telephone number, including area code: (866) 668-6558</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Date of fiscal year end:</FONT></TD>
    <TD STYLE="width: 84%; font-size: 11pt"><FONT STYLE="font-size: 11pt"><U>December 31, 2017</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Date of reporting period:</FONT></TD>
    <TD STYLE="width: 84%; font-size: 11pt"><FONT STYLE="font-size: 11pt"><U>December 31, 2017</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 1.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">REPORTS TO STOCKHOLDERS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<HR SIZE="6" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<HR SIZE="6" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Cornerstone
Strategic</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Value
Fund, Inc.</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Annual
Report</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>December
31, 2017</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<HR SIZE="6" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<HR SIZE="6" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">&nbsp;</DIV>

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<DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>CONTENTS</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 89%"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Portfolio Summary</div></td>
<TD STYLE="vertical-align: bottom; width: 11%"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Schedule of Investments</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Statement of Assets and Liabilities</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">8</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Statement of Operations</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">9</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Statements of Changes in Net Assets</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">10</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Financial Highlights</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">11</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Notes to Financial Statements</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">12</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Report of Independent Registered Public Accounting Firm</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">17</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">2017 Tax Information</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">18</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Additional Information Regarding the Fund&#8217;s Directors and Corporate Officers</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">19</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Description of Dividend Reinvestment Plan</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">21</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Proxy Voting and Portfolio Holdings Information</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">23</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Summary of General Information</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">23</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><DIV STYLE="text-align: justify; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif">Stockholder Information</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">23</div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</DIV>

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<DIV STYLE="text-align: justify; margin: 0pt 0px; font: 11pt Times New Roman, Times, Serif"></div>



<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Portfolio Summary &#8211; as of December 31, 2017 (unaudited)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<DIV STYLE="text-align: left; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif"><B>SECTOR ALLOCATION</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 85%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Sector</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Percent of<br>
Net Assets</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Closed-End Funds</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">24.1</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">19.4</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Health Care</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">11.4</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Financials</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">11.2</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Discretionary</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">9.8</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Industrials</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">8.2</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Staples</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">5.8</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Energy</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.6</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Exchange-Traded Funds</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.8</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Materials</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.7</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Utilities</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.3</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Telecommunication Services</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.7</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Real Estate</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.6</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Other</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.4</div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<DIV STYLE="text-align: left; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif"><B>TOP TEN HOLDINGS, BY ISSUER*</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 5%; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 60%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Holding </div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 20%"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Sector </div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Percent of</DIV>
                                                                               <DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Net Assets</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">1.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Alphabet Inc. - Class C</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">3.0</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Apple Inc.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.7</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">3.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Microsoft Corporation</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.7</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">4.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Facebook, Inc. - Class A</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.5</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">5.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Amazon.com, Inc.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Discretionary</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.5</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">6.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">JPMorgan Chase &amp; Co.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Financials</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.3</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">7.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Johnson &amp; Johnson</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Health Care</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.1</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">8.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">General American Investors Company, Inc.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Closed-End Funds</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.8</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">9.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Home Depot, Inc. (The)</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Discretionary</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.8</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><DIV STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">10.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Adams Diversified Equity Fund, Inc.</div></td>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Closed-End Funds</div></td>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.6</div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
<TABLE CELLSPACING="0" CELLPADDING="0" CLASS="DSPFListTable" STYLE="width: 100%; font: 11pt Times New Roman, Times, serif">
<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 13.5pt; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">* </div>
</td>
<TD STYLE="width: auto; vertical-align: top">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">Excludes
short-term investments.</P>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>1</b></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Schedule of Investments &#8211; December 31, 2017</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Description</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left"><B>EQUITY SECURITIES &mdash; 98.65%</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>CLOSED-END FUNDS &mdash; 24.10%</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>CORE &mdash; 6.18%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0.25in">Adams Diversified Equity Fund, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">654,545</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">9,837,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Advent/Claymore Enhanced Growth &amp; Income Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Gabelli Equity Trust, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">General American Investors Company, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">318,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,956,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Royce Micro-Cap Trust, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,134,596</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Royce Value Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,168,623</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Source Capital, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,753</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,579,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Sprott Focus Trust, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">772,422</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Tri-Continental Corporation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">251,161</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,766,277</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,847,159</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>CORPORATE DEBT BBB LEVERAGED &mdash; 0.11%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Western Asset/Claymore Inflation-Linked Opportunities &amp; Income Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">436,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Western Asset/Claymore Inflation-Linked Securities &amp; Income Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">20,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">239,490</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">676,351</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>DEVELOPED MARKET &mdash; 0.76%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Aberdeen Japan Equity Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Aberdeen Singapore Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,690</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">European Equity Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,842</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Japan Smaller Capitalization Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">452,949</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Morgan Stanley Asia-Pacific Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,026,031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">New Germany Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">615,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">New Ireland Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">888,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Swiss Helvetia Fund, Inc. (The)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">19,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,989</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,532,647</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>EMERGING MARKETS &mdash; 5.22%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Aberdeen Chile Fund, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401,011</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Central Europe, Russia and Turkey Fund, Inc. (The )</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">638,677</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">First Trust/Aberdeen Emerging Opportunity Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">344,793</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">India Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,302,416</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Latin American Discovery Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">586,886</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Mexico Equity &amp; Income Fund Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,669</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Mexico Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,533,040</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Morgan Stanley China A Share Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,460</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,889,815</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Morgan Stanley Emerging Markets Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,197,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Morgan Stanley India Investment Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">951,339</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Taiwan Fund, Inc. (The) *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,382</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Templeton Dragon Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,549,537</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Templeton Emerging Markets Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">125,790</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,064,214</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,118,138</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>EMERGING MARKETS HARD CURRENCY DEBT &mdash; 0.22%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Templeton Emerging Markets Income Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">117,950</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,317,502</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>2</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
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<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Schedule of Investments &#8211; December 31, 2017 (continued)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Description</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>ENERGY MLP &mdash; 0.01%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; text-indent: 0.25in">ClearBridge Energy MLP Total Return Fund Inc.</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right">8,100</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">94,122</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>GLOBAL &mdash; 1.40%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Alpine Global Dynamic Dividend Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,088</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Alpine Total Dynamic Dividend Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,677,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Delaware Enhanced Global Dividend and Income Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">490,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Gabelli Global Small and Mid Cap Value Trust (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,243,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">GDL Fund (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,451,697</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Lazard Global Total Return and Income Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Lazard World Dividend &amp; Income Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Royce Global Value Trust, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">158,158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,709,688</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,349,989</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>GLOBAL INCOME &mdash; 0.45%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Legg Mason BW Global Income Opportunities Fund Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">208,990</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,668,802</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>INCOME &amp; PREFERRED STOCK &mdash; 0.40%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Calamos Strategic Total Return Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,158,798</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Delaware Investments Dividend &amp; Income Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">LMP Capital and Income Fund Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">81,376</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,135,195</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,403,653</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>NATURAL RESOURCES &mdash; 2.83%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Adams Natural Resources Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,159</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">7,324,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">BlackRock Energy &amp; Resources Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,502,995</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">BlackRock Resources &amp; Commodities Strategy Trust</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">821,540</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,026,446</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,853,556</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>OPTION ARBITRAGE/OPTIONS STRATEGIES &mdash; 0.24%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">AllianzGI NFJ Dividend, Interest &amp; Premium Strategy Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,211,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Madison Covered Call &amp; Equity Strategy Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,790</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Voya Asia Pacific High Dividend Equity Income Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">12,270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">128,590</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,449,255</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>PACIFIC EX JAPAN &mdash; 0.30%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Aberdeen Greater China Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Asia Pacific Fund, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,822</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Korea Fund, Inc. (The)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">31,437</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,297,405</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,800,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>REAL ESTATE &mdash; 2.79%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Alpine Global Premier Properties Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">433,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,920,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">CBRE Clarion Global Real Estate Income Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">905,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,174,388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Cohen &amp; Steers Preferred Securities and Income Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,464,181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Cohen &amp; Steers Quality Income Realty Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">RMR Real Estate Income Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">125,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,397,225</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,661,068</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
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<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Schedule of Investments &#8211; December 31, 2017 (continued)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Description</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>SECTOR EQUITY &mdash; 1.</B>28%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0.25in"><DIV STYLE="text-align: left; margin: 0; padding: 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0.25in">Gabelli Healthcare &amp; Wellness<sup>Rx</sup> Trust</div></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">233,737</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,414,503</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">GAMCO Global Gold, Natural Resources &amp; Income Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">GAMCO Natural Resources, Gold &amp; Income Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,429</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Nuveen Real Asset Income and Growth Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,289,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Tekla Healthcare Investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">676,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Tekla Healthcare Opportunities Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,432</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Tekla World Healthcare Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">56,525</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">769,305</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,610,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>UTILITY &mdash; 1.91%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Cohen &amp; Steers Infrastructure Fund, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,775</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,586,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Duff &amp; Phelps Global Utility Income Fund Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,145,656</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Gabelli Global Utility &amp; Income Trust (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">849,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Macquarie/First Trust Global Infrastructure/Utilities Dividend &amp; Income Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Macquarie Global Infrastructure Total Return Fund Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,490,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Reaves Utility Income Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">9,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">293,930</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,380,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in"><B>TOTAL CLOSED-END FUNDS</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">143,763,632</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>CONSUMER DISCRETIONARY &mdash; 9.</B>80%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Amazon.com, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">14,618,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Carnival Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">995,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Charter Communications, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,881,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Comcast Corporation - Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,008,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Ford Motor Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,211,530</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">General Motors Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,598,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Home Depot, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,727,398</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Lowe's Companies, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,788,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Marriott International, Inc. - Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,357,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">McDonald's Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,939,844</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Netflix, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,071,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Newell Brands Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">587,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Priceline Group Inc. (The) *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,606,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Royal Caribbean Cruises Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Starbucks Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,986,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">TJX Companies, Inc. (The)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">18,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,376,280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,470,323</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>CONSUMER STAPLES &mdash; 5.77%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Altria Group, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,927,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">British American Tobacco p.l.c. - ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,202</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">951,392</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Clorox Company (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,041,180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Constellation Brands, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,599,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Costco Wholesale Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,791,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">CVS Health Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,247,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Est&eacute;e Lauder Companies Inc. (The) - Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,526,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Kellogg Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">591,426</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Kraft Heinz Company (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,244,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Kroger Company (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">686,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<div style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Schedule of Investments &#8211; December 31, 2017 (continued)</B></FONT></div></td>
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    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Description</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>CONSUMER STAPLES <FONT STYLE="font-variant: small-caps">(continued)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0.25in">Mondelez International, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">45,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,926,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Monster Beverage Corporation *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">886,060</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">PepsiCo, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,996,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Philip Morris International Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,056,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Procter &amp; Gamble Company (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,680,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Sysco Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,062,775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Tyson Foods, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">648,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Walgreens Boots Alliance, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">35,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,541,700</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,405,976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>ENERGY &mdash; 2.62%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Chevron Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,381,650</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Concho Resources Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">ConocoPhillips</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,262,470</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">EOG Resources, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">928,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Exxon Mobil Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,078,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Occidental Petroleum Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,060,704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Pioneer Natural Resources Company</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">518,550</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,605,905</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>EXCHANGE-TRADED FUNDS &mdash; 1.80%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">iShares Core S&amp;P 500 ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,377,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">SPDR S&amp;P 500 ETF</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">20,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,337,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,714,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>FINANCIALS &mdash; 11.24%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Allstate Corporation (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,465,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">American Express Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,986,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Aon plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,206,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Bank of America Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,772,616</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Bank of New York Mellon Corporation (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,073,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">BB&amp;T Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,093,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Berkshire Hathaway Inc. - Class B *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,964,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">BlackRock, Inc. - Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,568,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Brighthouse Financial, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Charles Schwab Corporation (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,232,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Citigroup Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,729,570</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">CME Group Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,314,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Goldman Sachs Group, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,802,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Intercontinental Exchange, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,058,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">JPMorgan Chase &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,009,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Loews Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Marsh &amp; McLennan Companies, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,465,020</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">MetLife, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,289,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Moody's Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">885,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,833,380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">PNC Financial Services Group, Inc. (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,597,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">S&amp;P Global Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,524,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">State Street Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,268,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">U.S. Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,946,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Wells Fargo &amp; Company</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">56,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,446,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">67,035,419</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>HEALTH CARE &mdash; 11.38%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Abbott Laboratories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,252,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">AbbVie Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,963,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Aetna Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,345,070</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Allergan plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">719,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Amgen Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,521,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Baxter International Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,098,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Becton, Dickinson and Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,284,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"><!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>
<div style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>5</b></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Schedule of Investments &#8211; December 31, 2017 (continued)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Description</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>HEALTH CARE <FONT STYLE="font-variant: small-caps">(continued)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0.25in">Boston Scientific Corporation *</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">49,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,214,710</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Celgene Corporation *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,922,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Cigna Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,827,810</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Edwards Lifesciences Corporation *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">901,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Eli Lilly and Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,520,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Express Scripts Holding Company *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,642,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Gilead Sciences, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,579,040</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">HCA Healthcare, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">702,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Humana Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,240,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Intuitive Surgical, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,094,820</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Johnson &amp; Johnson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,672,604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">McKesson Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">935,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Medtronic Plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,261,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Mylan N.V. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">550,030</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Regeneron Pharmaceuticals, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,127,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Thermo Fisher Scientific Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,658,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">UnitedHealth Group Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,259,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Vertex Pharmaceuticals Incorporated *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,348,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Zimmer Biomet Holdings, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Zoetis Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">12,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">864,480</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">67,871,226</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>INDUSTRIALS &mdash; 8.18%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">3M Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,001,290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Boeing Company (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,193,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">CSX Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,760,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Cummins Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">706,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Danaher Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,577,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Deere &amp; Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,565,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Delta Air Lines, Inc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,456,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Eaton Corporation plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">987,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">FedEx Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,245,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">General Dynamics Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,627,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Honeywell International Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,680,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Illinois Tool Works Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,985,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Ingersoll-Rand Plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Lockheed Martin Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,926,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Norfolk Southern Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,159,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Northrop Grumman Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,455,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Raytheon Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,502,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Republic Services, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">473,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Roper Technologies, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,295,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Southwest Airlines Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,407,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">United Parcel Service, Inc. - Class B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,263,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">United Technologies Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,678,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Union Pacific Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,023,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Waste Management, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">14,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,208,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,804,935</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>INFORMATION TECHNOLOGY &mdash; 19.42%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Adobe Systems Incorporated *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,979,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Alphabet Inc. - Class C *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,794,032</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Analog Devices, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,157,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Apple Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,076,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Applied Materials, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,198,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Broadcom Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,110,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Corning Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,020,481</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Electronic Arts Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,260,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Facebook, Inc. - Class A *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,087,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>
<div style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>6</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</tr>
</table>
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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.</B></FONT><B><br>
                                         <FONT STYLE="font-variant: small-caps">Schedule of Investments &#8211; December 31, 2017
                                         (concluded)</FONT></B></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Description</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>INFORMATION TECHNOLOGY <FONT STYLE="font-variant: small-caps">(continued)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0.25in">Fidelity National Information Services, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">15,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,411,350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Fiserv, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,311,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Intel Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,162,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Intuit Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,420,020</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Lam Research Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,104,420</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Mastercard Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,146,240</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Microsoft Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,910,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Oracle Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,126,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">PayPal Holdings, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,472,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Salesforce.com, Inc. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,351,290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">TE Connectivity Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,235,520</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Texas Instruments Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,655,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Visa, Inc. - Class A</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">51,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,815,020</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">115,806,823</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>MATERIALS &mdash; 1.73%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Air Products and Chemicals, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,148,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">DowDuPont Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,365,359</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Ecolab Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,073,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Monsanto Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,401,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Praxair, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,082,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Sherwin-Williams Company (The)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,230,120</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,301,599</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>REAL ESTATE &mdash; 0.61%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">American Tower Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,425,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Prologis, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">19,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,225,690</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,651,080</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>TELECOMMUNICATION SERVICES &mdash; 0.70%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">AT&amp;T, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">107,568</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,182,244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>UTILITIES &mdash; 1.30%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">American Electric Power Company, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,044,694</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">DTE Energy Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">766,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Edison International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">619,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">NextEra Energy, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,811,420</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">PG&amp;E Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">627,620</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Sempra Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">962,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Xcel Energy Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">19,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">914,090</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,746,076</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>TOTAL EQUITY SECURITIES</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">(cost - $526,078,505)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">588,359,438</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>SHORT-TERM INVESTMENT &mdash; 2.45%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>MONEY MARKET FUND &mdash; 2.45%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Fidelity Institutional Money Market Government Portfolio - Class I, 1.15%^ (cost - $14,661,711)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">14,661,711</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,661,711</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="text-align: left; text-indent: 0.125in"><B>TOTAL INVESTMENTS &mdash; 101.10%</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">(cost - $540,740,216)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">603,021,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in"><B>LIABILITIES IN EXCESS OF OTHER ASSETS &mdash; (1.10)%</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,582,483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 0.125in"><B>NET ASSETS &mdash; 100.00%</B></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">596,438,666</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<div>
<hr style="border-width: 0; WIDTH: 67%; HEIGHT: 2px; COLOR: #000000; BACKGROUND-COLOR: #000000;" align=left noshade="noshade" >
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<P STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">*</P>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">Non-income
producing security.</P>
</td>
</tr>
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</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">^ </div>
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<TD STYLE="width: auto; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">The rate shown is the 7-day effective yield as of December 31, 2017.</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<div style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>7</b></div></td>
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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Statement of Assets and Liabilities &#8211; December 31, 2017</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>ASSETS</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left">Investments, at value (cost &ndash; $540,740,216) (Notes B and C)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">603,021,149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Receivables:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Investments sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,053,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,484,193</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Prepaid expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">606,718,821</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left"><B>LIABILITIES</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payables:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Investments purchased</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,523,848</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Investment management fees (Note D)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">537,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Directors&rsquo; fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,336</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Administration fees (Note D)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in">Other accrued expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">138,533</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,280,155</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">NET ASSETS (applicable to 44,023,775 shares of common stock)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">596,438,666</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">NET ASSET VALUE PER SHARE ($596,438,666 &divide; 44,023,775)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13.55</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>NET ASSETS CONSISTS OF</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; margin: 0; padding: 0">Common stock, $0.001 par value; 44,023,775 shares issued and outstanding (100,000,000 shares authorized)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">44,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534,426,032</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Accumulated net realized loss on investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(312,323</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net unrealized appreciation in value of investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62,280,933</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets applicable to shares outstanding</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">596,438,666</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>
<div style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>8</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>
<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Statement of Operations &#8211; for the Year Ended December 31, 2017</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>INVESTMENT INCOME</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left; padding-bottom: 1pt; text-indent: 0.125in">Dividends</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">10,511,443</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Investment management fees (Note D)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,526,655</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Administration fees (Note D)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Directors&rsquo; fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,595</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Printing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,745</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Accounting fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,353</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Custodian fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Legal and audit fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,148</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Transfer agent fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,799</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Stock exchange listing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,536</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Total Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,412,597</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net Investment Income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,098,846</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Net realized gain from investments and foreign currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,277,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital gain distributions from regulated investment companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,988,865</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation in value of investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49,678,288</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net realized and unrealized gain on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">93,944,328</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">99,043,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>
<div style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>9</b></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Statements of Changes in Net Assets</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">For the Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>INCREASE IN NET ASSETS</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Operations:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0.25in">Net investment income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,098,846</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,246,295</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Net realized gain from investments and foreign currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,266,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,455,728</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Net change in unrealized appreciation in value of investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49,678,288</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,778,334</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.375in">Net increase in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">99,043,174</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,480,357</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Dividends and distributions to stockholders (Note B):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,536,690</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,036,752</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.25in">Net realized gains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,647,009</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,123,155</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Return-of-capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(46,231,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(56,300,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; margin: 0; text-indent: 0.125in">Total dividends and distributions to stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(94,415,301</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(77,460,037</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Common stock transactions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.27in; padding-left: 30pt">Proceeds from rights offering of 14,454,716 and 6,783,942 shares of newly issued common stock, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,342,364</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,721,421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0in; text-indent: 0.125in">Offering expenses associated with rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(213,640</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(170,894</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; text-indent: -0.14in">Proceeds from 871,810 and 505,893 shares newly issued in reinvestment of dividends and distributions, respectively</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,657,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,976,348</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.375in">Net increase in net assets from common stock transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">211,786,394</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102,526,875</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.5in">Total increase in net assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">216,414,267</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">56,547,195</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left"><B>NET ASSETS</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Beginning of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">380,024,399</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">323,477,204</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">End of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">596,438,666</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">380,024,399</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>
<div style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>10</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Financial Highlights</B></FONT></div></td>
</tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="vertical-align: top; width: 100%"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Contained below is per share operating performance data for a share of common stock outstanding, total investment return, ratios to average net assets and other supplemental data for each year indicated. This information has been derived from information provided in the financial statements and market price data for the Fund&#8217;s shares.</div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">For the Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2014*</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013*</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>PER SHARE OPERATING PERFORMANCE</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Net asset value, beginning of year</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.24</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">15.11</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">20.54</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">22.72</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">22.72</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net investment income #</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Net realized and unrealized gain/(loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.65</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Net increase/(decrease) in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dividends and distributions to stockholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.22</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.32</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.40</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.125in">Net realized capital gains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.29</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.71</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.44</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.52</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.76</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in">Return-of-capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.81</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in">Total dividends and distributions to stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.79</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.40</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.60</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.92</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Common stock transactions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: 0.125in">Anti-dilutive effect due to shares issued:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0.25in">Rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.72</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Reinvestment of dividends and distributions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0.125in">Total common stock transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><DIV STYLE="text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">0.00<sup></sup></div></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.72</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net asset value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13.55</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13.24</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20.54</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22.72</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Market value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.47</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.17</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.66</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20.02</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26.40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><div style="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total investment return <sup>(a)</sup></div></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25.48</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23.73</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.21</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(6.29</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">36.67</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>RATIOS/SUPPLEMENTAL DATA</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Net assets, end of year (000 omitted)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">596,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">380,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">323,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">168,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">180,372</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><div style="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ratio of expenses to average net assets, net of fee waivers and fees paid indirectly, if any <sup>(b)</sup></div></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD><SUP>&nbsp;</SUP></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left"><div style="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ratio of expenses to average net assets, excluding fee waivers and fees paid indirectly, if any <sup>(b)</sup></div></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><div style="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ratio of net investment income to average net assets <sup>(c)</sup></div></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.13</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.97</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD><SUP>&nbsp;</SUP></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.47</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.69</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Portfolio turnover rate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">81</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">*</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Effective December 29, 2014, a reverse split of 1:4 occurred. All per share amounts have been restated according to the terms of the reverse split.
</div>
</td>
</tr>
</table>
</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">#</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Based on average shares outstanding.
</div>
</td>
</tr>
</table>
</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%">+</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Amount rounds to less than $0.01 per share.
</div>
</td>
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</table>
</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(a)</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Total investment return at market value is based on the changes in market price of a share during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund&#8217;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.
</div>
</td>
</tr>
</table>
</div>
<div>
<TABLE CELLSPACING="0" CELLPADDING="0" CLASS="DSPFListTable" STYLE="width: 100%; font: 11pt Times New Roman, Times, serif">
<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(b)</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Expenses do not include expenses of investments companies in which the Fund invests.
</div>
</td>
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</table>
</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(c)</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Recognition of net investment income by the Fund may be affected by the timing of the declaration of dividends, if any, by investment companies in which the Fund invests.
</div>
</td>
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</table>
</div>
<div>
<TABLE CELLSPACING="0" CELLPADDING="0" CLASS="DSPFListTable" STYLE="width: 100%; font: 11pt Times New Roman, Times, serif">
<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(d)</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Includes reorganization costs. Without these costs, ratio of expenses to average net assets, net of fee waivers and fees paid indirectly, if any, ratio of expenses to average net assets, excluding fee waivers and fees paid indirectly, if any, and ratio of net investment income to average net assets would have been 1.22%, 1.22% and 1.06% for the for the year ended December 31, 2015, respectively.
</div>
</td>
</tr>
</table>
</div>
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</div>
<div style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</div>
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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>11</b></div></td>
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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Notes to Financial Statements</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
A. ORGANIZATION</B></div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone Strategic Value Fund, Inc. (the &#8220;Fund&#8221; or &#8220;CLM&#8221;) was incorporated in Maryland on May 1, 1987 and commenced investment operations on June 30, 1987. Its investment objective is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies. The Fund is registered under the Investment Company Act of 1940, as amended, as a closed-end, diversified management investment company. As an investment company, the Fund follows the accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 &#8220;Financial Services &#8211;Investment Companies&#8221;.
</div>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
B. SIGNIFICANT ACCOUNTING POLICIES</B></div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Management Estimates:</b></i><font style="font-weight: normal"> The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make certain estimates and assumptions that may affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
</font></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Subsequent Events:</b></i><font style="font-weight: normal"> The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date its financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to such financial statements.
</font></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Portfolio Valuation: </b></i><font style="font-weight: normal">Investments are stated at value in the accompanying financial statements. Readily marketable portfolio securities listed on the New York Stock Exchange (&#8220;NYSE&#8221;) are valued, except as indicated below, at the last sale price reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Board of Directors shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on the Nasdaq Stock Market, Inc. (&#8220;NASDAQ&#8221;) are valued at the NASDAQ Official Closing Price.
</font></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Readily marketable securities traded in the over-the counter market, including listed securities whose primary market is believed by Cornerstone Advisors, Inc. (the &#8220;Investment Manager&#8221; or &#8220;Cornerstone&#8221;) to be over-the-counter, are valued at the mean of the current bid and asked prices as reported by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the Board of Directors deem appropriate to reflect their fair market value. Where securities are traded on more than one exchange and also over-the-counter, the securities will generally be valued using the quotations the Board of Directors believes reflect most closely the value of such securities. At December 31, 2017, the Fund held no securities valued in good faith by the Board of Directors.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The net asset value per share of the Fund is calculated weekly and on the last business day of the month with the exception of those days on which the NYSE is closed.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the year ended December 31, 2017, the Fund did not invest in derivative instruments or engage in hedging activities.
</div>
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<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>12</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Notes to Financial Statements (continued)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Investment Transactions and Investment Income: </b></i><font style="font-weight: normal">Investment transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Interest income is recorded on an accrual basis; dividend income is recorded on the ex-dividend date.
</font></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Risks Associated with Investments in Other Closed-end Funds:</b></i><font style="font-weight: normal"> Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations.
</font></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Taxes:</b></i><font style="font-weight: normal"> No provision is made for U.S. federal income or excise taxes as it is the Fund&#8217;s intention to continue to qualify as a regulated investment company and to make the requisite distributions to its stockholders which will be sufficient to relieve it from all or substantially all U.S. federal income and excise taxes.
</font></div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Accounting for Uncertainty in Income Taxes Topic of the FASB Accounting Standards Codification defines the threshold for recognizing the benefits of tax-return positions in the financial statements as &#8220;more-likely-than-not&#8221; to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. The Fund&#8217;s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of December 31, 2017, the Fund does not have any interest or penalties associated with the under-payment of any income taxes. Management reviewed any uncertain tax positions for open tax years 2014 through 2016, and for the year ended December 31, 2017. There was no material impact to the financial statements.
</div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Distributions to Stockholders:</b></i><font style="font-weight: normal"> Effective June 25, 2002, the Fund initiated a fixed, monthly distribution to stockholders. On November 29, 2006, this distribution policy was updated to provide for the annual resetting of the monthly distribution amount per share based on the Fund&#8217;s net asset value on the last business day in each October. The terms of the distribution policy will be reviewed and approved at least annually by the Fund&#8217;s Board of Directors and can be modified at their discretion. To the extent that these distributions exceed the current earnings of the Fund, the balance will be generated from sales of portfolio securities held by the Fund, which will either be short-term or long-term capital gains or a tax-free return-of-capital. To the extent these distributions are not represented by net investment income and capital gains, they will not represent yield or investment return on the Fund&#8217;s investment portfolio. The Fund plans to maintain this distribution policy even if regulatory requirements would make part of a return-of-capital, necessary to maintain the distribution, taxable to stockholders and to disclose that portion of the distribution that is classified as ordinary income. Although it has no current intention to do so, the Board may terminate this distribution policy at any time and such termination may have an adverse effect on the market price for the Fund&#8217;s common shares. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses, including capital loss carryovers, if any. To the extent that the Fund&#8217;s taxable income in any calendar year exceeds the aggregate amount distributed pursuant to this distribution policy, an additional distribution may be made to avoid the payment of a 4% U.S. federal excise tax, and to the extent that the aggregate amount distributed in any calendar year exceeds the Fund&#8217;s taxable income, the amount of that excess may constitute a return-of-capital for tax purposes. A return-of-capital distribution reduces the cost basis of an investor&#8217;s shares in the Fund. Dividends and distributions to stockholders are recorded by the Fund on the ex-dividend date.
</font></div>
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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>13</b></div></td>
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<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Notes to Financial Statements (continued)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Managed Distribution Risk: </b></i><font style="font-weight: normal">Under the managed distribution policy, the Fund makes monthly distributions to stockholders at a rate that may include periodic distributions of its net income and net capital gains (&#8220;Net Earnings&#8221;), or from return-of-capital. If, for any fiscal year where total cash distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result, would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;s portfolio would not be great enough to offset the amount of cash distributions paid to Fund stockholders. If this were to be the case, the Fund&#8217;s assets would be depleted, and there is no guarantee that the Fund would be able to replace the assets. In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment pursuant to the Fund&#8217;s investment objective.
</font></div>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
C. FAIR VALUE</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">As required by the Fair Value Measurement and Disclosures Topic of the FASB Accounting Standards Codification, the Fund has performed an analysis of all assets and liabilities measured at fair value to determine the significance and character of all inputs to their fair value determination.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
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<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;</div>
</td>
<TD STYLE="width: 94%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Level 1 &#8211; quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
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<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;</div>
</td>
<TD STYLE="width: 94%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Level 2 &#8211; quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%">&#160;</td>
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;</div>
</td>
<TD STYLE="width: 94%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Level 3 &#8211; model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund&#8217;s own assumptions that market participants would use to price the asset or liability based on the best available information.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The following is a summary of the inputs used as of December 31, 2017 in valuing the Fund&#8217;s investments carried at value:
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Investments <BR> in Securities</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other <BR> Financial <BR> Instruments*</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Level 1 &ndash; Quoted Prices</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Equity Investments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">588,359,438</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Short-Term Investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,661,711</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Level 2 &ndash; Other Significant Observable Inputs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Level 3 &ndash; Significant Unobservable Inputs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; vertical-align: bottom">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">603,021,149</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">*</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Other financial instruments include futures, forwards and swap contracts.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The breakdown of the Fund&#8217;s investments into major categories is disclosed in its Schedule of Investments.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">During the year ended December 31, 2017 the Fund did not have any transfers in and out of any Level.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2017.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">It is the Fund&#8217;s policy to recognize transfers into and out of any Level at the end of the reporting period.
</div>
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<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>14</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
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<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Notes to Financial Statements (continued)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">On October 13, 2016, the Securities and Exchange Commission (the &#8220;SEC&#8221;) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance dates of the other amendments and rules is April 2019 for larger fund groups and April 2020 for smaller fund groups. Management is currently evaluating the impacts to the financial statement disclosures.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
D. AGREEMENTS WITH AFFILIATES</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">At December 31, 2017, certain officers of the Fund are also officers of Cornerstone or AST Fund Solutions, LLC (&#8220;AFS&#8221;). Such officers are paid no fees by the Fund for serving as officers of the Fund.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i>Investment Management Agreement
</i></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone serves as the Fund&#8217;s Investment Manager with respect to all investments. As compensation for its investment management services, Cornerstone receives from the Fund an annual fee, calculated weekly and paid monthly, equal to 1.00% of the Fund&#8217;s average weekly net assets. For the year ended December 31, 2017, Cornerstone earned $4,526,655 for investment management services.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i>Administration Agreement
</i></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Under the terms of the administration agreement, AFS supplies executive, administrative and regulatory services for the Fund. AFS supervises the preparation of reports to shareholders for the Fund, reports to and filings with the Securities and Exchange Commission and materials for meetings of the Board of Directors. For these services, the Fund pays AFS a monthly fee at an annual rate of 0.075% of its average daily net assets, subject to an annual minimum fee of $50,000. For the year ended December 31, 2017, AFS earned $343,311 as administrator.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
E. INVESTMENT IN SECURITIES</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">For the year ended December 31, 2017, purchases and sales of securities, other than short-term investments, were $487,344,537 and $361,861,058, respectively.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
F. SHARES OF COMMON STOCK</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund has 100,000,000 shares of common stock authorized and 44,023,775 shares issued and outstanding at December 31, 2017. Transactions in common stock for the year ended December 31, 2017 were as follows:
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 85%"><div style="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares at beginning of year</div></td>
<TD STYLE="text-align: right; width: 15%; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">28,697,249</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares newly issued from rights offering</div></td>
<TD STYLE="text-align: right; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">14,454,716</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares newly issued in reinvestment of dividends and distributions</div></td>
<TD STYLE="border-bottom: #000000 2px solid; text-align: right; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">871,810</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares at end of year</div></td>
<TD STYLE="border-bottom: #000000 4px double; text-align: right; vertical-align: bottom"><DIV STYLE="font: 11pt Times New Roman, Times, Serif; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">44,023,775</div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><B>NOTE
G. FEDERAL INCOME TAXES</B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Income and capital gains distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of losses deferred due to wash sales.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The tax character of dividends and distributions paid to stockholders during the years ended December 31, 2017 and December 31, 2016 was as follows:
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

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<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Ordinary Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">21,269,516</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7,994,909</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left">Long-Term Capital Gains</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">26,914,183</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">13,164,998</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Return-of-Capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,231,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">56,300,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total Distributions</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">94,415,301</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">77,460,037</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>15</b></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-top: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Cornerstone
                                         Strategic Value Fund, Inc.<br>
                                         Notes to Financial Statements (concluded)</B></FONT></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">At December 31, 2017, the components of accumulated earnings on a tax basis for the Fund were as follows:
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left; padding-bottom: 1pt">Net unrealized appreciation</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">61,968,611</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total accumulated earnings</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,968,611</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2017, the Fund decreased accumulated net realized loss on investments by $562,156 and decreased undistributed net investment income by $562,156 on the Statement of Assets and Liabilities. Under current tax law, certain capital losses realized after October 31 within a taxable year may be deferred and treated as occurring on the first day of the following tax year (&#8220;Post-October losses&#8221;). The Fund incurred no such losses during the year ended December 31, 2017.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">As of December 31, 2017, the Fund had no remaining capital loss carryforwards.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The following information is computed on a tax basis for each item as of December 31, 2017:
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left; padding-bottom: 2.5pt">Cost of portfolio investments</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">541,052,538</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">69,751,421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross unrealized depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,782,810</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net unrealized appreciation</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,968,611</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The difference between book-basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.
</div>
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<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>16</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Report
of Independent Registered Public Accounting Firm</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>To the Shareholders and Board of Directors <br>
of Cornerstone Strategic Value Fund, Inc.
</b></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Opinion on the Financial Statements
</b></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">We have audited the accompanying statement of assets and liabilities of Cornerstone Strategic Value Fund, Inc. (the &#8220;Fund&#8221;), including the schedule of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of Cornerstone Strategic Value Fund, Inc. as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Basis for Opinion
</b></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">These financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund&#8217;s auditor since 2002.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>TAIT, WELLER &amp; BAKER LLP
</B></TD></TR>
</TABLE>

</div>
<div style="TEXT-ALIGN: left; margin-left: 234pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "></div>
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Philadelphia, Pennsylvania<br>
February </b><b>15</b><b>, 2018</b><font style="font-weight: normal">
</font></div>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>17</b></div></td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>

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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>2017
Tax Information (unaudited)</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">This notification along with Form 1099-DIV reflects the amount to be used by calendar year taxpayers on their U.S. federal income tax returns. As indicated in this notice, a portion of the Fund&#8217;s distributions for 2017 were comprised of a return-of-capital; accordingly these distributions do <u><b>not</b></u> represent yield or investment return on the Fund&#8217;s portfolio.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="24" STYLE="font-weight: bold; text-align: center">SOURCES OF DIVIDENDS AND DISTRIBUTIONS<BR> (Per Share Amounts)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Payment Dates:</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1/31/17</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2/28/17</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3/31/17</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4/28/17</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">5/31/17</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">6/30/17</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 34%; text-align: justify"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ordinary Income <sup>(1)</sup> </div></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.0524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.0524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.0524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.0524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.0524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.0524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Return-of-Capital <sup>(2)</sup></div></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Capital Gain <sup>(3)</sup></div></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Payment Dates:</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>7/31/17</b></div></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>8/31/17</b></div></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>9/29/17</b></div></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>10/31/17</b></div></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>11/30/17</b></div></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>12/29/17</b></div></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: justify"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ordinary Income<sup> (1)</sup></div></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0524</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Return-of-Capital <sup>(2) </sup></div></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Capital Gain <sup>(3)</sup></div></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>

<div>
</div>
<div style="TEXT-ALIGN: justify; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Notes:
</b></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
<TABLE CELLSPACING="0" CELLPADDING="0" CLASS="DSPFListTable" STYLE="width: 100%; font: 11pt Times New Roman, Times, serif">
<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(1)</div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"><b>Ordinary Income Dividends &#8211; </b>This is the total per share amount of ordinary income dividends and short-term capital gain distributions (if applicable) included in the amount reported in Box 1a on Form 1099-DIV.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
<TABLE CELLSPACING="0" CELLPADDING="0" CLASS="DSPFListTable" STYLE="width: 100%; font: 11pt Times New Roman, Times, serif">
<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(2) </div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"><b>Return-of-Capital</b> &#8211; This is the per share amount of return-of-capital, or sometimes called nontaxable, distributions reported in Box 3 &#8211; under the title &#8220;Nondividend distributions&#8221; &#8211; on Form 1099-DIV. This amount should not be reported as taxable income on your current return. Rather, it should be treated as a reduction in the original cost basis of your investment in the Fund.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
<TABLE CELLSPACING="0" CELLPADDING="0" CLASS="DSPFListTable" STYLE="width: 100%; font: 11pt Times New Roman, Times, serif">
<tr style="VERTICAL-ALIGN: top">
<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(3) </div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"><b>Capital Gains Distributions</b> &#8211; This is the total per share amount of capital gain distribution included in the amount reported in Box 2a on Form 1099-DIV.
</div>
</td>
</tr>
</table>
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund has met the requirements to pass through 36.75% of its ordinary income dividends as qualified dividends, which are subject to a maximum federal tax rate of 23.8% (20% qualified dividends maximum long-term capital gain rate plus 3.8% Medicare tax). This is reported in Box 1b on Form 1099-DIV. Ordinary income dividends should be reported as dividend income on Form 1040. Please note that to utilize the lower tax rate for qualifying dividend income, stockholders generally must have held their shares in the Fund for at least 61 days during the 121 day period beginning 60 days before the ex-dividend date.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Long-term capital gain distributions arise from gains on securities held by the Fund for more than one year. They are subject to a maximum federal rate of 20% (23.8%, reflecting 3.8% Medicare tax on income exceeding certain threshold amounts).
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Foreign stockholders will generally be subject to U.S. withholding tax on the amount of the actual ordinary income dividend paid by the Fund.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">In general, distributions received by tax-exempt recipients (<i>e.g.</i>, IRA&#8217;s and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (<i>e.g.</i>, corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Stockholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</div>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>18</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</tr>
</table>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif"></div>
<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-size: 14pt; font-variant: small-caps"><B>Additional
Information Regarding the Fund&#8217;s Directors and Corporate Officers </B></FONT><B><FONT STYLE="font-size: 12pt; font-variant: small-caps">(unaudited)</FONT></B></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 23%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Name and <br>
Address* <br>
(Birth Date)</b></div></td>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 19%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Position(s) <br>
Held with Fund</b></div></td>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 45%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Principal Occupation <br>
over Last 5 Years</b></div></td>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 13%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Position with Fund Since</b></div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ralph W. Bradshaw**<br>
(Dec. 1950)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Chairman of the Board of Directors and President</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">President, Cornerstone Advisors, Inc.; Financial Consultant; President and Director of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2001</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Robert E. Dean<br>
(Apr. 1951)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director; Audit, Nominating and Corporate Governance Committee Member</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director, National Bank Holdings Corp.; Director of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2014</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Edwin Meese III<br>
(Dec. 1931)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director; Audit, Nominating and Corporate Governance Committee Member</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ronald Reagan Distinguished Fellow Emeritus, The Heritage Foundation Washington D.C.; Distinguished Visiting Fellow at the Hoover Institution, Stanford University; Director of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2001</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Matthew W. Morris
</div><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">(May 1971)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director; Audit, Nominating and Corporate Governance Committee Member</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Chief Executive Officer, Stewart Information Services Corporation, Director of Cornerstone Total Return Fund, Inc. </div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2017</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Scott B. Rogers <br>
(July 1955)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director; Audit, Nominating and Corporate Governance Committee Member</div></td>
<TD STYLE="vertical-align: bottom"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director, Board of Health Partners, Inc.; Chief Executive Officer, Asheville Buncombe Community Christian Ministry (&#8220;ABCCM&#8221;); President, ABCCM Doctor's Medical Clinic; Member of North Carolina Governor&#8217;s Council on Homelessness (from July 2014); Director of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2001</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Andrew A. Strauss <br>
(Nov. 1953)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Attorney and senior member of Strauss &amp; Associates, P.A., Attorneys; Director of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2001</div></td>
</tr>
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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>19</b></div></td>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-size: 14pt; font-variant: small-caps"><B>Additional
Information Regarding the Fund&#8217;s Directors and Corporate Officers (unaudited) (concluded)</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 23%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Name and <br>
Address* <br>
(Birth Date)</b></div></td>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 19%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Position(s) <br>
Held with Fund</b></div></td>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 45%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Principal Occupation <br>
over Last 5 Years</b></div></td>
<TD STYLE="border-bottom: #000000 2px solid; vertical-align: bottom; width: 13%"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Position with Fund Since</b></div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Glenn W. Wilcox, Sr. <br>
(Dec. 1931)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Director; Chairman of Audit Committee, Nominating and Corporate Governance Committee Member</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Chairman of the Board of Tower Associates, Inc.; Chairman of the Board of Wilcox Travel Agency, Inc.; Director of Champion Industries, Inc.; Director of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2001</div></td>
</tr>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Gary A. Bentz<br>
(June 1956)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Chief Compliance Officer, Secretary, and Assistant Treasurer</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Chairman and Chief Financial Officer of Cornerstone Advisors, Inc.; Financial Consultant, C.P.A., Chief Compliance Officer, Secretary, and Assistant Treasurer of Cornerstone Total Return Fund, Inc.</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2004, 2008, 2009</div></td>
</tr>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Frank J. Maresca<br>
(Oct. 1958)</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Treasurer</div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Executive Vice President of AST Fund Solutions, LLC; Treasurer of The Asia Pacific Fund, Inc. (since July 2016); Treasurer of Cornerstone Total Return Fund, Inc. (since April 2013) </div></td>
<TD STYLE="vertical-align: top"><div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2013</div></td>
</tr>
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<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
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<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">* </div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">The mailing address of each Director and/or Officer with respect to the Fund&#8217;s operation is 48 Wall Street, 22nd floor, New York, NY 10005.
</div>
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<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
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<TD STYLE="width: 3%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">** </div>
</td>
<TD STYLE="width: 97%; vertical-align: top">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Designates a director who is an &#8220;interested person&#8221; of the Fund as defined by the Investment Company Act of 1940, as amended. Mr. Bradshaw is an interested person of the Fund by virtue of his current position with the Investment Adviser of the Fund.</div>
</td>
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<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>20</b></div></td>
<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-size: 11pt; font-variant: small-caps"><B>Description
of Dividend Reinvestment Plan (unaudited)</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone Strategic Value Fund, Inc. (the &#8220;Fund&#8221;) operates a Dividend Reinvestment Plan (the &#8220;Plan&#8221;), administered by American Stock Transfer &amp; Trust Company, LLC (the &#8220;Agent&#8221;), pursuant to which the Fund&#8217;s income dividends or capital gains or other distributions (each, a &#8220;Distribution&#8221; and collectively, &#8220;Distributions&#8221;), net of any applicable U.S. withholding tax, are reinvested in shares of the Fund.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Stockholders automatically participate in the Fund&#8217;s Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating stockholder. Stockholders who do not wish to have Distributions automatically reinvested should so notify the Agent at P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Under the Plan, the Fund&#8217;s Distributions to stockholders are reinvested in full and fractional shares as described below.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">When the Fund declares a Distribution the Agent, on the stockholder&#8217;s behalf, will (i) receive additional authorized shares from the Fund either newly issued or repurchased from stockholders by the Fund and held as treasury stock (&#8220;Newly Issued Shares&#8221;) or (ii) purchase outstanding shares on the open market, on the NYSE American or elsewhere, with cash allocated to it by the Fund (&#8220;Open Market Purchases&#8221;).
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The method for determining the number of Newly Issued Shares received when Distributions are reinvested will be determined by dividing the amount of the Distribution either by the Fund&#8217;s last reported net asset value per share or by a price equal to the average closing price of the Fund over the five trading days preceding the payment date of the Distribution, whichever is lower. However, if the last reported net asset value of the Fund&#8217;s shares is higher than the average closing price of the Fund over the five trading days preceding the payment date of the Distribution (i.e., the Fund is selling at a discount), shares may be acquired by the Agent in Open Market Purchases and allocated to the reinvesting stockholders based on the average cost of such Open Market Purchases. Upon notice from the Fund, the Agent will receive the distribution in cash and will purchase shares of common stock in the open market, on the NYSE American or elsewhere, for the participants&#8217; accounts, except that the Agent will endeavor to terminate purchases in the open market and cause the Fund to issue the remaining shares if, following the commencement of the purchases, the market value of the shares, including brokerage commissions, exceeds the net asset value at the time of valuation. These remaining shares will be issued by the Fund at a price equal to the net asset value at the time of valuation.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">In a case where the Agent has terminated open market purchases and caused the issuance of remaining shares by the Fund, the number of shares received by the participant in respect of the cash dividend or distribution will be based on the weighted average of prices paid for shares purchased in the open market, including brokerage commissions, and the price at which the Fund issues the remaining shares. To the extent that the Agent is unable to terminate purchases in the open market before the Agent has completed its purchases, or remaining shares cannot be issued by the Fund because the Fund declared a dividend or distribution payable only in cash, and the market price exceeds the net asset value of the shares, the average share purchase price paid by the Agent may exceed the net asset value of the shares, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Whenever the Fund declares a Distribution and the last reported net asset value of the Fund&#8217;s shares is higher than its market price, the Agent will apply the amount of such Distribution payable to Plan participants of the Fund in Fund shares (less such Plan participant&#8217;s pro rata share of brokerage commissions incurred with respect to Open Market Purchases in connection with the reinvestment of such Distribution) to the purchase on the open market of Fund shares for such Plan participant&#8217;s account. Such purchases will be made on or after the payable date for such Distribution, and in no event more than 30 days after such date except where </div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td style="VERTICAL-ALIGN: top;WIDTH: 4%;"><div style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>21</b></div></td>
</tr>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Description
of Dividend Reinvestment Plan (unaudited) (concluded)</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. The Agent may aggregate a Plan participant&#8217;s purchases with the purchases of other Plan participants, and the average price (including brokerage commissions) of all shares purchased by the Agent shall be the price per share allocable to each Plan participant.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Registered stockholders who do not wish to have their Distributions automatically reinvested should so notify the Fund in writing. If a stockholder has not elected to receive cash Distributions and the Agent does not receive notice of an election to receive cash Distributions prior to the record date of any Distribution, the stockholder will automatically receive such Distributions in additional shares.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Participants in the Plan may withdraw from the Plan by providing written notice to the Agent at least 30 days prior to the applicable Distribution payment date. The Agent will maintain all stockholder accounts in the Plan and furnish written confirmations of all transactions in the accounts, including information needed by stockholders for personal and tax records. The Agent will hold shares in the account of the Plan participant in non-certificated form in the name of the participant, and each stockholder&#8217;s proxy will include those shares purchased pursuant to the Plan. The Agent will distribute all proxy solicitation materials to participating stockholders.
</div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating in the Plan, the Agent will administer the Plan on the basis of the number of shares certified from time to time by the record stockholder as representing the total amount of shares registered in the stockholder&#8217;s name and held for the account of beneficial owners participating in the Plan.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Neither the Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participants account prior to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The automatic reinvestment of Distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Distributions. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan.
</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Participants may at any time sell some or all of their shares though the Agent. Shares may be sold via the internet at <u>www.amstock.com</u> or through the toll free number. Participants can also use the tear off portion attached to the bottom of their statement and mail the request to American Stock Transfer and Trust Company LLC, P.O Box 922 Wall Street Station, New York, N.Y. 10269-0560. There is a fee of $15.00 per transaction and commission of $0.10 per share.
</div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">All correspondence concerning the Plan should be directed to the Agent at P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Certain transactions can be performed online at <u>www.amstock.com</u> or by calling the toll-free number (866) 668-6558.
</div>
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<td style="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Proxy
Voting and Portfolio Holdings Information (unaudited)</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
</div>
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 13.5pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;</div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">without charge, upon request, by calling toll-free (866) 668-6558; and
</div>
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</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 13.5pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;</div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">on the website of the Securities and Exchange Commission, <u>http://www.sec.gov</u>.
</div>
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</div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30, 2017 is available without charge, upon request, by calling toll-free (866) 668-6558, and on the SEC&#8217;s website at <u>http://www.sec.gov</u> or on the Fund&#8217;s website at <u>www.cornerstonestrategicvaluefund.com</u> (See Form N-PX).
</div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund&#8217;s Form N-Q is available on the SEC&#8217;s website at <u>http://www.sec.gov</u> and may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the SEC&#8217;s Public Reference Room may be obtained by calling toll-free 1-800-SEC-0330.
</div>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Summary
of General Information (unaudited)</B></FONT></div>
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<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone Strategic Value Fund, Inc. is a closed-end, diversified investment company whose shares trade on the NYSE American. Its investment objective is to seek long-term capital appreciation through investment in equity securities of U.S. and non-U.S. companies. The Fund is managed by Cornerstone Advisors, Inc.
</div>
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<div style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="font-variant: small-caps"><B>Stockholder
Information (unaudited)</B></FONT></div>
<div style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</div>
<div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund is listed on the NYSE American (symbol &#8220;CLM&#8221;). The previous week&#8217;s net asset value per share, market price, and related premium or discount are available on the Fund&#8217;s website at <u>www.cornerstonestrategicvaluefund.com</u>.
</div>
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<TD STYLE="border-bottom: #000000 2px solid; border-top: #000000 2px solid; vertical-align: top; width: 100%"><div style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i>Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that Cornerstone Strategic Value Fund, Inc. may from time to time purchase shares of its common stock in the open market. </i></div></td>
</tr>
</table>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Cornerstone Strategic Value Fund, Inc.</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 2.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">CODE OF ETHICS.</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">As of the end of the period covered by this report, the registrant
has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to
this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not
granted any waivers, including implicit waivers, from the provisions of the code of ethics.</P>

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    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 3.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The registrant's board of directors has determined that the registrant
does not have an audit committee financial expert serving on its audit committee. The audit committee determined that, although
none of its members meet the technical definition of an audit committee financial expert, the experience provided by each member
of the audit committee together offer the registrant adequate oversight for the registrant's current level of financial complexity.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 4.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $27,400 and $26,600 with respect to the registrant's fiscal years ended December 31, 2017 and 2016, respectively.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(c)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $5,750 and $5,600 with respect to the registrant's fiscal years ended December 31, 2017 and 2016, respectively. The services comprising these fees are the preparation of the registrant's federal and state income and federal excise tax returns.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(d)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">All Other Fees. Other fees billed were $1,600 and $1,600 with respect to the registrant's fiscal years ended December 31, 2017 and 2016, respectively.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(e)(1)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Before the principal accountant is engaged by the registrant to render (i) audit, audit-related or permissible non-audit services to the registrant or (ii) non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, either (a) the audit committee shall pre-approve such engagement; or (b) such engagement shall be entered into pursuant to pre-approval policies and procedures established by the audit committee. Any such policies and procedures must be detailed as to the particular service and not involve any delegation of the audit committee's responsibilities to the registrant's investment adviser. The audit committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this provision shall be presented to the full audit committee at its next scheduled meeting. Under certain limited circumstances, pre-approvals are not required if certain de minimus thresholds are not exceeded, as such thresholds are determined by the audit committee in accordance with applicable Commission regulations.</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(e)(2)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(f)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(g)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">During the fiscal years ended December 31, 2017 and 2016, aggregate non-audit fees of $7,350 and $7,200, respectively, were billed by the registrant's principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant's principal accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(h)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">The principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 5.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934. Robert E. Dean, Glenn W. Wilcox, Sr., (Chairman), Edwin Meese III, Matthew W. Morris, Andrew A. Strauss and Scott B. Rogers are the members of the registrant's audit committee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Not applicable</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 6.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">SCHEDULE OF INVESTMENTS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 95%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Not required</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>




















<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 7.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The registrant and Cornerstone Advisors, Inc., the registrant's
investment adviser, share the same proxy voting policies and procedures. The proxy voting policies and procedures of the registrant
and Cornerstone Advisors, Inc. are attached as Exhibit 99.VOTEREG.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 8.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(1) All information included in this Item is as of the date of
the filing of this Form N-CSR, unless otherwise noted. Ralph W. Bradshaw is the portfolio manager of the registrant. Mr. Bradshaw
has acted as portfolio manager since 2002. Mr. Bradshaw is President of Cornerstone Advisors, Inc. and serves as President and
Chairman of the Board of the registrant and Cornerstone Total Return Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(2) Ralph W. Bradshaw manages one other closed-end registered
investment company: Cornerstone Total Return Fund, Inc. As of December 31, 2017, net assets of Cornerstone Total Return Fund, Inc.
were $293,792,440. Mr. Bradshaw manages no accounts except for the registrant and Cornerstone Total Return Fund, Inc. Mr. Bradshaw
manages no accounts where the advisory fee is based on the performance of the account. No material conflicts of interest exist
in connection with the portfolio manager's management of the registrant's investments, on the one hand, and the investment of the
other accounts included in response to this Item, on the other.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(3) Compensation of Ralph W. Bradshaw includes a fixed salary
paid by Cornerstone Advisors, Inc. plus his share of the profits of Cornerstone Advisors, Inc. The profitability of Cornerstone
Advisors, Inc. is primarily dependent upon the value of the assets of the registrant and other managed accounts. However, compensation
is not directly based upon the registrant's performance or on the value of the registrant's assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(4) The dollar range of equity securities in the registrant beneficially
owned by each portfolio manager as of December 31, 2017 is as follows: Ralph W. Bradshaw: over $100,000</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 9.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 10.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">There have been no material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of trustees that have been implemented after the registrant last provided disclosure
in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) or this Item.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>







<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 11.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">CONTROLS AND PROCEDURES.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a) Based on their evaluation of the registrant's disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing
date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure
controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during
the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed,
summarized, and reported on a timely basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal
quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 11pt"><FONT STYLE="font-size: 11pt">ITEM 12.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">EXHIBITS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">File the exhibits listed below as part of this Form. Letter or number
the exhibits in the sequence indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(1) Any code of ethics, or amendment thereto, that is the subject
of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing
of an exhibit: Not required</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(3) Any written solicitation to purchase securities under Rule
23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant
to 10 or more persons: Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR
270.30a-2(b)): Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Exhibit 99.CODE ETH</FONT></TD>
    <TD STYLE="width: 80%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Code of Ethics</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Exhibit 99.VOTEREG</FONT></TD>
    <TD STYLE="width: 80%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Proxy Voting Policies and Procedures</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Exhibit 99.CERT</FONT></TD>
    <TD STYLE="width: 80%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Certifications required by Rule 30a-2(a) under the Act</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Exhibit 99.906CERT</FONT></TD>
    <TD STYLE="width: 80%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Certifications required by Rule 30a-2(b) under the Act</FONT></TD></TR>
</TABLE>








<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Registrant) <U>Cornerstone Strategic Value Fund, Inc.</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw, Chairman and President</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">February 15, 2018</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw, Chairman and President</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">February 15, 2018</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Frank J. Maresca</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Frank J. Maresca, Treasurer</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(Principal Financial Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">February 15, 2018</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-size: 11pt">Print the name and title of each signing officer under his or her signature.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORNERSTONE STRATEGIC VALUE FUND, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORNERSTONE TOTAL RETURN FUND, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CODE OF ETHICS FOR SENIOR OFFICERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PREAMBLE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 406 of the Sarbanes-Oxley Act of 2002
directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) has adopted rules requiring annual disclosure of an investment company&rsquo;s
code of ethics applicable to the company&rsquo;s principal executive as well as principal financial officers, if such a code has
been adopted. In response, Cornerstone Strategic Value Fund, Inc. and Cornerstone Total Return Fund, Inc. (the &ldquo;Funds&rdquo;)
have each adopted this Code of Ethics.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">STATEMENT OF POLICY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is the obligation of the senior officers
of each Fund to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to the Fund&rsquo;s shareholders,
regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and
diligently. This Code is intended to enunciate guidelines to be followed by persons who serve each Fund in senior officer positions.
No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers
should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type
of clear and complete disclosure and information each Fund&rsquo;s shareholders have a right to expect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this Code of Ethics (the &ldquo;Code&rdquo;)
is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds,
to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit
such conduct or activities. This Code supplements other policies that the Funds and its adviser have adopted or may adopt in the
future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">COVERED PERSONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Code applies to those persons appointed
by the each Fund&rsquo;s Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting
Officer, or persons performing similar functions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PROMOTION OF HONEST AND ETHICAL CONDUCT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In serving as an officer of a Fund, each Covered
Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to a
Fund, whether directly or indirectly, to do the same.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: right">&nbsp;Page 2 of 5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person understands that as
an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of the Covered
Person&rsquo;s personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer
of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a Covered Person believes that his personal
interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of
a Fund, he should consult with the Fund&rsquo;s chief legal officer or outside counsel. Under appropriate circumstances, a Covered
Person should also consider whether to present the matter to the Directors of a Fund or a committee thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Covered Person shall suggest that any
person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to
him in connection with the person&rsquo;s retention or the provision of services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PROMOTION OF FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE
DISCLOSURE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Covered Person shall create or further
the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal
or fail to disclose information within the Covered Person&rsquo;s possession legally required to be disclosed or necessary to make
the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available
to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report
it to Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person, consistent with his
responsibilities, shall exercise appropriate supervision over, and shall assist, Fund service providers in developing financial
information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete
manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather
than conceal, each Fund&rsquo;s financial condition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall seek to obtain
additional resources if he believes that available resources are inadequate to enable the Fund to provide full, fair and accurate
financial information and other disclosure to regulators and Fund shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall inquire of other
Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented
in an understandable format using comprehensible language.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall diligently perform
his services to the Fund, so that information can be gathered and assessed early enough to facilitate timely filings and issuance
of reports and required certifications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 3 of 5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PROMOTION OF COMPLIANCE WITH APPLICABLE GOVERNMENT LAWS, RULES
AND REGULATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall become and remain
knowledgeable concerning the laws and regulations relating to each Fund and their operations and shall act with competence and
due care in serving as an officer of a Fund. Each Covered Person with specific responsibility for financial statement disclosure
will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements
and other accounting and tax literature and developments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall devote sufficient
time to fulfilling his responsibilities to the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall cooperate with
each Fund&rsquo;s independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and
its operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Covered Person shall knowingly violate
any law or regulation relating to a Fund or their operations or seek to illegally circumvent any such law or regulation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Covered Person shall engage in any conduct
involving dishonesty, fraud, deceit or misrepresentation involving a Fund or its operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PROMOTING PROMPT INTERNAL REPORTING OF VIOLATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall promptly report
his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Fund&rsquo;s
Audit Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any requests for a waiver from or an amendment
to this Code shall be made to the Chairman of the Fund&rsquo;s Audit Committee. All waivers and amendments shall be disclosed as
required by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">SANCTIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Failure to comply with this Code will subject
the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include
censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the Fund&rsquo;s Audit
Committee, subject to review by the entire Board of Directors of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Person shall be required to
certify annually whether he has complied with this Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">NO RIGHTS CREATED</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Code of Ethics is a statement of certain
fundamental principles, policies and procedures that govern the Fund&rsquo;s senior officers in the conduct of the Fund&rsquo;s
business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or
any other person or entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 4 of 5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">RECORDKEEPING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Fund will maintain and preserve for
a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place,
a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code
and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the
approval or action taken by the Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">AMENDMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Directors will make and approve such
changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 5 of 5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CODE OF ETHICS FOR SENIOR OFFICERS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">I HEREBY CERTIFY THAT:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(1)</FONT></TD>
    <TD STYLE="width: 88%; font-size: 11pt"><FONT STYLE="font-size: 11pt">I have read and I understand the Code of Ethics for Senior Officers adopted by Cornerstone Strategic Value Fund, Inc. and Cornerstone Total Return Fund, Inc. (the &ldquo;Code of Ethics&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">(2)</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 11pt">I recognize that I am subject to the Code of Ethics;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">(3)</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 11pt">I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _____; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">(4)</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 11pt">I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, _____.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Set forth below exceptions to items (3) and (4), if any:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">Signature:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>

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<TYPE>EX-99.VOTEREG
<SEQUENCE>3
<FILENAME>fp0031194_ex99votereg.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a description of the policies
and procedures that it uses to determine how to vote proxies relating to portfolio securities as contained in the following Glass
Lewis' Proxy Paper Guidelines -- 2018 Proxy Season.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Where determined appropriate by the Adviser
in order to comply with Federal securities regulations and the rules promulgated thereunder, the Fund reserves the right to shadow
vote certain proxies received by it with respect to the annual or special meetings of shareholders for companies in which the Fund
is invested.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">Table of Contents</P>

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<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="font-weight: normal; text-align: left; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">GUIDELINES INTRODUCTION</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summary of Changes for the 2018 United States Policy Guidelines</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="font-weight: normal; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">A BOARD OF DIRECTORS THAT SERVES THE INTERESTS OF SHAREHOLDERS</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Election of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Independence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Voting Recommendations on the Basis of Board Independence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Committee Independence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Independent Chair</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Voting Recommendations on the Basis of Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Responsiveness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Role of a Committee Chair</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">8</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Audit Committees and Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Standards for Assessing the Audit Committee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Compensation Committee Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Nominating and Governance Committee Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board-Level Risk Management Oversight</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Environmental and Social Risk Oversight</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director Commitments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Considerations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">17</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Controlled Companies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">18</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Significant Shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">19</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Governance Following an IPO or Spin-Off</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">19</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dual-Listed or Foreign Incorporated Companies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mutual Fund Boards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Declassified Boards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Board Composition and Refreshment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Board Gender Diversity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxy Access</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Majority Vote for the Election of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Plurality Vote Standard</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Advantages of a Majority Vote Standard</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conflicting Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">I</P>

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    <TD STYLE="text-align: left; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">TRANSPARENCY AND INTEGRITY IN FINANCIAL REPORTING</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Auditor Ratification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voting Recommendations on Auditor Ratification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pension Accounting Issues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE LINK BETWEEN COMPENSATION AND PERFORMANCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advisory Vote on Executive Compensation (&ldquo;Say-on-Pay&rdquo;)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Say-on-Pay Voting Recommendations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Company Responsiveness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pay for Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Short-Term Incentives</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-Term Incentives</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Transitional and One-Off Awards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Recoupment Provisions (&ldquo;Clawbacks&rdquo;)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Hedging of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pledging of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation Consultant Independence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">CEO Pay Ratio</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Frequency of Say-on-Pay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vote on Golden Parachute Arrangements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity-Based Compensation Plan Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Option Exchanges</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Option Backdating, Spring-Loading and Bullet-Dodging</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director Compensation Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Employee Stock Purchase Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Executive Compensation Tax Deductibility (IRS 162(m) Compliance)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">GOVERNANCE STRUCTURE AND THE SHAREHOLDER FRANCHISE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-Takeover Measures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Poison Pills (Shareholder Rights Plans)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOL Poison Pills</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair Price Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reincorporation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exclusive Forum and Fee-Shifting Bylaw Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advance Notice Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Virtual Shareholder Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voting Structure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dual-Class Share Structures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cumulative Voting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supermajority Vote Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Transaction of Other Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-Greenmail Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mutual Funds: Investment Policies and Advisory Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Real Estate Investment Trusts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preferred Stock Issuances at REITs</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Business Development Companies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorization to Sell Shares at a Price Below Net Asset Value</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">COMPENSATION, ENVIRONMENTAL, SOCIAL AND
    GOVERNANCE SHAREHOLDER INITIATIVES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">II</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">Guidelines Introduction</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 5pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis evaluates these guidelines
on an ongoing basis and formally updates them on an annual basis. This year we&rsquo;ve made noteworthy revisions in the following
areas, which are summarized below but discussed in greater detail in the relevant section of this document:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">SUMMARY OF CHANGES FOR THE 2018 UNITED
STATES POLICY GUIDELINES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">BOARD GENDER DIVERSITY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We have added a discussion of how Glass
Lewis considers gender diversity on boards of directors. As with previous years, Glass Lewis will continue to closely review the
composition of the board and may note as a concern instances where we believe the board lacks representation of diverse director
candidates, including those boards which have no female directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In 2018, we will not make voting recommendations
solely on the basis of the diversity of the board; rather, it will be one of many considerations we make when evaluating companies&rsquo;
oversight structures. Beginning in 2019, however, Glass Lewis will generally recommend voting against the nominating committee
chair of a board that has no female members. Depending on other factors, including the size of the company, the industry in which
the company operates and the governance profile of the company, we may extend this recommendation to vote against other nominating
committee members. Also, when making these voting recommendations, we will carefully review a company&rsquo;s disclosure of its
diversity considerations and may refrain from recommending shareholders vote against directors of companies outside the Russell
3000 index, or when boards have provided a sufficient rationale for not having any female board members, or have disclosed a plan
to address the lack of diversity on the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">DUAL-CLASS SHARE STRUCTURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We have added a discussion of how Glass
Lewis considers dual-class share structures when analyzing a company&rsquo;s governance. Glass Lewis believes dual-class voting
structures are typically not in the best interests of common shareholders and that allowing one vote per share generally operates
as a safeguard for common shareholders by ensuring that those who hold a significant minority of shares are able to weigh in on
issues set forth by the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">With regards to our evaluation of corporate
governance following an IPO or spin-off within the past year, we have not changed our general approach; however, we will now include
the presence of dual-class share structures as an additional factor in determining whether shareholder rights are being severely
restricted indefinitely.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">BOARD RESPONSIVENESS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In light of evolving investor sentiment,
we have clarified that we consider that the board generally has an imperative to respond to shareholder dissent from a proposal
at an annual meeting of more than 20% of votes cast &mdash; particularly in the case of a compensation or director election proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">With regards to companies where voting
control is held through a dual-class share structure with dispropor- tionate voting and economic rights, we will carefully examine
the level of approval or disapproval attributed to unaffiliated shareholders when determining whether board responsiveness is warranted.
Where vote results indicate that a majority of unaffiliated shareholders supported a shareholder proposal or opposed a manage-
ment proposal, we believe the board should demonstrate an appropriate level of responsiveness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">VIRTUAL SHAREHOLDER MEETINGS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis is aware that a relatively
small but growing contingent of companies have elected to hold shareholder meetings by virtual means only. We believe that virtual
meeting technology can be a useful complement to a traditional, in-person shareholder meeting by expanding participation of shareholders
who are unable to attend a shareholder meeting in person (i.e. a &ldquo;hybrid meeting&rdquo;). However, we also believe that virtual-only
meetings have the potential to curb the ability of a company&rsquo;s shareholders to meaningfully communicate with the company&rsquo;s
management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In 2018, we will not make voting recommendations
solely on the basis that a company is holding a virtual-only meeting. When analyzing the governance profile of companies that choose
to hold virtual-only meetings, we look for robust disclosure in a company&rsquo;s proxy statement which assures shareholders that
they will be afforded the same rights and opportunities to participate as they would at an in-person meeting. Beginning in 2019,
however, Glass Lewis will generally recommend voting against members of the governance committee of a board where the board is
planning to hold a virtual-only shareholder meeting and the company does not provide such disclosure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">DIRECTOR COMMITMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">While there is no change to our director
overboarding policy, we have clarified our approach to evaluating outside commitments of directors who serve in executive roles
other than CEO (e.g., executive chair). When determining whether to apply our limit of two total board memberships for public executives,
we will evaluate the specific duties and responsibilities of their executive role in addition to the company&rsquo;s disclosure
regarding that director&rsquo;s time commitments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">CEO PAY RATIO</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We have added a discussion of the CEO
Pay Ratio disclosure required beginning in 2018. Glass Lewis will display the pay ratio as a data point in our Proxy Papers, as
available. While we believe the pay ratio has the potential to provide additional insight when assessing a company&rsquo;s pay
practices, at this time it will not be a determinative factor in our voting recommendations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">PAY FOR PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">While there is no change to our pay-for-performance
model, we have added clarification regarding the Glass Lewis grading system. Consistent with previous years, our pay-for-performance
grades guide our evaluation of compensation committee effectiveness, and we generally recommend voting against compensation committee
members at companies with a pattern of failing our pay-for-performance analysis. Unlike a school letter grade, however, a &ldquo;C&rdquo;
does not indicate a significant lapse; rather, a &ldquo;C&rdquo; in the Glass Lewis grade system identifies companies where the
pay and performance percentile rankings relative to peers are generally aligned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">COMPANY PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">With regard to our voting recommendations
on the basis of company performance, we have clarified that we will consider the company&rsquo;s overall corporate governance,
pay-for-performance alignment and responsiveness to shareholders throughout the period of poor corporate performance, and that
our recommendation is not based solely on stock price performance in the bottom quartile of the company&rsquo;s sector.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6.25pt">A Board of Directors that Serves the Interests of Shareholders</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6.25pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">ELECTION OF DIRECTORS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The purpose of Glass Lewis&rsquo; proxy
research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance, create shareholder
value and maintain a proper tone at the top. Glass Lewis looks for talented boards with a record of protecting shareholders and
delivering value over the medium- and long-term. We believe that a board can best protect and enhance the interests of shareholders
if it is sufficiently independent, has a record of positive performance, and consists of individuals with diverse backgrounds and
a breadth and depth of relevant experience.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">INDEPENDENCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The independence of directors, or lack
thereof, is ultimately demonstrated through the decisions they make. In assessing the independence of directors, we will take into
consideration, when appropriate, whether a director has a track record indicative of making objective decisions. Likewise, when
assessing the independence of directors we will also examine when a director&rsquo;s track record on multiple boards indicates
a lack of objective decision-making. Ultimately, we believe the determination of whether a director is independent or not must
take into consideration both compliance with the applicable independence listing requirements as well as judgments made by the
director.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We look at each director nominee to
examine the director&rsquo;s relationships with the company, the company&rsquo;s executives, and other directors. We do this to
evaluate whether personal, familial, or financial relationships (not including director compensation) may impact the director&rsquo;s
decisions. We believe that such relationships make it difficult for a director to put shareholders&rsquo; interests above the director&rsquo;s
or the related party&rsquo;s interests. We also believe that a director who owns more than 20% of a company can exert disproportionate
influence on the board, and therefore believe such a director&rsquo;s independence may be hampered, in particular when serving
on the audit committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Thus, we put directors into three categories
based on an examination of the type of relationship they have with the company:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 52.95pt; text-align: justify"><B>Independent Director</B> &mdash;
An independent director has no material financial, familial or other current relationships with the company, its executives, or
other board members, except for board service and standard fees paid for that service. Relationships that existed within three
to five years<FONT STYLE="font-size: 11pt">1</FONT> before the inquiry are usually considered &ldquo;current&rdquo; for purposes
of this test.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 52.95pt; text-align: justify"><B>Affiliated Director</B> &mdash;
An affiliated director has, (or within the past three years, had) a material financial, familial or other relationship with the
company or its executives, but is not an employee of the company.<FONT STYLE="font-size: 11pt">2</FONT> This includes directors
whose employers have a material financial relationship with the company.<FONT STYLE="font-size: 11pt">3</FONT>
In addition, we view a director who either owns or controls 20% or more of the company&rsquo;s voting stock, or is an employee
or affiliate of an entity that controls such amount, as an affiliate.<FONT STYLE="font-size: 11pt">4</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 52.95pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1</TD><TD STYLE="text-align: justify">NASDAQ originally proposed a five-year look-back period
but both it and the NYSE ultimately settled on a three-year look-back prior to finalizing their rules. A five-year standard is
more appropriate, in our view, because we believe that the unwinding of conflicting relationships between former management and
board members is more likely to be complete and final after five years. However, Glass Lewis does not apply the five-year look-back
period to directors who have previously served as executives of the company on an interim basis for less than one year.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2</TD><TD STYLE="text-align: justify">If a company does not consider a non-employee director
to be independent, Glass Lewis will classify that director as an affiliate.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We view 20% shareholders as affiliates
because they typically have access to and involvement with the management of a company that is fundamentally different from that
of ordinary shareholders. More importantly, 20% holders may have interests that diverge from those of ordinary holders, for reasons
such as the liquidity (or lack thereof) of their holdings, personal tax issues, etc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis applies a three-year look
back period to all directors who have an affiliation with the company other than former employment, for which we apply a five-year
look back.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Definition of <B>&ldquo;Material&rdquo;</B>:
A material relationship is one in which the dollar value exceeds:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">$50,000 (or where no amount is disclosed) for directors who are paid for a service they have agreed
to perform for the company, outside of their service as a director, including professional or other services; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">$120,000 (or where no amount is disclosed) for those directors employed by a professional services
firm such as a law firm, investment bank, or consulting firm and the company pays the firm, not the individual, for services.<FONT STYLE="font-size: 11pt">5</FONT>
This dollar limit would also apply to charitable contributions to schools where a board member is a professor; or charities where
a director serves on the board or is an executive;<FONT STYLE="font-size: 11pt">6</FONT> and any aircraft and real estate dealings
between the company and the director&rsquo;s firm; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">1% of either company&rsquo;s consolidated gross revenue for other business relationships (e.g., where
the director is an executive officer of a company that provides services or products to or receives services or products from the
company).<FONT STYLE="font-size: 11pt">7</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Definition of <B>&ldquo;Familial&rdquo;</B>
&mdash; Familial relationships include a person&rsquo;s spouse, parents, children, siblings, grandparents, uncles, aunts, cousins,
nieces, nephews, in-laws, and anyone (other than domestic employees) who shares such person&rsquo;s home. A director is an affiliate
if: i) he or she has a family member who is employed by the company and receives more than $120,000 in annual compensation; or,
ii) he or she has a family member who is employed by the company and the company does not disclose this individual&rsquo;s compensation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Definition of <B>&ldquo;Company&rdquo;</B>
&mdash; A company includes any parent or subsidiary in a group with the company or any entity that merged with, was acquired by,
or acquired the company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 53pt; text-align: justify"><B>Inside Director</B> &mdash; An
inside director simultaneously serves as a director and as an employee of the company. This category may include a board chair
who acts as an employee of the company or is paid as an employee of the company. In our view, an inside director who derives a
greater amount of income as a result of affiliated transactions with the company rather than through compensation paid by the company
(i.e., salary, bonus, etc. as a company employee) faces a conflict between making decisions that are in the best interests of the
company versus those in the director&rsquo;s own best interests. Therefore, we will recommend voting against such a director.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 53pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3</TD><TD STYLE="text-align: justify">We allow a five-year grace period for former executives
of the company or merged companies who have consulting agreements with the surviving company. (We do not automatically recommend
voting against directors in such cases for the first five years.) If the consulting agreement persists after this five-year grace
period, we apply the materiality thresholds outlined in the definition of &ldquo;material.&rdquo;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4</TD><TD STYLE="text-align: justify">This includes a director who serves on a board as a representative
(as part of his or her basic responsibilities) of an investment firm with greater than 20% ownership. However, while we will generally
consider him/her to be affiliated, we will not recommend voting against unless (i) the investment firm has disproportionate board
representation or (ii) the director serves on the audit committee.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5</TD><TD STYLE="text-align: justify">We may deem such a transaction to be immaterial where
the amount represents less than 1% of the firm&rsquo;s annual revenues and the board provides a compelling rationale as to why
the director&rsquo;s independence is not affected by the relationship.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6</TD><TD STYLE="text-align: justify">We will generally take into consideration the size and
nature of such charitable entities in relation to the company&rsquo;s size and industry along with any other relevant factors
such as the director&rsquo;s role at the charity. However, unlike for other types of related party transactions, Glass Lewis generally
does not apply a look-back period to affiliated relationships involving charitable contributions; if the relationship between
the director and the school or charity ceases, or if the company discontinues its donations to the entity, we will consider the
director to be independent.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7</TD><TD STYLE="text-align: justify">This includes cases where a director is employed by,
or closely affiliated with, a private equity firm that profits from an acquisition made by the company. Unless disclosure suggests
otherwise, we presume the director is affiliated.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Additionally, we believe a director
who is currently serving in an interim management position should be considered an insider, while a director who previously served
in an interim management position for less than one year and is no longer serving in such capacity is considered independent. Moreover,
a director who previously served in an interim management position for over one year and is no longer serving in such capacity
is considered an affiliate for five years following the date of his/her resignation or departure from the interim management position.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">VOTING RECOMMENDATIONS ON THE BASIS
OF BOARD INDEPENDENCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes a board will be
most effective in protecting shareholders&rsquo; interests if it is at least two- thirds independent. We note that each of the
Business Roundtable, the Conference Board, and the Council of Institutional Investors advocates that two-thirds of the board be
independent. Where more than one-third of the members are affiliated or inside directors, we typically<FONT STYLE="font-size: 11pt">8</FONT>
recommend voting against some of the inside and/ or affiliated directors in order to satisfy the two-thirds threshold.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In the case of a less than two-thirds
independent board, Glass Lewis strongly supports the existence of a presiding or lead director with authority to set the meeting
agendas and to lead sessions outside the insider chair&rsquo;s presence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In addition, we scrutinize avowedly
&ldquo;independent&rdquo; chairs and lead directors. We believe that they should be unquestionably independent or the company should
not tout them as such.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">COMMITTEE INDEPENDENCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe that only independent directors
should serve on a company&rsquo;s audit, compensation, nominating, and governance committees.<FONT STYLE="font-size: 11pt">9</FONT>
We typically recommend that shareholders vote against any affiliated or inside director seeking appointment to an audit, compensation,
nominating, or governance committee, or who has served in that capacity in the past year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Pursuant to Section 952 of the Dodd-Frank
Act, as of January 11, 2013, the SEC approved new listing require- ments for both the NYSE and NASDAQ which require that boards
apply enhanced standards of independence when making an affirmative determination of the independence of compensation committee
members. Specifically, when making this determination, in addition to the factors considered when assessing general director independence,
the board&rsquo;s considerations must include: (i) the source of compensation of the director, including any consulting, advisory
or other compensatory fee paid by the listed company to the director (the &ldquo;Fees Factor&rdquo;); and (ii) whether the director
is affiliated with the listing company, its subsidiaries, or affiliates of its subsidiaries (the &ldquo;Affiliation Factor&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes it is important
for boards to consider these enhanced independence factors when assessing compensation committee members. However, as discussed
above in the section titled Independence, we apply our own standards when assessing the independence of directors, and these standards
also take into account consulting and advisory fees paid to the director, as well as the director&rsquo;s affiliations with the
company and its subsidiaries and affiliates. We may recommend voting against compensation committee members who are not independent
based on our standards.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">INDEPENDENT CHAIR</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes that separating
the roles of CEO (or, more rarely, another executive position) and chair creates a better governance structure than a combined
CEO/chair position. An executive manages the business according to a course the board charts.
Executives should report to the board regarding their performance in achieving goals set by the board. This is needlessly complicated
when a CEO chairs the board, since a CEO/ chair presumably will have a significant influence over the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8</TD><TD STYLE="text-align: justify">With a staggered board, if the affiliates or insiders
that we believe should not be on the board are not up for election, we will express our concern regarding those directors, but
we will not recommend voting against the other affiliates or insiders who are up for election just to achieve two-thirds independence.
However, we will consider recommending voting against the directors subject to our concern at their next election if the issue
giving rise to the concern is not resolved.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9</TD><TD STYLE="text-align: justify">We will recommend voting against an audit committee member
who owns 20% or more of the company&rsquo;s stock, and we believe that there should be a maximum of one director (or no directors
if the committee is comprised of less than three directors) who owns 20% or more of the company&rsquo;s stock on the compensation,
nominating, and governance committees.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">While many companies have an independent
lead or presiding director who performs many of the same functions of an independent chair (e.g., setting the board meeting agenda),
we do not believe this alternate form of independent board leadership provides as robust protection for shareholders as an independent
chair.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">It can become difficult for a board
to fulfill its role of overseer and policy setter when a CEO/chair controls the agenda and the boardroom discussion. Such control
can allow a CEO to have an entrenched position, leading to longer-than-optimal terms, fewer checks on management, less scrutiny
of the business operation, and limitations on independent, shareholder-focused goal-setting by the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">A CEO should set the strategic course
for the company, with the board&rsquo;s approval, and the board should enable the CEO to carry out the CEO&rsquo;s vision for accomplishing
the board&rsquo;s objectives. Failure to achieve the board&rsquo;s objectives should lead the board to replace that CEO with someone
in whom the board has confidence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Likewise, an independent chair can
better oversee executives and set a pro-shareholder agenda without the management conflicts that a CEO and other executive insiders
often face. Such oversight and concern for shareholders allows for a more proactive and effective board of directors that is better
able to look out for the interests of shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Further, it is the board&rsquo;s responsibility
to select a chief executive who can best serve a company and its shareholders and to replace this person when his or her duties
have not been appropriately fulfilled. Such a replacement becomes more difficult and happens less frequently when the chief executive
is also in the position of overseeing the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes that the installation
of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests
of shareholders. Further, the presence of an independent chair fosters the creation of a thoughtful and dynamic board, not dominated
by the views of senior management. Encouragingly, many companies appear to be moving in this direction&mdash;one study indicates
that only 10 percent of incoming CEOs in 2014 were awarded the chair title, versus 48 percent in</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">2002.<FONT STYLE="font-size: 11pt">10</FONT>
Another study finds that 47 percent of S&amp;P 500 boards now separate the CEO and chair roles, up from 37 percent in 2009, although
the same study found that only 28 percent of S&amp;P 500 boards have truly independent chairs.<FONT STYLE="font-size: 11pt">11</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We do not recommend that shareholders
vote against CEOs who chair the board. However, we typically recommend that our clients support separating the roles of chair and
CEO whenever that question is posed in a proxy (typically in the form of a shareholder proposal), as we believe that it is in the
long-term best interests of the company and its shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Further, where the company has neither
an independent chair nor independent lead director, we will recommend voting against the chair of the governance committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The most crucial test of a board&rsquo;s
commitment to the company and its shareholders lies in the actions of the board and its members. We look at the performance of
these individuals as directors and executives of the company and of other companies where they have served.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We find that a director&rsquo;s past
conduct is often indicative of future conduct and performance. We often find directors with a history of overpaying executives
or of serving on boards where avoidable disasters have occurred serving on the boards of companies with similar problems. Glass
Lewis has a proprietary database of directors serving at over 8,000
of the most widely held U.S. companies. We use this database to track the performance of directors across companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10</TD><TD STYLE="text-align: justify">Ken Favaro, Per-Ola Karlsson and Gary L. Nelson. &ldquo;The
$112 Billion CEO Succession Problem.&rdquo; (<I>Strategy+Business</I>, Issue 79, Summer 2015).</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11</TD><TD STYLE="text-align: justify">Spencer Stuart Board Index, 2014, p. 23.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">VOTING RECOMMENDATIONS ON THE BASIS
OF PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We typically recommend that shareholders
vote against directors who have served on boards or as executives of companies with records of poor performance, inadequate risk
oversight, excessive compensation, audit- or accounting-related issues, and/or other indicators of mismanagement or actions against
the interests of shareholders. We will reevaluate such directors based on, among other factors, the length of time passed since
the incident giving rise to the concern, shareholder support for the director, the severity of the issue, the director&rsquo;s
role (e.g., committee membership), director tenure at the subject company, whether ethical lapses accompanied the oversight lapse,
and evidence of strong oversight at other companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Likewise, we examine the backgrounds
of those who serve on key board committees to ensure that they have the required skills and diverse backgrounds to make informed
judgments about the subject matter for which the committee is responsible.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe shareholders should avoid
electing directors who have a record of not fulfilling their responsibilities to shareholders at any company where they have held
a board or executive position. We typically recommend voting against:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>A director who fails to attend a minimum of 75% of board and applicable committee meetings, calculated in the aggregate.<FONT STYLE="font-size: 11pt">12</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>A director who belatedly filed a significant form(s) 4 or 5, or who has a pattern of late filings if the late filing was the
director&rsquo;s fault (we look at these late filing situations on a case-by-case basis).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>A director who is also the CEO of a company where a serious and material restatement has occurred after the CEO had previously
certified the pre-restatement financial statements.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>A director who has received two against recommendations from Glass Lewis for identical reasons within the prior year at different
companies (the same situation must also apply at the company being analyzed).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Furthermore, with consideration given
to the company&rsquo;s overall corporate governance, pay-for-performance alignment and board responsiveness to shareholders, we
may recommend voting against directors who served throughout a period in which the company performed significantly worse than peers
and the directors have not taken reasonable steps to address the poor performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">BOARD RESPONSIVENESS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes that any time
20% or more of shareholders vote contrary to the recommendation of management, the board should, depending on the issue, demonstrate
some level of responsiveness to address the concerns of shareholders. These include instances when 20% or more of shareholders
(excluding abstentions and broker non-votes): WITHHOLD votes from (or vote AGAINST) a director nominee, vote AGAINST a management-sponsored
proposal, or vote FOR a shareholder proposal. In our view, a 20% threshold is significant enough to warrant a close examination
of the underlying issues and an evaluation of whether or not a board response was warranted and, if so, whether the board responded
appropriately following the vote, particularly in the case of a compensation or director election proposal. While the 20% threshold
alone will not automatically generate a negative vote recommendation from Glass Lewis on a future proposal (e.g., to recommend
against a director nominee, against a say-on-pay proposal, etc.), it may be a contributing factor to our recommendation to vote
against management&rsquo;s recommendation in the event we determine that the board did not respond appropriately.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12</TD><TD STYLE="text-align: justify">However, where a director has served for less than one
full year, we will typically not recommend voting against for failure to attend 75% of meetings. Rather, we will note the poor
attendance with a recommendation to track this issue going forward. We will also refrain from recommending to vote against directors
when the proxy discloses that the director missed the meetings due to serious illness or other extenuating circumstances.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">With regards to companies where voting
control is held through a dual-class share structure with dispropor- tionate voting and economic rights, we will carefully examine
the level of approval or disapproval attributed to unaffiliated shareholders when determining whether board responsiveness is warranted.
Where vote results indicate that a majority of unaffiliated shareholders supported a shareholder proposal or opposed a manage-
ment proposal, we believe the board should demonstrate an appropriate level of responsiveness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">As a general framework, our evaluation
of board responsiveness involves a review of publicly available disclosures (e.g., the proxy statement, annual report, 8-Ks, company
website, etc.) released following the date of the company&rsquo;s last annual meeting up through the publication date of our most
current Proxy Paper. Depending on the specific issue, our focus typically includes, but is not limited to, the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">At the board level, any changes in directorships, committee memberships, disclosure of related party
transactions, meeting attendance, or other responsibilities;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Any revisions made to the company&rsquo;s articles of incorporation, bylaws or other governance documents;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Any press or news releases indicating changes in, or the adoption of, new company policies, business
practices or special reports; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Any modifications made to the design and structure of the company&rsquo;s compensation program, as
well as an assessment of the company&rsquo;s engagement with shareholders on compensation issues as discussed in the CD&amp;A,
particularly following a material vote against a company&rsquo;s say-on-pay.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Our Proxy Paper analysis will include
a case-by-case assessment of the specific elements of board responsive- ness that we examined along with an explanation of how
that assessment impacts our current voting recom- mendations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">THE ROLE OF A COMMITTEE CHAIR</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that a designated
committee chair maintains primary responsibility for the actions of his or her respective committee. As such, many of our committee-specific
voting recommendations are against the applicable committee chair rather than the entire committee (depending on the seriousness
of the issue). However, in cases where we would ordinarily recommend voting against a committee chair but the chair is not specified,
we apply the following general rules, which apply throughout our guidelines:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">If there is no committee chair, we recommend voting against the longest-serving committee member
or, if the longest-serving committee member cannot be determined, the longest-serving board member serving on the committee (i.e.,
in either case, the &ldquo;senior director&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">If there is no committee chair, but multiple senior directors serving on the committee, we recommend
voting against both (or all) such senior directors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In our view, companies should provide
clear disclosure of which director is charged with overseeing each committee. In cases where that simple framework is ignored and
a reasonable analysis cannot determine which committee member is the designated leader, we believe shareholder action against the
longest serving committee member(s) is warranted. Again, this only applies if we would ordinarily recommend voting against the
committee chair but there is either no such position or no designated director in such role.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">On the contrary, in cases where there
is a designated committee chair and the recommendation is to vote against the committee chair, but the chair is not up for election
because the board is staggered, we do not recommend voting against any members of the committee who are up for election; rather,
we will note the concern with regard to the committee chair.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">AUDIT COMMITTEES AND PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Audit committees play an integral role
in overseeing the financial reporting process because &ldquo;[v]ibrant and stable capital markets depend on, among other things,
reliable, transparent, and objective financial information to support an efficient and effective capital market process. The vital
oversight role audit committees play in the process of producing financial information has never been more important.&rdquo;<FONT STYLE="font-size: 11pt">13</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">When assessing an audit committee&rsquo;s
performance, we are aware that an audit committee does not prepare financial statements, is not responsible for making the key
judgments and assumptions that affect the financial statements, and does not audit the numbers or the disclosures provided to investors.
Rather, an audit committee member monitors and oversees the process and procedures that management and auditors perform. The 1999
Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees stated it
best:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 37.5pt; text-align: justify"><I>A proper and well-functioning
system exists, therefore, when the three main groups responsible for financial reporting &mdash; the full board including the audit
committee, financial management including the internal auditors, and the outside auditors &mdash; form a &lsquo;three legged stool&rsquo;
that supports responsible financial disclosure and active participatory oversight. However, in the view of the Committee, the audit
committee must be &lsquo;first among equals&rsquo; in this process, since the audit committee is an extension of the full board
and hence the ultimate monitor of the process.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">STANDARDS FOR ASSESSING THE AUDIT COMMITTEE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">For an audit committee to function
effectively on investors&rsquo; behalf, it must include members with sufficient knowledge to diligently carry out their responsibilities.
In its audit and accounting recommendations, the Conference Board Commission on Public Trust and Private Enterprise said &ldquo;members
of the audit committee must be independent and have both knowledge and experience in auditing financial matters.&rdquo;<FONT STYLE="font-size: 11pt">14</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We are skeptical of audit committees
where there are members that lack expertise as a Certified Public Accountant (CPA), Chief Financial Officer (CFO) or corporate
controller, or similar experience. While we will not necessarily recommend voting against members of an audit committee when such
expertise is lacking, we are more likely to recommend voting against committee members when a problem such as a restatement occurs
and such expertise is lacking.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis generally assesses audit
committees against the decisions they make with respect to their oversight and monitoring role. The quality and integrity of the
financial statements and earnings reports, the completeness of disclosures necessary for investors to make informed decisions,
and the effectiveness of the internal controls should provide reasonable assurance that the financial statements are materially
free from</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">errors. The independence of the external
auditors and the results of their work all provide useful information by which to assess the audit committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">When assessing the decisions and actions
of the audit committee, we typically defer to its judgment and generally recommend voting in favor of its members. However, we
will consider recommending that shareholders vote against the following:<FONT STYLE="font-size: 11pt">15</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>All members of the audit committee when options were backdated, there is a lack of adequate controls in place, there was a
resulting restatement, and disclosures indicate there was a lack of documentation with respect to the option grants.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13</TD><TD STYLE="text-align: justify">Audit Committee Effectiveness &ndash; What Works Best.&rdquo;
PricewaterhouseCoopers. The Institute of Internal Auditors Research Foundation. 2005.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14</TD><TD STYLE="text-align: justify">Commission on Public Trust and Private Enterprise. The
Conference Board. 2003.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15</TD><TD STYLE="text-align: justify">As discussed under the section labeled &ldquo;Committee
Chair,&rdquo; where the recommendation is to vote against the committee chair but the chair is not up for election because the
board is staggered, we do not recommend voting against the members of the committee who are up for election; rather, we will note
the concern with regard to the committee chair.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">The audit committee chair, if the audit committee does not have a financial expert or the committee&rsquo;s financial expert
does not have a demonstrable financial background sufficient to understand the financial issues unique to public companies.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>The audit committee chair, if the audit committee did not meet at least four times during the year.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The audit committee chair, if the committee has less than three members.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">Any audit committee member who sits on more than three public company audit committees, unless the audit committee member is
a retired CPA, CFO, controller or has similar experience, in which case the limit shall be four committees, taking time and availability
into consideration including a review of the audit committee member&rsquo;s attendance at all board and committee meetings.<FONT STYLE="font-size: 11pt">16</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">6.</TD><TD STYLE="text-align: justify">All members of an audit committee who are up for election and who served on the committee at the time of the audit, if audit
and audit-related fees total one-third or less of the total fees billed by the auditor.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">7.</TD><TD STYLE="text-align: justify">The audit committee chair when tax and/or other fees are greater than audit and audit-related fees paid to the auditor for
more than one year in a row (in which case we also recommend against ratification of the auditor).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">8.</TD><TD STYLE="text-align: justify">All members of an audit committee where non-audit fees include fees for tax services (including, but not limited to, such things
as tax avoidance or shelter schemes) for senior executives of the company. Such services are prohibited by the Public Company Accounting
Oversight Board (&ldquo;PCAOB&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">9.</TD><TD STYLE="text-align: justify">All members of an audit committee that reappointed an auditor that we no longer consider to be independent for reasons unrelated
to fee proportions.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">10.</TD><TD STYLE="text-align: justify">All members of an audit committee when audit fees are excessively low, especially when compared with other companies in the
same industry.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">11.</TD><TD STYLE="text-align: justify">The audit committee chair<FONT STYLE="font-size: 11pt">17</FONT> if the committee failed to put auditor ratification on the
ballot for shareholder approval. However, if the non-audit fees or tax fees exceed audit plus audit-related fees in either the
current or the prior year, then Glass Lewis will recommend voting against the entire audit committee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">12.</TD><TD>All members of an audit committee where the auditor has resigned and reported that a section 10A<FONT STYLE="font-size: 11pt">18</FONT>
letter has been issued.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">13.</TD><TD>All members of an audit committee at a time when material accounting fraud occurred at the company.<FONT STYLE="font-size: 11pt">19</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">14.</TD><TD STYLE="text-align: justify">All members of an audit committee at a time when annual and/or multiple quarterly financial statements had to be restated,
and any of the following factors apply:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">16</TD><TD STYLE="text-align: justify">Glass Lewis may exempt certain audit committee members
from the above threshold if, upon further analysis of relevant factors such as the director&rsquo;s experience, the size, industry-mix
and location of the companies involved and the director&rsquo;s attendance at all the companies, we can reasonably determine that
the audit committee member is likely not hindered by multiple audit committee commitments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">17</TD><TD STYLE="text-align: justify">As discussed under the section labeled &ldquo;Committee
Chair,&rdquo; in all cases, if the chair of the committee is not specified, we recommend voting against the director who has been
on the committee the longest.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">18</TD><TD STYLE="text-align: justify">Auditors are required to report all potential illegal
acts to management and the audit committee unless they are clearly inconsequential in nature. If the audit committee or the board
fails to take appropriate action on an act that has been determined to be a violation of the law, the independent auditor is required
to send a section 10A letter to the SEC. Such letters are rare and therefore we believe should be taken seriously.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">19</TD><TD STYLE="text-align: justify">Research indicates that revenue fraud now accounts for
over 60% of SEC fraud cases, and that companies that engage in fraud experience significant negative abnormal stock price declines&mdash;facing
bankruptcy, delisting, and material asset sales at much higher rates than do non-fraud firms (Committee of Sponsoring Organizations
of the Treadway Commission. &ldquo;Fraudulent Financial Reporting: 1998-2007.&rdquo; May 2010).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67pt"></TD><TD STYLE="width: 14pt">&bull;</TD><TD STYLE="text-align: justify">The restatement involves fraud or manipulation by insiders;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67pt"></TD><TD STYLE="width: 14pt">&bull;</TD><TD STYLE="text-align: justify">The restatement is accompanied by an SEC inquiry or investigation;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67pt"></TD><TD STYLE="width: 14pt">&bull;</TD><TD STYLE="text-align: justify">The restatement involves revenue recognition;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67pt"></TD><TD STYLE="width: 14pt">&bull;</TD><TD STYLE="text-align: justify">The restatement results in a greater than 5% adjustment to costs of goods sold, operating expense,
or operating cash flows; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67pt"></TD><TD STYLE="width: 14pt">&bull;</TD><TD STYLE="text-align: justify">The restatement results in a greater than 5% adjustment to net income, 10% adjustment to assets or
shareholders equity, or cash flows from financing or investing activities.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">15.</TD><TD STYLE="text-align: justify">All members of an audit committee if the company repeatedly fails to file its financial reports in a timely fashion. For example,
the company has filed two or more quarterly or annual financial statements late within the last five quarters.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">16.</TD><TD STYLE="text-align: justify">All members of an audit committee when it has been disclosed that a law enforcement agency has charged the company and/or its
employees with a violation of the Foreign Corrupt Practices Act (FCPA).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">17.</TD><TD STYLE="text-align: justify">All members of an audit committee when the company has aggressive accounting policies and/or poor disclosure or lack of sufficient
transparency in its financial statements.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">18.</TD><TD STYLE="text-align: justify">All members of the audit committee when there is a disagreement with the auditor and the auditor resigns or is dismissed (e.g.,
the company receives an adverse opinion on its financial statements from the auditor).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">19.</TD><TD STYLE="text-align: justify">All members of the audit committee if the contract with the auditor specifically limits the auditor&rsquo;s liability to the
company for damages.<FONT STYLE="font-size: 11pt">20</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">20.</TD><TD STYLE="text-align: justify">All members of the audit committee who served since the date of the company&rsquo;s last annual meeting, and when, since the
last annual meeting, the company has reported a material weakness that has not yet been corrected, or, when the company has an
ongoing material weakness from a prior year that has not yet been corrected.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We also take a dim view of audit committee
reports that are boilerplate, and which provide little or no information or transparency to investors. When a problem such as a
material weakness, restatement or late filings occurs, we take into consideration, in forming our judgment with respect to the
audit committee, the transparency of the audit committee report.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">COMPENSATION COMMITTEE PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Compensation committees have a critical
role in determining the compensation of executives. This includes deciding the basis on which compensation is determined, as well
as the amounts and types of compensation to be paid. This process begins with the hiring and initial establishment of employment
agreements, including the terms for such items as pay, pensions and severance arrangements. It is important in establishing compensation
arrangements that compensation be consistent with, and based on the long-term economic performance of, the business&rsquo;s long-term
shareholders returns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Compensation committees are also responsible
for the oversight of the transparency of compensation. This oversight includes disclosure of compensation arrangements, the matrix
used in assessing pay for performance, and the use of compensation consultants. In order to ensure the independence of the board&rsquo;s
compensation</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">20</TD><TD STYLE="text-align: justify">The Council of Institutional Investors. &ldquo;Corporate
Governance Policies,&rdquo; p. 4, April 5, 2006; and &ldquo;Letter from Council of Institutional Investors to the AICPA,&rdquo;
November 8, 2006.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">consultant, we believe the compensation
committee should only engage a compensation consultant that is not also providing any services to the company or management apart
from their contract with the compensation committee. It is important to investors that they have clear and complete disclosure
of all the significant terms of compensation arrangements in order to make informed decisions with respect to the oversight and
decisions of the compensation committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Finally, compensation committees are
responsible for oversight of internal controls over the executive compensation process. This includes controls over gathering information
used to determine compensation, establishment of equity award plans, and granting of equity awards. For example, the use of a compensation
consultant who maintains a business relationship with company management may cause the committee to make decisions based on information
that is compromised by the consultant&rsquo;s conflict of interests. Lax controls can also contribute to improper awards of compensation
such as through granting of backdated or spring- loaded options, or granting of bonuses when triggers for bonus payments have not
been met.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Central to understanding the actions
of a compensation committee is a careful review of the Compensation Discussion and Analysis (&ldquo;CD&amp;A&rdquo;) report included
in each company&rsquo;s proxy. We review the CD&amp;A in our evaluation of the overall compensation practices of a company, as
overseen by the compensation committee. The CD&amp;A is also integral to the evaluation of compensation proposals at companies,
such as advisory votes on executive compensation, which allow shareholders to vote on the compensation paid to a company&rsquo;s
top executives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">When assessing the performance of compensation
committees, we will consider recommending that share- holders vote against the following:<FONT STYLE="font-size: 11pt">21</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">All members of a compensation committee during whose tenure the committee failed to address shareholder concerns following
majority shareholder rejection of the say-on-pay proposal in the previous year. Where the proposal was approved but there was a
significant shareholder vote (i.e., greater than 20% of votes cast) against the say-on-pay proposal in the prior year, if the board
did not respond sufficiently to the vote including actively engaging shareholders on this issue, we will also consider recommending
voting against the chair of the compensation committee or all members of the compensation committee, depending on the severity
and history of the compensation problems and the level of shareholder opposition.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">All members of the compensation committee who are up for election and served when the company failed to align pay with performance
if shareholders are not provided with an advisory vote on executive compensation at the annual meeting.<FONT STYLE="font-size: 11pt">22</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Any member of the compensation committee who has served on the compensation committee of at least two other public companies
that have consistently failed to align pay with performance and whose oversight of compensation at the company in question is suspect.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">All members of the compensation committee (during the relevant time period) if the company entered into excessive employment
agreements and/or severance agreements.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">21</TD><TD STYLE="text-align: justify">As discussed under the section labeled &ldquo;Committee
Chair,&rdquo; where the recommendation is to vote against the committee chair and the chair is not up for election because the
board is staggered, we do not recommend voting against any members of the committee who are up for election; rather, we will note
the concern with regard to the committee chair.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">22</TD><TD STYLE="text-align: justify">If a company provides shareholders with a say-on-pay
proposal, we will initially only recommend voting against the company&rsquo;s say-on-pay proposal and will not recommend voting
against the members of the compensation committee unless there is a pattern of failing to align pay and performance and/or the
company exhibits egregious compensation practices. However, if the company repeatedly fails to align pay and performance, we will
then recommend against the members of the compensation committee in addition to recommending voting against the say-on-pay proposal.
For cases in which the disconnect between pay and performance is marginal and the company has outperformed its peers, we will
consider not recommending against compensation committee members. In addition, if a company provides shareholders with a say-on-pay
proposal, we will initially only recommend voting against the company&rsquo;s say-on-pay proposal and will not recommend voting
against the members of the compensation committee unless there is a pattern of failing to align pay and performance and/or the
company exhibits egregious compensation practices. However, if the company repeatedly fails to align pay and performance, we will
then recommend against the members of the compensation committee in addition to recommending voting against the say- on-pay proposal.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">5.</TD><TD STYLE="text-align: justify">All members of the compensation committee when performance goals were changed (i.e., lowered) when employees failed or were
unlikely to meet original goals, or performance-based compensation was paid despite goals not being attained.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">6.</TD><TD STYLE="text-align: justify">All members of the compensation committee if excessive employee perquisites and benefits were allowed.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">7.</TD><TD STYLE="text-align: justify">The compensation committee chair if the compensation committee did not meet during the year.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">8.</TD><TD STYLE="text-align: justify">All members of the compensation committee when the company repriced options or completed a &ldquo;self tender offer&rdquo;
without shareholder approval within the past two years.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">9.</TD><TD STYLE="text-align: justify">All members of the compensation committee when vesting of in-the-money options is accelerated.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">10.</TD><TD STYLE="text-align: justify">All members of the compensation committee when option exercise prices were backdated. Glass Lewis will recommend voting against
an executive director who played a role in and participated in option backdating.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">11.</TD><TD STYLE="text-align: justify">All members of the compensation committee when option exercise prices were spring-loaded or otherwise timed around the release
of material information.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">12.</TD><TD STYLE="text-align: justify">All members of the compensation committee when a new employment contract is given to an executive that does not include a clawback
provision and the company had a material restatement, especially if the restatement was due to fraud.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">13.</TD><TD STYLE="text-align: justify">The chair of the compensation committee where the CD&amp;A provides insufficient or unclear information about performance metrics
and goals, where the CD&amp;A indicates that pay is not tied to performance, or where the compensation committee or management
has excessive discretion to alter performance terms or increase amounts of awards in contravention of previously defined targets.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">14.</TD><TD STYLE="text-align: justify">All members of the compensation committee during whose tenure the committee failed to implement a shareholder proposal regarding
a compensation-related issue, where the proposal received the affirmative vote of a majority of the voting shares at a shareholder
meeting, and when a reasonable analysis suggests that the compensation committee (rather than the governance committee) should
have taken steps to implement the request.<FONT STYLE="font-size: 11pt">23</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">NOMINATING AND GOVERNANCE COMMITTEE
PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The nominating and governance committee,
as an agent for the shareholders, is responsible for the governance by the board of the company and its executives. In performing
this role, the committee is responsible and accountable for selection of objective and competent board members. It is also responsible
for providing leadership on governance policies adopted by the company, such as decisions to implement shareholder proposals that
have received a majority vote. (At most companies, a single committee is charged with these oversight functions; at others, the
governance and nominating responsibilities are apportioned among two separate committees.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Consistent with Glass Lewis&rsquo;
philosophy that boards should have diverse backgrounds and members with a breadth and depth of relevant experience, we believe
that nominating and governance committees should consider diversity when making director nominations within the context of each
specific company and its industry. In our view, shareholders are best served when boards make an effort to ensure a constituency
that is not only reasonably diverse on the basis of age, race, gender and ethnicity, but also on the basis of geographic knowledge,
industry experience, board tenure and culture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">23</TD><TD STYLE="text-align: justify">In all other instances (i.e., a non-compensation-related
shareholder proposal should have been implemented) we recommend that shareholders vote against the members of the governance committee.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Regarding the committee responsible
for governance, we will consider recommending that shareholders vote against the following:<FONT STYLE="font-size: 11pt">24</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>All members of the governance committee<FONT STYLE="font-size: 11pt">25</FONT> during whose tenure a shareholder proposal relating
to important shareholder rights received support from a majority of the votes cast (excluding abstentions and broker non-votes)
and the board has not begun to implement or enact the proposal&rsquo;s subject matter.<FONT STYLE="font-size: 11pt">26</FONT> Examples
of such shareholder proposals include those seeking a declassified board structure, a majority vote standard for director elections,
or a right to call a special meeting. In determining whether a board has sufficiently implemented such a proposal, we will examine
the quality of the right enacted or proffered by the board for any conditions that may unreasonably interfere with the shareholders&rsquo;
ability to exercise the right (e.g., overly restrictive procedural requirements for calling a special meeting).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The governance committee chair,<FONT STYLE="font-size: 11pt">27</FONT> when the chair is not independent and an independent
lead or presiding director has not been appointed.<FONT STYLE="font-size: 11pt">28</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>In the absence of a nominating committee, the governance committee chair when there are less than five or the whole nominating
committee when there are more than 20 members on the board.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The governance committee chair, when the committee fails to meet at all during the year.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>The governance committee chair, when for two consecutive years the company provides what we consider to be &ldquo;inadequate&rdquo;
related party transaction disclosure (i.e., the nature of such transactions and/or the monetary amounts involved are unclear or
excessively vague, thereby preventing a shareholder from being able to reasonably interpret the independence status of multiple
directors above and beyond what the company maintains is compliant with SEC or applicable stock exchange listing requirements).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">6.</TD><TD>The governance committee chair, when during the past year the board adopted a forum selection clause (i.e., an exclusive forum
provision)<FONT STYLE="font-size: 11pt">29</FONT> without shareholder approval, or if the board is currently seeking shareholder
approval of a forum selection clause pursuant to a bundled bylaw amendment rather than as a separate proposal.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">7.</TD><TD>All members of the governance committee during whose tenure the board adopted, without shareholder approval, provisions in
its charter or bylaws that, through rules on director compensation, may inhibit the ability of shareholders to nominate directors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In addition, we may recommend that
shareholders vote against the chair of the governance committee, or the entire committee, where the board has amended the company&rsquo;s
governing documents to reduce or re- move important shareholder rights, or to otherwise impede the ability of shareholders to exercise
such right, and has done so without seeking shareholder
approval. Examples of board actions that may cause such a recommendation include: the elimination of the ability of shareholders
to call a special meeting or to act by written consent; an increase to the ownership threshold required for shareholders to call
a special meeting; an increase to vote requirements for charter or bylaw amendments; the adoption of provisions that limit the
abil- ity of shareholders to pursue full legal recourse&mdash;such as bylaws that require arbitration of shareholder claims or
that require shareholder plaintiffs to pay the company&rsquo;s legal expenses in the absence of a court victory (i.e., &ldquo;fee-shifting&rdquo;
or &ldquo;loser pays&rdquo; bylaws); the adoption of a classified board structure; and the elimination of the ability of shareholders
to remove a director without cause.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">24</TD><TD STYLE="text-align: justify">As discussed in the guidelines section labeled &ldquo;Committee
Chair,&rdquo; where we would recommend to vote against the committee chair but the chair is not up for election because the board
is staggered, we do not recommend voting against any members of the committee who are up for election; rather, we will note the
concern with regard to the committee chair.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">25</TD><TD STYLE="text-align: justify">If the board does not have a committee responsible for
governance oversight and the board did not implement a shareholder proposal that received the requisite support, we will recommend
voting against the entire board. If the shareholder proposal at issue requested that the board adopt a declassified structure,
we will recommend voting against all director nominees up for election.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">26</TD><TD STYLE="text-align: justify">Where a compensation-related shareholder proposal should
have been implemented, and when a reasonable analysis suggests that the members of the compensation committee (rather than the
governance committee) bear the responsibility for failing to implement the request, we recommend that shareholders only vote against
members of the compensation committee.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">27</TD><TD STYLE="text-align: justify">As discussed in the guidelines section labeled &ldquo;Committee
Chair,&rdquo; if the committee chair is not specified, we recommend voting against the director who has been on the committee
the longest. If the longest-serving committee member cannot be determined, we will recommend voting against the longest-serving
board member serving on the committee.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">28</TD><TD STYLE="text-align: justify">We believe that one independent individual should be
appointed to serve as the lead or presiding director. When such a position is rotated among directors from meeting to meeting,
we will recommend voting against the governance committee chair as we believe the lack of fixed lead or presiding director means
that, effectively, the board does not have an independent board leader.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">29</TD><TD STYLE="text-align: justify">A forum selection clause is a bylaw provision stipulating
that a certain state, typically where the company is incorporated, which is most often Delaware, shall be the exclusive forum
for all intra-corporate disputes (e.g., shareholder derivative actions, assertions of claims of a breach of fiduciary duty, etc.).
Such a clause effectively limits a shareholder&rsquo;s legal remedy regarding appropriate choice of venue and related relief offered
under that state&rsquo;s laws and rulings.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Regarding the nominating committee,
we will consider recommending that shareholders vote against the following:<FONT STYLE="font-size: 11pt">30</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>All members of the nominating committee, when the committee nominated or renominated an individual who had a significant conflict
of interest or whose past actions demonstrated a lack of integrity or inability to represent shareholder interests.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The nominating committee chair, if the nominating committee did not meet during the year.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>In the absence of a governance committee, the nominating committee chair<FONT STYLE="font-size: 11pt">31</FONT> when the chair
is not independent, and an independent lead or presiding director has not been appointed.<FONT STYLE="font-size: 11pt">32</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The nominating committee chair, when there are less than five or the whole nominating committee when there are more than 20
members on the board.<FONT STYLE="font-size: 11pt">33</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>The nominating committee chair, when a director received a greater than 50% against vote the prior year and not only was the
director not removed, but the issues that raised shareholder concern were not corrected.<FONT STYLE="font-size: 11pt">34</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In addition, we may consider recommending
shareholders vote against the chair of the nominating committee where the board&rsquo;s failure to ensure the board has directors
with relevant experience, either through periodic director assessment or board refreshment, has contributed to a company&rsquo;s
poor performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">BOARD-LEVEL RISK MANAGEMENT OVERSIGHT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis evaluates the risk management
function of a public company board on a strictly case-by-case basis. Sound risk management, while necessary at all companies, is
particularly important at financial firms which inherently maintain significant exposure to financial risk. We believe such financial
firms should have a chief risk officer reporting directly to the board and a dedicated risk committee or a committee of the board
charged with risk oversight. Moreover, many non-financial firms maintain strategies which involve a high level of exposure to financial
risk. Similarly, since many non-financial firms have complex hedging or trading strategies, those firms should also have a chief
risk officer and a risk committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Our views on risk oversight are consistent
with those expressed by various regulatory bodies. In its December 2009 Final Rule release on Proxy Disclosure Enhancements, the
SEC noted that risk oversight is a key competence of the board and that additional disclosures
would improve investor and shareholder understanding of the role of the board in the organization&rsquo;s risk management practices.
The final rules, which became effective on February 28, 2010, now explicitly require companies and mutual funds to describe (while
allowing for some degree of flexibility) the board&rsquo;s role in the oversight of risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">30</TD><TD STYLE="text-align: justify">As discussed in the guidelines section labeled &ldquo;Committee
Chair,&rdquo; where we would recommend to vote against the committee chair but the chair is not up for election because the board
is staggered, we do not recommend voting against any members of the committee who are up for election; rather, we will note the
concern with regard to the committee chair.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">31</TD><TD STYLE="text-align: justify">As discussed under the section labeled &ldquo;Committee
Chair,&rdquo; if the committee chair is not specified, we will recommend voting against the director who has been on the committee
the longest. If the longest-serving committee member cannot be determined, we will recommend voting against the longest- serving
board member on the committee.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">32</TD><TD STYLE="text-align: justify">In the absence of both a governance and a nominating
committee, we will recommend voting against the board chair on this basis, unless if the chair also serves as the CEO, in which
case we will recommend voting against the longest-serving director.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">33</TD><TD STYLE="text-align: justify">In the absence of both a governance and a nominating
committee, we will recommend voting against the board chair on this basis, unless if the chair also serves as the CEO, in which
case we will recommend voting against the the longest-serving director.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">34</TD><TD STYLE="text-align: justify">Considering that shareholder discontent clearly relates
to the director who received a greater than 50% against vote rather than the nominating chair, we review the severity of the issue(s)
that initially raised shareholder concern as well as company responsiveness to such matters, and will only recommend voting against
the nominating chair if a reasonable analysis suggests that it would be most appropriate. In rare cases, we will consider recommending
against the nominating chair when a director receives a substantial (i.e., 20% or more) vote against based on the same analysis.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">When analyzing the risk management
practices of public companies, we take note of any significant losses or writedowns on financial assets and/or structured transactions.
In cases where a company has disclosed a sizable loss or writedown, and where we find that the company&rsquo;s board-level risk
committee&rsquo;s poor oversight contributed to the loss, we will recommend that shareholders vote against such committee members
on that basis. In addition, in cases where a company maintains a significant level of financial risk exposure but fails to disclose
any explicit form of board-level risk oversight (committee or otherwise)<FONT STYLE="font-size: 11pt">35</FONT>, we will consider
recommending to vote against the board chair on that basis. However, we generally would not recommend voting against a combined
chair/CEO, except in egregious cases.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">ENVIRONMENTAL AND SOCIAL RISK OVERSIGHT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Companies face significant financial,
legal and reputational risks resulting from poor environmental and social practices, or negligent oversight thereof. Therefore,
Glass Lewis views the identification, mitigation and management of environmental and social risks as integral components when evaluating
a company&rsquo;s overall risk exposure. We believe boards should ensure that management conducts a complete risk analysis of company
operations, including those that have environmental and social implications. Directors should monitor management&rsquo;s performance
in managing and mitigating these environmental and social risks in order to eliminate or minimize the risks to the company and
its shareholders. In cases where the board or management has failed to sufficiently identify and manage a material environmental
or social risk that did or could negatively impact shareholder value, we will recommend shareholders vote against directors responsible
for risk oversight in consideration of the nature of the risk and the potential effect on shareholder value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">DIRECTOR COMMITMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe that directors should have
the necessary time to fulfill their duties to shareholders. In our view, an overcommitted director can pose a material risk to
a company&rsquo;s shareholders, particularly during periods of crisis. In addition, recent research indicates that the time commitment
associated with being a director has been on a significant upward trend in the past decade.<FONT STYLE="font-size: 11pt">36</FONT>
As a result, we generally recommend that shareholders vote against a director who serves as an executive officer of any public
company while serving on more than two public company boards and any other director who serves on more than five public company
boards.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Because we believe that executives
will primarily devote their attention to executive duties, we generally will not recommend that shareholders vote against overcommitted
directors at the companies where they serve as an executive.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">When determining whether a director&rsquo;s
service on an excessive number of boards may limit the ability of the director to devote sufficient time to board duties, we may
consider relevant factors such as the size and location of the other companies where the director serves on the board, the director&rsquo;s
board roles at the companies in question, whether the director serves on the board of any large privately-held companies, the director&rsquo;s
tenure on the boards in question, and the director&rsquo;s attendance record at all companies. In the case of directors who serve
in executive roles other than CEO (e.g., executive chair), we will evaluate the specific duties and responsibilities of that role
in determining whether an exception is warranted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">35</TD><TD STYLE="text-align: justify">A committee responsible for risk management could be
a dedicated risk committee, the audit committee, or the finance committee, depending on a given company&rsquo;s board structure
and method of disclosure. At some companies, the entire board is charged with risk management.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">36</TD><TD STYLE="text-align: justify">For example, the 2015-2016 NACD Public Company Governance
Survey states that, on average, directors spent a total of 248.2 hours annual on board-related matters during the past year, which
it describes as a &ldquo;historically high level&rdquo; that is significantly above the average hours recorded in 2006. Additionally,
the 2015 Spencer Stuart Board Index indicates that the average number of outside board seats held by CEOs of S&amp;P 500 companies
is 0.6, down from 0.7 in 2009 and 0.9 in 2004.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify">We may also refrain from recommending
against certain directors if the company provides sufficient rationale for their continued board service. The rationale should
allow shareholders to evaluate the scope of the directors&rsquo; other commitments, as well as their contributions to the board
including specialized knowledge of the company&rsquo;s industry, strategy or key markets, the diversity of skills, perspective
and background they provide, and other relevant factors. We will also generally refrain from recommending to vote against a director
who serves on an excessive number of boards within a consolidated group of companies or a director that represents a firm whose
sole purpose is to manage a portfolio of investments which include the company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify">OTHER CONSIDERATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify">In addition to the three key characteristics
&mdash; independence, performance, experience &mdash; that we use to evaluate board members, we consider conflict-of-interest issues
as well as the size of the board of directors when making voting recommendations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify">Conflicts of Interest</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt; text-align: justify">We believe board members should be
wholly free of identifiable and substantial conflicts of interest, regardless of the overall level of independent directors on
the board. Accordingly, we recommend that shareholders vote against the following types of directors:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.5pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">A CFO who is on the board: In our view, the CFO holds a unique position relative to financial reporting and disclosure to shareholders.
Due to the critical importance of financial disclosure and reporting, we believe the CFO should report to the board and not be
a member of it.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.5pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">A director who provides &mdash; or a director who has an immediate family member who provides &mdash; material consulting or
other material professional services to the company. These services may include legal, consulting, or financial services. We question
the need for the company to have consulting relationships with its directors. We view such relationships as creating conflicts
for directors, since they may be forced to weigh their own interests against shareholder interests when making board decisions.
In addition, a company&rsquo;s decisions regarding where to turn for the best professional services may be compromised when doing
business with the professional services firm of one of the company&rsquo;s directors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.5pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">A director, or a director who has an immediate family member, engaging in airplane, real estate, or similar deals, including
perquisite-type grants from the company, amounting to more than $50,000. Directors who receive these sorts of payments from the
company will have to make unnecessarily complicated decisions that may pit their interests against shareholder interests.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.5pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">Interlocking directorships: CEOs or other top executives who serve on each other&rsquo;s boards create an interlock that poses
conflicts that should be avoided to ensure the promotion of shareholder interests above all else.<FONT STYLE="font-size: 11pt">37</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.5pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">5.</TD><TD STYLE="text-align: justify">All board members who served at a time when a poison pill with a term of longer than one year was adopted without shareholder
approval within the prior twelve months.<FONT STYLE="font-size: 11pt">38</FONT> In the event a board is classified and shareholders
are therefore unable to vote against all directors, we will recommend voting against the remaining directors the next year they
are up for a shareholder vote. If a poison pill with a term of one year or less was adopted without shareholder approval, and without
adequate justification, we will consider recommending that shareholders vote against all members of the governance committee. If
the board has, without seeking shareholder approval, and without adequate justification, extended the term of a poison pill by
one year or less in two consecutive years, we will consider recommending that shareholders vote against the entire board.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">37</TD><TD STYLE="text-align: justify">We do not apply a look-back period for this situation.
The interlock policy applies to both public and private companies. We will also evaluate multiple board interlocks among non-insiders
(i.e., multiple directors serving on the same boards at other companies), for evidence of a pattern of poor oversight.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">38</TD><TD STYLE="text-align: justify">Refer to Section V. Governance Structure and the Shareholder
Franchise for further discussion of our policies regarding anti-takeover measures, including poison pills.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Size of the Board of Directors</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">While we do not believe there is a
universally applicable optimum board size, we do believe boards should have at least five directors to ensure sufficient diversity
in decision-making and to enable the formation of key board committees with independent directors. Conversely, we believe that
boards with more than 20 members will typically suffer under the weight of &ldquo;too many cooks in the kitchen&rdquo; and have
difficulty reaching consensus and making timely decisions. Sometimes the presence of too many voices can make it difficult to draw
on the wisdom and experience in the room by virtue of the need to limit the discussion so that each voice may be heard.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">To that end, we typically recommend
voting against the chair of the nominating committee (or the governance committee, in the absence of a nominating committee) at
a board with fewer than five directors or more than 20 directors.<FONT STYLE="font-size: 11pt">39</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">CONTROLLED COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe controlled companies warrant
certain exceptions to our independence standards. The board&rsquo;s function is to protect shareholder interests; however, when
an individual, entity (or group of shareholders party to a formal agreement) owns more than 50% of the voting shares, the interests
of the majority of shareholders are the interests of that entity or individual. Consequently, Glass Lewis does not apply our usual
two-thirds board independence rule and therefore we will not recommend voting against boards whose composition reflects the makeup
of the shareholder population.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Independence Exceptions</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The independence exceptions that we
make for controlled companies are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">We do not require that controlled companies have boards that are at least two-thirds independent. So long as the insiders and/or
affiliates are connected with the controlling entity, we accept the presence of non-independent board members.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">2.</TD><TD STYLE="text-align: justify">The compensation committee and nominating and governance committees do not need to consist solely of independent directors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">We believe that standing nominating and corporate governance committees at controlled companies are unnecessary. Although having
a committee charged with the duties of searching for, selecting, and nominating independent directors can be beneficial, the unique
composition of a controlled company&rsquo;s shareholder base makes such committees weak and irrelevant.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Likewise, we believe that independent compensation committees at controlled companies are unnecessary. Although independent
directors are the best choice for approving and monitoring senior executives&rsquo; pay, controlled companies serve a unique shareholder
population whose voting power ensures the protection of its interests. As such, we believe that having affiliated directors on
a controlled company&rsquo;s compensation committee is acceptable. However, given that a controlled company has certain obligations
to minority shareholders we feel that an insider should not serve on the compensation committee. Therefore, Glass Lewis will recommend
voting against any insider (the CEO or otherwise) serving on the compensation committee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">Controlled companies do not need an independent chair or an independent lead or presiding director. Although an independent
director in a position of authority on the board &mdash; such as chair or presiding director &mdash; can best carry out the board&rsquo;s
duties, controlled companies serve a unique shareholder population whose voting power ensures the protection of its interests.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">39</TD><TD STYLE="text-align: justify">The Conference Board, at p. 23 in its May 2003 report
&ldquo;Corporate Governance Best Practices, Id.,&rdquo; quotes one of its roundtable participants as stating, &ldquo;[w]hen you&rsquo;ve
got a 20 or 30 person corporate board, it&rsquo;s one way of assuring that nothing is ever going to happen that the CEO doesn&rsquo;t
want to happen.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Size of the Board of Directors</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We have no board size requirements
for controlled companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Audit Committee Independence</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Despite a controlled company&rsquo;s
status, unlike for the other key committees, we nevertheless believe that audit committees should consist solely of independent
directors. Regardless of a company&rsquo;s controlled status, the interests of all shareholders must be protected by ensuring the
integrity and accuracy of the company&rsquo;s financial statements. Allowing affiliated directors to oversee the preparation of
financial reports could create an insurmountable conflict of interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Board Responsiveness at Dual-Class
Companies</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">With regards to companies where voting
control is held through a dual-class share structure with dispropor- tionate voting and economic rights, we will carefully examine
the level of approval or disapproval attributed to unaffiliated shareholders when determining whether board responsiveness is warranted.
Where vote results indicate that a majority of unaffiliated shareholders supported a shareholder proposal or opposed a manage-
ment proposal, we believe the board should demonstrate an appropriate level of responsiveness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">SIGNIFICANT SHAREHOLDERS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Where an individual or entity holds
between 20-50% of a company&rsquo;s voting power, we believe it is reasonable to allow proportional representation on the board
and committees (excluding the audit committee) based on the individual or entity&rsquo;s percentage of ownership.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">GOVERNANCE FOLLOWING AN IPO OR SPIN-OFF</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We believe companies that have recently
completed an initial public offering (&ldquo;IPO&rdquo;) or spin-off should be allowed adequate time to fully comply with marketplace
listing requirements and meet basic corporate governance standards. Generally speaking, Glass Lewis refrains from making recommendations
on the basis of governance standards (e.g., board independence, committee membership and structure, meeting attendance, etc.) during
the one-year period following an IPO.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">However, some cases warrant shareholder
action against the board of a company that have completed an IPO or spin-off within the past year. When evaluating companies that
have recently gone public, Glass Lewis will review the terms of the applicable governing documents in order to determine whether
shareholder rights are being severely restricted indefinitely. We believe boards that approve highly restrictive governing documents
have demonstrated that they may subvert shareholder interests following the IPO. In conducting this evaluation, Glass Lewis will
consider:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The adoption of anti-takeover provisions such as a poison pill or classified board</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Supermajority vote requirements to amend governing documents</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>The presence of exclusive forum or fee-shifting provisions</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Whether shareholders can call special meetings or act by written consent</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>The voting standard provided for the election of directors</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">6.</TD><TD>The ability of shareholders to remove directors without cause</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">7.</TD><TD>The presence of evergreen provisions in the Company&rsquo;s equity compensation arrangements</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">8.</TD><TD>The presence of a dual-class share structure which does not afford common shareholders voting power that is aligned with their
economic interest</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In cases where a board adopts an anti-takeover
provision preceding an IPO, we will consider recommending to vote against the members of the board who served when it was adopted
if the board: (i) did not also commit to submit the anti-takeover provision to a shareholder vote at the company&rsquo;s first
shareholder meeting following the IPO; or (ii) did not provide a sound rationale or sunset provision for adopting the anti-takeover
provision in question.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In our view, adopting an anti-takeover
device unfairly penalizes future shareholders who (except for electing to buy or sell the stock) are unable to weigh in on a matter
that could potentially negatively impact their ownership interest. This notion is strengthened when a board adopts a classified
board with an infinite duration or a poison pill with a five- to ten-year term immediately prior to going public, thereby insulated
management for a substantial amount of time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In addition, shareholders should also
be wary of companies that adopt supermajority voting requirements before their IPO. Absent explicit provisions in the articles
or bylaws stipulating that certain policies will be phased out over a certain period of time, long-term shareholders could find
themselves in the predicament of having to attain a supermajority vote to approve future proposals seeking to eliminate such policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">DUAL-LISTED OR FOREIGN-INCORPORATED
COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">For companies that trade on multiple
exchanges or are incorporated in foreign jurisdictions but trade only in the U.S., we will apply the governance standard most relevant
in each situation. We will consider a number of factors in determining which Glass Lewis country-specific policy to apply, including
but not limited to: (i) the corporate governance structure and features of the company including whether the board structure is
unique to a particular market; (ii) the nature of the proposals; (iii) the location of the company&rsquo;s primary listing, if
one can be determined; (iv) the regulatory/governance regime that the board is reporting against; and (v) the availability and
completeness of the company&rsquo;s SEC filings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">MUTUAL FUND BOARDS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Mutual funds, or investment companies,
are structured differently from regular public companies (i.e., operating companies). Typically, members of a fund&rsquo;s advisor
are on the board and management takes on a different role from that of regular public companies. Thus, we focus on a short list
of requirements, although many of our guidelines remain the same.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">The following mutual fund policies
are similar to the policies for regular public companies:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">1.</TD><TD><B>Size of the board of directors</B> &mdash; The board should be made up of between five and twenty directors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">2.</TD><TD><B>The CFO on the board</B> &mdash; Neither the CFO of the fund nor the CFO of the fund&rsquo;s registered investment advisor
should serve on the board.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">3.</TD><TD><B>Independence of the audit committee</B> &mdash; The audit committee should consist solely of independent directors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">4.</TD><TD><B>Audit committee financial expert</B> &mdash; At least one member of the audit committee should be designated as the audit
committee financial expert.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">The following differences from regular
public companies apply at mutual funds:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><B>Independence of the board</B> &mdash; We believe that three-fourths of an investment company&rsquo;s board should be made
up of independent directors. This is consistent with a proposed SEC rule on investment company boards. The Investment Company Act
requires 40% of the board to be independent, but in 2001, the SEC amended the Exemptive
Rules to require that a majority of a mutual fund board be independent. In 2005, the SEC proposed increasing the independence threshold
to 75%. In 2006, a federal appeals court ordered that this rule amendment be put back out for public comment, putting it back into
&ldquo;proposed rule&rdquo; status. Since mutual fund boards play a vital role in overseeing the relationship between the fund
and its investment manager, there is greater need for independent oversight than there is for an operating company board.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 53pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify"><B>When the auditor is not up for ratification</B> &mdash; We do not recommend voting against the audit committee if the auditor
is not up for ratification. Due to the different legal structure of an investment company compared to an operating company, the
auditor for the investment company (i.e., mutual fund) does not conduct the same level of financial review for each investment
company as for an operating company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify"><B>Non-independent chair</B> &mdash; The SEC has proposed that the chair of the fund board be independent. We agree that the
roles of a mutual fund&rsquo;s chair and CEO should be separate. Although we believe this would be best at all companies, we recommend
voting against the chair of an investment company&rsquo;s nominating committee as well as the board chair if the chair and CEO
of a mutual fund are the same person and the fund does not have an independent lead or presiding director. Seven former SEC commissioners
support the appointment of an independent chair and we agree with them that &ldquo;an independent board chair would be better able
to create conditions favoring the long-term interests of fund shareholders than would a chair who is an executive of the advisor.&rdquo;
(See the comment letter sent to the SEC in support of the proposed rule at http://www.sec.gov/news/studies/indchair.pdf.)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify"><B>Multiple funds overseen by the same director</B> &mdash; Unlike service on a public company board, mutual fund boards require
much less of a time commitment. Mutual fund directors typically serve on dozens of other mutual fund boards, often within the same
fund complex. The Investment Company Institute&rsquo;s (&ldquo;ICI&rdquo;) Overview of Fund Governance Practices, 1994-2012, indicates
that the average number of funds served by an independent director in 2012 was 53. Absent evidence that a specific director is
hindered from being an effective board member at a fund due to service on other funds&rsquo; boards, we refrain from maintaining
a cap on the number of outside mutual fund boards that we believe a director can serve on.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">DECLASSIFIED BOARDS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis favors the repeal of staggered
boards and the annual election of directors. We believe staggered boards are less accountable to shareholders than boards that
are elected annually. Furthermore, we feel the annual election of directors encourages board members to focus on shareholder interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Empirical studies have shown: (i) staggered
boards are associated with a reduction in a firm&rsquo;s valuation; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">(ii) in the context of hostile takeovers,
staggered boards operate as a takeover defense, which entrenches management, discourages potential acquirers, and delivers a lower
return to target shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In our view, there is no evidence to
demonstrate that staggered boards improve shareholder returns in a takeover context. Some research has indicated that shareholders
are worse off when a staggered board blocks a transaction; further, when a staggered board negotiates a friendly transaction, no
statistically significant difference in premium occurs.<FONT STYLE="font-size: 11pt">40</FONT> Additional research found that charter-based
staggered boards &ldquo;reduce the market value of a firm by 4% to 6% of its market capitalization&rdquo; and that &ldquo;staggered
boards bring about and not merely reflect this reduction in market value.&rdquo;<FONT STYLE="font-size: 11pt">41</FONT> A subsequent
study reaffirmed that classified boards reduce shareholder value, finding &ldquo;that the ongoing process of dismantling staggered
boards, encouraged by institutional investors, could well contribute to increasing shareholder wealth.&rdquo;<FONT STYLE="font-size: 11pt">42</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">40</TD><TD STYLE="text-align: justify">Lucian Bebchuk, John Coates IV, Guhan Subramanian, &ldquo;The
Powerful Antitakeover Force of Staggered Boards: Further Findings and a Reply to Symposium Participants,&rdquo; 55 Stanford Law
Review 885-917 (2002).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">41</TD><TD STYLE="text-align: justify">Lucian Bebchuk, Alma Cohen, &ldquo;The Costs of Entrenched
Boards&rdquo; (2004).</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">42</TD><TD STYLE="text-align: justify">Lucian Bebchuk, Alma Cohen and Charles C.Y. Wang, &ldquo;Staggered
Boards and the Wealth of Shareholders: Evidence from a Natural Experiment,&rdquo; SSRN: http://ssrn.com/abstract=1706806 (2010),
p. 26.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Shareholders have increasingly come
to agree with this view. In 2016, 92% of S&amp;P 500 companies had declas- sified boards, up from approximately 40% a decade ago.<FONT STYLE="font-size: 11pt">43</FONT>
Management proposals to declassify boards are approved with near unanimity and shareholder proposals on the topic also receive
strong shareholder support; in 2014, shareholder proposals requesting that companies declassify their boards received average support
of 84% (excluding abstentions and broker non-votes), whereas in 1987, only 16.4% of votes cast favored board declassification.<FONT STYLE="font-size: 11pt">44</FONT>
Further, a growing number of companies, nearly half of all those targeted by shareholder proposals requesting that all directors
stand for election annually, either recommended shareholders support the proposal or made no recommendation, a departure from the
more traditional management recommenda- tion to vote against shareholder proposals.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Given our belief that declassified
boards promote director accountability, the empirical evidence suggesting staggered boards reduce a company&rsquo;s value and the
established shareholder opposition to such a structure, Glass Lewis supports the declassification of boards and the annual election
of directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">BOARD COMPOSITION AND REFRESHMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis strongly supports routine
director evaluation, including independent external reviews, and periodic board refreshment to foster the sharing of diverse perspectives
in the boardroom and the generation of new ideas and business strategies. Further, we believe the board should evaluate the need
for changes to board composition based on an analysis of skills and experience necessary for the company, as well as the results
of the director evaluations, as opposed to relying solely on age or tenure limits. When necessary, shareholders can address concerns
regarding proper board composition through director elections.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In our view, a director&rsquo;s experience
can be a valuable asset to shareholders because of the complex, critical issues that boards face. This said, we recognize that
in rare circumstances, a lack of refreshment can contribute to a lack of board responsiveness to poor company performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">On occasion, age or term limits can
be used as a means to remove a director for boards that are unwilling to police their membership and enforce turnover. Some shareholders
support term limits as a way to force change in such circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">While we understand that age limits
can aid board succession planning, the long-term impact of age limits restricts experienced and potentially valuable board members
from service through an arbitrary means. We believe that shareholders are better off monitoring the board&rsquo;s overall composition,
including the diversity of its members, the alignment of the board&rsquo;s areas of expertise with a company&rsquo;s strategy,
the board&rsquo;s approach to corporate governance, and its stewardship of company performance, rather than imposing inflexible
rules that don&rsquo;t necessarily correlate with returns or benefits for shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">However, if a board adopts term/age
limits, it should follow through and not waive such limits. If the board waives its term/age limits, Glass Lewis will consider
recommending shareholders vote against the nominating and/or governance committees, unless the rule was waived with sufficient
explanation, such as consummation of a corporate transaction like a merger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">BOARD GENDER DIVERSITY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis recognizes the importance
of ensuring that the board is comprised of directors who have a diversity of skills, thought and experience, as such diversity
benefits companies by providing a broad range of perspectives and insights.<FONT STYLE="font-size: 11pt">45</FONT> As with previous
years, Glass Lewis will continue to closely review the composition of the board and may note as a concern instances where we believe
the board lacks representation of diverse director candidates, including those boards which have no female directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">43</TD><TD STYLE="text-align: justify">Spencer Stuart Board Index, 2016, p. 14.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">44</TD><TD STYLE="text-align: justify">Lucian Bebchuk, John Coates IV and Guhan Subramanian,
&ldquo;The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy&rdquo;.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">45</TD><TD STYLE="text-align: justify">http://www.glasslewis.com/wp-content/uploads/2017/03/2017-In-Depth-Report-Gender-Diversity.pdf.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In 2018, we will not make voting recommendations
solely on the basis of the diversity of the board. Rather, it will be one of many considerations we make when evaluating companies&rsquo;
oversight structures. Beginning in 2019, however, Glass Lewis will generally recommend voting against the nominating committee
chair of a board that has no female members. Depending on other factors, including the size of the company, the industry in which
the company operates and the governance profile of the company, we may extend this recommendation to vote against other nominating
committee members. When making these voting recommendations, we will carefully review a company&rsquo;s disclosure of its diversity
considerations and may refrain from recommending shareholders vote against directors of companies outside the Russell 3000 index,
or when boards have provided a sufficient rationale for not having any female board members or have disclosed a plan to address
the lack of diversity on the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">PROXY ACCESS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In lieu of running their own contested
election, proxy access would not only allow certain shareholders to nominate directors to company boards but the shareholder nominees
would be included on the company&rsquo;s ballot, significantly enhancing the ability of shareholders to play a meaningful role
in selecting their representatives. Glass Lewis generally supports affording shareholders the right to nominate director candidates
to management&rsquo;s proxy as a means to ensure that significant, long-term shareholders have an ability to nominate candidates
to the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Companies generally seek shareholder
approval to amend company bylaws to adopt proxy access in response to shareholder engagement or pressure, usually in the form of
a shareholder proposal requesting proxy access, although some companies may adopt some elements of proxy access without prompting.
Glass Lewis considers several factors when evaluating whether to support proposals for companies to adopt proxy access including
the specified minimum ownership and holding requirement for shareholders to nominate one or more directors, as well as company
size, performance and responsiveness to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">For a discussion of recent regulatory
events in this area, along with a detailed overview of the Glass Lewis approach to Shareholder Proposals regarding Proxy Access,
refer to Glass Lewis&rsquo; <I>Proxy Paper Guidelines for Shareholder Initiatives</I>, available at www.glasslewis.com.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">MAJORITY VOTE FOR THE ELECTION OF DIRECTORS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Majority voting for the election of
directors is fast becoming the de facto standard in corporate board elections. In our view, the majority voting proposals are an
effort to make the case for shareholder impact on director elections on a company-specific basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">While this proposal would not give
shareholders the opportunity to nominate directors or lead to elections where shareholders have a choice among director candidates,
if implemented, the proposal would allow shareholders to have a voice in determining whether the nominees proposed by the board
should actually serve as the overseer-representatives of shareholders in the boardroom. We believe this would be a favorable outcome
for shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The number of shareholder proposals
requesting that companies adopt a majority voting standard has declined significantly during the past decade, largely as a result
of widespread adoption of majority voting or director resignation policies at U.S. companies. In 2016, 88% of the S&amp;P 500 Index
had implemented a resignation policy for directors failing to receive majority shareholder support, compared to 76% in 2011.<FONT STYLE="font-size: 11pt">46</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">THE PLURALITY VOTE STANDARD</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Today, most US companies still elect
directors by a plurality vote standard. Under that standard, if one shareholder holding only one share votes in favor of a nominee
(including that director, if the director is a shareholder), that nominee &ldquo;wins&rdquo; the election and assumes a seat on
the board. The common concern among companies with a plurality voting standard is the possibility that one or more directors would
not receive a majority of votes, resulting in &ldquo;failed elections.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">46</TD><TD STYLE="text-align: justify">Spencer Stuart Board Index, 2016, p. 12.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">ADVANTAGES OF A MAJORITY VOTE STANDARD</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">If a majority vote standard were implemented,
a nominee would have to receive the support of a majority of the shares voted in order to be elected. Thus, shareholders could
collectively vote to reject a director they believe will not pursue their best interests. Given that so few directors (less than
100 a year) do not receive majority support from shareholders, we think that a majority vote standard is reasonable since it will
neither result in many failed director elections nor reduce the willingness of qualified, shareholder-focused directors to serve
in the future. Further, most directors who fail to receive a majority shareholder vote in favor of their election do not step down,
underscoring the need for true majority voting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We believe that a majority vote standard
will likely lead to more attentive directors. Although shareholders only rarely fail to support directors, the occasional majority
vote against a director&rsquo;s election will likely deter the election of directors with a record of ignoring shareholder interests.
Glass Lewis will therefore generally support proposals calling for the election of directors by a majority vote, excepting contested
director elections.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In response to the high level of support
majority voting has garnered, many companies have voluntarily taken steps to implement majority voting or modified approaches to
majority voting. These steps range from a modified approach requiring directors that receive a majority of withheld votes to resign
(i.e., a resignation policy) to actually requiring a majority vote of outstanding shares to elect directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We feel that the modified approach
does not go far enough because requiring a director to resign is not the same as requiring a majority vote to elect a director
and does not allow shareholders a definitive voice in the election process. Further, under the modified approach, the corporate
governance committee could reject a resignation and, even if it accepts the resignation, the corporate governance committee decides
on the director&rsquo;s replacement. And since the modified approach is usually adopted as a policy by the board or a board committee,
it could be altered by the same board or committee at any time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">CONFLICTING PROPOSALS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">On January 16, 2015, the SEC announced
that for the 2015 proxy season it would not opine on the application of Rule 14a-8(i)(9) that allows companies to exclude shareholder
proposals, including those seeking proxy access, that conflict with a management proposal on the same issue. While the announcement
did not render the rule ineffective, a number of companies opted not to exclude a shareholder proposal but rather to allow shareholders
a vote on both management and shareholder proposals on the same issue, generally proxy access. The management proposals typically
imposed more restrictive terms than the shareholder proposal in order to exercise the particular shareholder right at issue, e.g.,
a higher proxy access ownership threshold. On October 22, 2015, the SEC issued Staff Legal Bulletin No. 14H (&ldquo;SLB 14H&rdquo;)
clarifying its rule concerning the exclusion of certain shareholder proposals when similar items are also on the ballot. SLB 14H
increases the burden on companies to prove to SEC staff that a conflict exists; therefore, some companies may still choose to place
management proposals alongside similar shareholder proposals in the coming year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">When Glass Lewis reviews conflicting
management and shareholder proposals, we will consider the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">The nature of the underlying issue;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The benefit to shareholders from implementation of the proposal;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The materiality of the differences between the terms of the shareholder proposal and management proposal;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The appropriateness of the provisions in the context of a company&rsquo;s shareholder base, corporate
structure and other relevant circumstances; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">A company&rsquo;s overall governance profile and, specifically, its responsiveness to shareholders
as evi- denced by a company&rsquo;s response to previous shareholder proposals and its adoption of progressive shareholder rights
provisions.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6.35pt">Transparency and Integrity in Financial Reporting</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6.35pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify">AUDITOR RATIFICATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify">The auditor&rsquo;s role as gatekeeper
is crucial in ensuring the integrity and transparency of the financial information necessary for protecting shareholder value.
Shareholders rely on the auditor to ask tough questions and to do a thorough analysis of a company&rsquo;s books to ensure that
the information provided to shareholders is complete, accurate, fair, and that it is a reasonable representation of a company&rsquo;s
financial position. The only way shareholders can make rational investment decisions is if the market is equipped with accurate
information about a company&rsquo;s fiscal health. As stated in the October 6, 2008 Final Report of the Advisory Committee on the
Auditing Profession to the U.S. Department of the Treasury:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"><I>&ldquo;The auditor is expected
to offer critical and objective judgment on the financial matters under consideration, and actual and perceived absence of conflicts
is critical to that expectation. The Committee believes that auditors, investors, public companies, and other market participants
must understand the independence requirements and their objectives, and that auditors must adopt a mindset of skepticism when facing
situations that may compromise their independence.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify">As such, shareholders should demand
an objective, competent and diligent auditor who performs at or above professional standards at every company in which the investors
hold an interest. Like directors, auditors should be free from conflicts of interest and should avoid situations requiring a choice
between the auditor&rsquo;s interests and the public&rsquo;s interests. Almost without exception, shareholders should be able to
annually review an auditor&rsquo;s performance and to annually ratify a board&rsquo;s auditor selection. Moreover, in October 2008,
the Advisory Committee on the Auditing Profession went even further, and recommended that &ldquo;to further enhance audit committee
oversight and auditor accountability ... disclosure in the company proxy statement regarding shareholder ratification [should]
include the name(s) of the senior auditing partner(s) staffed on the engagement.&rdquo;<FONT STYLE="font-size: 11pt">47</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify">On August 16, 2011, the PCAOB issued
a Concept Release seeking public comment on ways that auditor independence, objectivity and professional skepticism could be enhanced,
with a specific emphasis on mandatory audit firm rotation. The PCAOB convened several public roundtable meetings during 2012 to
further discuss such matters. Glass Lewis believes auditor rotation can ensure both the independence of the auditor and the integrity
of the audit; we will typically recommend supporting proposals to require auditor rotation when the proposal uses a reasonable
period of time (usually not less than 5-7 years), particularly at companies with a history of accounting problems.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify">VOTING RECOMMENDATIONS ON AUDITOR
RATIFICATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify">We generally support management&rsquo;s
choice of auditor except when we believe the auditor&rsquo;s independence or audit integrity has been compromised. Where a board
has not allowed shareholders to review and ratify an auditor, we typically recommend voting against the audit committee chair.
When there have been material restatements of annual financial statements or material weaknesses in internal controls, we usually
recommend voting against the entire audit committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">47</TD><TD STYLE="text-align: justify">&ldquo;Final Report of the Advisory Committee on the
Auditing Profession to the U.S. Department of the Treasury.&rdquo; p. VIII:20, October 6, 2008.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Reasons why we may not recommend ratification
of an auditor include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>When audit fees plus audit-related fees total less than the tax fees and/or other non-audit fees.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Recent material restatements of annual financial statements, including those resulting in the reporting of material weaknesses
in internal controls and including late filings by the company where the auditor bears some responsibility for the restatement
or late filing.<FONT STYLE="font-size: 11pt">48</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>When the auditor performs prohibited services such as tax-shelter work, tax services for the CEO or CFO, or contingent-fee
work, such as a fee based on a percentage of economic benefit to the company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>When audit fees are excessively low, especially when compared with other companies in the same industry.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>When the company has aggressive accounting policies.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">6.</TD><TD>When the company has poor disclosure or lack of transparency in its financial statements.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">7.</TD><TD>Where the auditor limited its liability through its contract with the company or the audit contract requires the corporation
to use alternative dispute resolution procedures without adequate justification.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">8.</TD><TD>We also look for other relationships or concerns with the auditor that might suggest a conflict be- tween the auditor&rsquo;s
interests and shareholder interests.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">PENSION ACCOUNTING ISSUES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">A pension accounting question occasionally
raised in proxy proposals is what effect, if any, projected returns on employee pension assets should have on a company&rsquo;s
net income. This issue often arises in the executive- compensation context in a discussion of the extent to which pension accounting
should be reflected in business performance for purposes of calculating payments to executives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes that pension credits
should not be included in measuring income that is used to award performance-based compensation. Because many of the assumptions
used in accounting for retirement plans are subject to the company&rsquo;s discretion, management would have an obvious conflict
of interest if pay were tied to pension income. In our view, projected income from pensions does not truly reflect a company&rsquo;s
performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">48</TD><TD STYLE="text-align: justify">An auditor does not audit interim financial statements.
Thus, we generally do not believe that an auditor should be opposed due to a restatement of interim financial statements unless
the nature of the misstatement is clear from a reading of the incorrect financial statements.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: right"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6.1pt">The Link Between Compensation and Performance</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6.1pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis carefully reviews the compensation
awarded to senior executives, as we believe that this is an important area in which the board&rsquo;s priorities are revealed.
Glass Lewis strongly believes executive compensation should be linked directly with the performance of the business the executive
is charged with managing. We believe the most effective compensation arrangements provide for an appropriate mix of performance-based
short- and long-term incentives in addition to fixed pay elements while promoting a prudent and sustainable level of risk-taking.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes that comprehensive,
timely and transparent disclosure of executive pay is critical to allowing shareholders to evaluate the extent to which pay is
aligned with company performance. When reviewing proxy materials, Glass Lewis examines whether the company discloses the performance
metrics used to determine executive compensation. We recognize performance metrics must necessarily vary depending on the company
and industry, among other factors, and may include a wide variety of financial measures as well as industry-specific performance
indicators. However, we believe companies should disclose why the specific performance metrics were selected and how the actions
they are designed to incentivize will lead to better corporate performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Moreover, it is rarely in shareholders&rsquo;
interests to disclose competitive data about individual salaries below the senior executive level. Such disclosure could create
internal personnel discord that would be counterproductive for the company and its shareholders. While we favor full disclosure
for senior executives and we view pay disclosure at the aggregate level (e.g., the number of employees being paid over a certain
amount or in certain categories) as potentially useful, we do not believe share-holders need or will benefit from detailed reports
about individual management employees other than the most senior executives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">ADVISORY VOTE ON EXECUTIVE COMPENSATION
(&ldquo;SAY-ON-PAY&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The Dodd-Frank Wall Street Reform and
Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;) required companies to hold an advisory vote on executive compensation
at the first shareholder meeting that occurs six months after enactment of the bill (January 21, 2011).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">This practice of allowing shareholders
a non-binding vote on a company&rsquo;s compensation report is standard practice in many non-US countries, and has been a requirement
for most companies in the United Kingdom since 2003 and in Australia since 2005. Although say-on-pay proposals are non-binding,
a high level of &ldquo;against&rdquo; or &ldquo;abstain&rdquo; votes indicates substantial shareholder concern about a company&rsquo;s
compensation policies and procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Given the complexity of most companies&rsquo;
compensation programs, Glass Lewis applies a highly nuanced approach when analyzing advisory votes on executive compensation. We
review each company&rsquo;s compensation on a case-by-case basis, recognizing that each company must be examined in the context
of industry, size, maturity, performance, financial condition, its historic pay for performance practices, and any other relevant
internal or external factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe that each company should
design and apply specific compensation policies and practices that are appropriate to the circumstances of the company and, in
particular, will attract and retain competent executives and other staff, while motivating them to grow the company&rsquo;s long-term
shareholder value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Where we find those specific policies
and practices serve to reasonably align compensation with performance, and such practices are adequately disclosed, Glass Lewis
will recommend supporting the company&rsquo;s approach. If, however, those specific policies and practices fail to demonstrably
link compensation with performance, Glass Lewis will generally recommend voting against the say-on-pay proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis reviews say-on-pay proposals
on both a qualitative basis and a quantitative basis, with a focus on several main areas:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">The overall design and structure of the company&rsquo;s executive compensation programs including
selection and challenging nature of performance metrics;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The implementation and effectiveness of the company&rsquo;s executive compensation programs including
pay mix and use of performance metrics in determining pay levels;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The quality and content of the company&rsquo;s disclosure;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The quantum paid to executives; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The link between compensation and performance as indicated by the company&rsquo;s current and past
pay-for-performance grades.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We also review any significant changes
or modifications, and the rationale for such changes, made to the company&rsquo;s compensation structure or award amounts, including
base salaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">SAY-ON-PAY VOTING RECOMMENDATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In cases where we find deficiencies
in a company&rsquo;s compensation program&rsquo;s design, implementation or management, we will recommend that shareholders vote
against the say-on-pay proposal. Generally such instances include evidence of a pattern of poor pay-for-performance practices (i.e.,
deficient or failing pay- for-performance grades), unclear or questionable disclosure regarding the overall compensation structure
(e.g., limited information regarding benchmarking processes, limited rationale for bonus performance metrics and targets, etc.),
questionable adjustments to certain aspects of the overall compensation structure (e.g., limited rationale for significant changes
to performance targets or metrics, the payout of guaranteed bonuses or sizable retention grants, etc.), and/or other egregious
compensation practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Although not an exhaustive list, the
following issues when weighed together may cause Glass Lewis to recommend voting against a say-on-pay vote:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Inappropriate peer group and/or benchmarking issues;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Inadequate or no rationale for changes to peer groups;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Egregious or excessive bonuses, equity awards or severance payments, including golden handshakes
and golden parachutes;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Problematic contractual payments, such as guaranteed bonuses;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Targeting overall levels of compensation at higher than median without adequate justification;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Performance targets not sufficiently challenging, and/or providing for high potential payouts;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Performance targets lowered without justification;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Discretionary bonuses paid when short- or long-term incentive plan targets were not met;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Executive pay high relative to peers not justified by outstanding company performance; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The terms of the long-term incentive plans are inappropriate (please see &ldquo;Long-Term Incentives&rdquo;
on page 30).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">In instances where a company has
simply failed to provide sufficient disclosure of its policies, we may recommend shareholders vote against this proposal solely
on this basis, regardless of the appropriateness of compensation levels.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">Where we identify egregious compensation
practices, we may also recommend voting against the compensation committee based on the practices or actions of its members during
the year. Such practices may include: approving large one-off payments, the inappropriate, unjustified use of discretion, or sustained
poor pay for performance practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">COMPANY RESPONSIVENESS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">At companies that received a significant
level of shareholder opposition (20% or greater) to their say-on-pay proposal at the previous annual meeting, we believe the board
should demonstrate some level of engagement and responsiveness to the shareholder concerns behind the discontent, particularly
in response to shareholder engagement. While we recognize that sweeping changes cannot be made to a compensation program without
due consideration and that a majority of shareholders voted in favor of the proposal, given that the average approval rate for
say-on-pay proposals is about 90% we believe the compensation committee should provide some level of response to a significant
vote against, including engaging with large shareholders to identify their concerns. In the absence of any evidence that the board
is actively engaging shareholders on these issues and responding accordingly, we may recommend holding compensation committee members
accountable for failing to adequately respond to shareholder opposition, giving careful consideration to the level of shareholder
protest and the severity and history of compensation problems.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">PAY FOR PERFORMANCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">Glass Lewis believes an integral
part of a well-structured compensation package is a successful link between pay and performance. Our proprietary pay-for-performance
model was developed to better evaluate the link between pay and performance of the top five executives at US companies. Our model
benchmarks these executives&rsquo; pay and company performance against peers selected using Equilar&rsquo;s market-based peer groups
and across five performance metrics. By measuring the magnitude of the gap between two weighted-average percentile rankings (executive
compensation and performance), we rank companies based on a grade system. The grades guide our evaluation of compensation committee
effectiveness, and we generally recommend voting against compensation committee members at companies with a pattern of failing
our pay-for- performance analysis. Unlike a school letter system, however, the letter &ldquo;C&rdquo; in the Glass Lewis grade
system does not indicate a significant lapse; rather, a &ldquo;C&rdquo; in the Glass Lewis grade system identifies companies where
the pay and performance percentile rankings relative to peers are generally aligned. This suggests that the company neither overpays
nor underpays its executives relative to its comparator group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">The grades &ldquo;A&rdquo; and &ldquo;B&rdquo;
are also designated to companies which align pay with performance. However, these grades indicate lower compensation levels relative
to the market and to company performance. A &ldquo;B&rdquo; grade stems from slightly higher performance levels in comparison to
market peers while executives earn relatively less than peers. Receiving an &ldquo;A&rdquo; in our analysis shows that the company
is paying significantly less than peers while outperforming the comparator group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">A grade of &ldquo;D&rdquo; or &ldquo;F&rdquo;
in our analysis is due to high pay and low performance relative to the comparator group. In our analysis, we differentiate between
a disconnect between pay and performance, &ldquo;D&rdquo;, and a significant disconnect, &ldquo;F&rdquo;. An &ldquo;F&rdquo; grade
in our analysis indicates that executives receive significantly higher compensation than peers while underperforming the market.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We also use this analysis to inform
our voting decisions on say-on-pay proposals. As such, if a company receives a failing grade from our proprietary model, we are
more likely to recommend that shareholders vote against the say-on-pay proposal. However, other qualitative factors such as an
effective overall incentive structure, the relevance of selected performance metrics, significant forthcoming enhancements or reasonable
long-term payout levels may give us cause to recommend in favor of a proposal even when we have identified a disconnect between
pay and performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">SHORT-TERM INCENTIVES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">A short-term bonus or incentive (&ldquo;STI&rdquo;)
should be demonstrably tied to performance. Whenever possible, we believe a mix of corporate and individual performance measures
is appropriate. We would normally expect performance measures for STIs to be based on company-wide or divisional financial measures
as well as non- financial factors such as those related to safety, environmental issues, and customer satisfaction. While we recognize
that companies operating in different sectors or markets may seek to utilize a wide range of metrics, we expect such measures to
be appropriately tied to a company&rsquo;s business drivers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Further, the target and potential maximum
awards that can be achieved under STI awards should be disclosed. Shareholders should expect stretching performance targets for
the maximum award to be achieved. Any increase in the potential target and maximum award should be clearly justified to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis recognizes that disclosure
of some measures may include commercially confidential information. Therefore, we believe it may be reasonable to exclude such
information in some cases as long as the company provides sufficient justification for non-disclosure. However, where a short-term
bonus has been paid, companies should disclose the extent to which performance has been achieved against relevant targets, including
disclosure of the actual target achieved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Where management has received significant
STIs but short-term performance over the previous year prima facie appears to be poor or negative, we believe the company should
provide a clear explanation of why these significant short-term payments were made. In addition, we believe that where companies
use non-GAAP or bespoke metrics, clear reconciliations between these figures and GAAP figures in audited financial statement should
be provided.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">LONG-TERM INCENTIVES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis recognizes the value of
equity-based incentive programs, which are often the primary long-term incentive for executives. When used appropriately, they
can provide a vehicle for linking an executive&rsquo;s pay to company performance, thereby aligning their interests with those
of shareholders. In addition, equity-based compensation can be an effective way to attract, retain and motivate key employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">There are certain elements that Glass
Lewis believes are common to most well-structured long-term incentive (&ldquo;LTI&rdquo;) plans. These include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">No re-testing or lowering of performance conditions;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Performance metrics that cannot be easily manipulated by management;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Two or more performance metrics;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">At least one relative performance metric that compares the company&rsquo;s performance to a relevant
peer group or index;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Performance periods of at least three years;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Stretching metrics that incentivize executives to strive for outstanding performance while not en-
couraging excessive risk-taking; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Individual limits expressed as a percentage of base salary.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">Performance measures should be carefully
selected and should relate to the specific business/industry in which the company operates and, especially, the key value drivers
of the company&rsquo;s business. As with short- term incentive plans, the basis for any adjustments to metrics or results should
be clearly explained.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">While cognizant of the inherent complexity
of certain performance metrics, Glass Lewis generally believes that measuring a company&rsquo;s performance with multiple metrics
serves to provide a more complete picture of the company&rsquo;s performance than a single metric; further, reliance on just one
metric may focus too much management attention on a single target and is therefore more susceptible to manipulation. When utilized
for relative measurements, external benchmarks such as a sector index or peer group should be disclosed and transparent. The rationale
behind the selection of a specific index or peer group should also be disclosed. Internal benchmarks should also be disclosed and
transparent, unless a cogent case for confidentiality is made and fully explained. Similarly, actual performance and vesting levels
for previous grants earned during the fiscal year should be disclosed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">We also believe shareholders should
evaluate the relative success of a company&rsquo;s compensation programs, particularly with regard to existing equity-based incentive
plans, in linking pay and performance when evaluating new LTI plans to determine the impact of additional stock awards. We will
therefore review the company&rsquo;s pay-for-performance grade (see below for more information) and specifically the proportion
of total compensation that is stock-based.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">TRANSITIONAL AND ONE-OFF AWARDS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">Glass Lewis believes shareholders
should generally be wary of awards granted outside of the standard incentive schemes outlined above, as such awards have the potential
to undermine the integrity of a company&rsquo;s regular incentive plans, the link between pay and performance or both. We generally
believe that if the existing incentive programs fail to provide adequate incentives to executives, companies should redesign their
compensation programs rather than make additional grants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">However, we recognize that in certain
circumstances, additional incentives may be appropriate. In these cases, companies should provide a thorough description of the
awards, including a cogent and convincing explanation of their necessity and why existing awards do not provide sufficient motivation.
Further, such awards should be tied to future service and performance whenever possible.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">Similarly, we acknowledge that there
may be certain costs associated with transitions at the executive level. We believe that sign-on arrangements should be clearly
disclosed and accompanied by a meaningful explanation of the payments and the process by which the amounts are reached. Furthermore,
the details of and basis for any &ldquo;make-whole&rdquo; payments (which are paid as compensation for forfeited awards from a
previous employer) should be provided.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">While in limited circumstances such
deviations may not be inappropriate, we believe shareholders should be provided with a meaningful explanation of any additional
benefits agreed upon outside of the regular arrange- ments. For severance or sign-on arrangements, we may consider the executive&rsquo;s
regular target compensation levels or the sums paid to other executives (including the recipient&rsquo;s predecessor, where applicable)
in evaluat- ing the appropriateness of such an arrangement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">Additionally, we believe companies
making supplemental or one-time awards should also describe if and how the regular compensation arrangements will be affected by
these additional grants. In reviewing a company&rsquo;s use of supplemental awards, Glass Lewis will evaluate the terms and size
of the grants in the context of the company&rsquo;s overall incentive strategy and granting practices, as well as the current operating
environment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">RECOUPMENT PROVISIONS (&ldquo;CLAWBACKS&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">We believe it is prudent for boards
to adopt detailed and stringent bonus recoupment policies to prevent executives from retaining performance-based awards that were
not truly earned. We believe such &ldquo;clawback&rdquo; policies should be triggered in the event of a restatement of financial
results or similar revision of performance indicators upon which bonuses were based. Such policies would allow the board to review
all performance- related bonuses and awards made to senior executives during the period covered by a restatement and would, to
the extent feasible, allow the company to recoup such bonuses in the event that performance goals were not actually achieved. We
further believe clawback policies should be subject to only limited discretion to ensure the integrity of such policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">Section 954 of the Dodd-Frank Act
requires the SEC to create a rule requiring listed companies to adopt policies for recouping certain compensation during a three-year
look-back period. The rule applies to incentive-based compensation paid to current or former executives if the company is required
to prepare an accounting restatement due to erroneous data resulting from material non-compliance with any financial reporting
requirements under the securities laws. However, the SEC has yet to finalize the relevant rules.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">These recoupment provisions
are more stringent than under Section 304 of the Sarbanes-Oxley Act in three respects: (i) the provisions extend to current
or former executive officers rather than only to the CEO and CFO; (ii) it has a
three-year look-back period (rather than a twelve-month look-back period); and (iii) it allows for recovery of compensation
based upon a financial restatement due to erroneous data, and therefore does not require misconduct on the part of the
executive or other employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">HEDGING OF STOCK</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">Glass Lewis believes that the hedging
of shares by executives in the shares of the companies where they are employed severs the alignment of interests of the executive
with shareholders. We believe companies should adopt strict policies to prohibit executives from hedging the economic risk associated
with their shareownership in the company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">PLEDGING OF STOCK</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">Glass Lewis believes that shareholders
should examine the facts and circumstances of each company rather than apply a one-size-fits-all policy regarding employee stock
pledging. Glass Lewis believes that shareholders benefit when employees, particularly senior executives have &ldquo;skin-in-the-game&rdquo;
and therefore recognizes the benefits of measures designed to encourage employees to both buy shares out of their own pocket and
to retain shares they have been granted; blanket policies prohibiting stock pledging may discourage executives and employees from
doing either.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">However, we also recognize that
the pledging of shares can present a risk that, depending on a host of factors, an executive with significant pledged shares and
limited other assets may have an incentive to take steps to avoid a forced sale of shares in the face of a rapid stock price decline.
Therefore, to avoid substantial losses from a forced sale to meet the terms of the loan, the executive may have an incentive to
boost the stock price in the short term in a manner that is unsustainable, thus hurting shareholders in the long-term. We also
recognize concerns regarding pledging may not apply to less senior employees, given the latter group&rsquo;s significantly more
limited influence over a company&rsquo;s stock price. Therefore, we believe that the issue of pledging shares should be reviewed
in that context, as should polices that distinguish between the two groups.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.25pt; text-align: justify">Glass Lewis believes that the benefits
of stock ownership by executives and employees may outweigh the risks of stock pledging, depending on many factors. As such, Glass
Lewis reviews all relevant factors in evaluating proposed policies, limitations and prohibitions on pledging stock, including:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.25pt"></TD><TD STYLE="width: 18.45pt">&bull;</TD><TD>The number of shares pledged;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.25pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The percentage executives&rsquo; pledged shares are of outstanding shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The percentage executives&rsquo; pledged shares are of each executive&rsquo;s shares and total assets;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Whether the pledged shares were purchased by the employee or granted by the company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Whether there are different policies for purchased and granted shares;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Whether the granted shares were time-based or performance-based;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The overall governance profile of the company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The volatility of the company&rsquo;s stock (in order to determine the likelihood of a sudden stock price drop);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The nature and cyclicality, if applicable, of the company&rsquo;s industry;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The participation and eligibility of executives and employees in pledging;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The company&rsquo;s current policies regarding pledging and any waiver from these policies for employees and executives; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Disclosure of the extent of any pledging, particularly among senior executives.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">COMPENSATION CONSULTANT INDEPENDENCE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">As mandated by Section 952 of the
Dodd-Frank Act, as of January 11, 2013, the SEC approved new listing requirements for both the NYSE and NASDAQ which require compensation
committees to consider six factors in assessing compensation advisor independence. These factors include: (1) provision of other
services to the company; (2) fees paid by the company as a percentage of the advisor&rsquo;s total annual revenue; (3) policies
and procedures of the advisor to mitigate conflicts of interests; (4) any business or personal relationships of the consultant
with any member of the compensation committee; (5) any company stock held by the consultant; and (6) any business or personal relationships
of the consultant with any executive officer of the company. According to the SEC, &ldquo;no one factor should be viewed as a determinative
factor.&rdquo; Glass Lewis believes this six-factor assessment is an important process for every compensation committee to undertake
but believes companies employing a consultant for board compensation, consulting and other corporate services should provide clear
disclosure beyond just a reference to examining the six points to allow shareholders to review the specific aspects of the various
consultant relationships.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">We believe compensation consultants
are engaged to provide objective, disinterested, expert advice to the compensation committee. When the consultant or its affiliates
receive substantial income from providing other services to the company, we believe the potential for a conflict of interest arises
and the independence of the consultant may be jeopardized. Therefore, Glass Lewis will, when relevant, note the potential for a
conflict of interest when the fees paid to the advisor or its affiliates for other services exceeds those paid for compensation
consulting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">CEO PAY RATIO</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">As mandated by Section 953(b) of
the Dodd-Frank Wall Street Consumer and Protection Act, beginning in 2018, issuers will be required to disclose the median annual
total compensation of all employees except the CEO, the total annual compensation of the CEO or equivalent position, and the ratio
between the two amounts. Glass Lewis will display the pay ratio as a data point in our Proxy Papers, as available. While we recognize
that the pay ratio has the potential to provide additional insight when assessing a company&rsquo;s pay practices, at this time
it will not be a determinative factor in our voting recommendations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">FREQUENCY OF SAY-ON-PAY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">The Dodd-Frank Act also requires companies
to allow shareholders a non-binding vote on the frequency of say-on-pay votes, i.e. every one, two or three years. Additionally,
Dodd-Frank requires companies to hold such votes on the frequency of say-on-pay votes at least once every six years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We believe companies should submit
say-on-pay votes to shareholders every year. We believe that the time and financial burdens to a company with regard to an annual
vote are relatively small and incremental and are outweighed by the benefits to shareholders through more frequent accountability.
Implementing biannual or triennial votes on executive compensation limits shareholders&rsquo; ability to hold the board accountable
for its compensation practices through means other than voting against the compensation committee. Unless a company provides a
compelling rationale or unique circumstances for say-on-pay votes less frequent than annually, we will generally recommend that
shareholders support annual votes on compensation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">VOTE ON GOLDEN PARACHUTE ARRANGEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">The Dodd-Frank Act also requires companies
to provide shareholders with a separate non-binding vote on approval of golden parachute compensation arrangements in connection
with certain change-in-control trans- actions. However, if the golden parachute arrangements have previously been subject to a
say-on-pay vote which shareholders approved, then this required vote is waived.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes the narrative
and tabular disclosure of golden parachute arrangements benefits all shareholders. Glass Lewis analyzes each golden parachute arrangement
on a case-by-case basis, taking into account, among other items: the nature of the change-in-control transaction, the ultimate
value of the payments particularly compared to the value of the transaction, any excise tax gross-up obligations, the tenure and
position of the executives in question before and after the transaction, any new or amended employment agreements entered into
in connection with the transaction, and the type of triggers involved (i.e., single vs. double).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">EQUITY-BASED COMPENSATION PLAN PROPOSALS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We believe that equity compensation
awards, when not abused, are useful for retaining employees and providing an incentive for them to act in a way that will improve
company performance. Glass Lewis recognizes that equity-based compensation plans are critical components of a company&rsquo;s overall
compensation program and we analyze such plans accordingly based on both quantitative and qualitative factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Our quantitative analysis assesses
the plan&rsquo;s cost and the company&rsquo;s pace of granting utilizing a number of different analyses, comparing the program
with absolute limits we believe are key to equity value creation and with a carefully chosen peer group. In general, our model
seeks to determine whether the proposed plan is either absolutely excessive or is more than one standard deviation away from the
average plan for the peer group on a range of criteria, including dilution to shareholders and the projected annual cost relative
to the company&rsquo;s financial performance. Each of the analyses (and their constituent parts) is weighted and the plan is scored
in accordance with that weight.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We compare the program&rsquo;s expected
annual expense with the business&rsquo;s operating metrics to help determine whether the plan is excessive in light of company
performance. We also compare the plan&rsquo;s expected annual cost to the enterprise value of the firm rather than to market capitalization
because the employees, managers and directors of the firm contribute to the creation of enterprise value but not necessarily market
capitalization (the biggest difference is seen where cash represents the vast majority of market capitalization). Finally, we do
not rely exclusively on relative comparisons with averages because, in addition to creeping averages serving to inflate compensation,
we believe that some absolute limits are warranted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We then consider qualitative
aspects of the plan such as plan administration, the method and terms of exercise, repricing history, express or implied
rights to reprice, and the presence of evergreen provisions. We also closely review the choice and use of, and difficulty in
meeting, the awards&rsquo; performance metrics and targets, if any. We believe significant changes to the terms of a plan
should be explained for shareholders and clearly indicated. Other factors such as a company&rsquo;s size and operating
environment may also be relevant in assessing the severity of concerns or the benefits of certain changes. Finally, we may
consider a company&rsquo;s executive compensation practices in certain situations, as applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We evaluate equity plans based on certain
overarching principles:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Companies should seek more shares only when needed;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Requested share amounts should be small enough that companies seek shareholder approval every three to four years (or more
frequently);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">If a plan is relatively expensive, it should not grant options solely to senior executives and board members;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Dilution of annual net share count or voting power, along with the &ldquo;overhang&rdquo; of incentive plans, should be limited;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Annual cost of the plan (especially if not shown on the income statement) should be reasonable as a percentage of financial
results and should be in line with the peer group;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The expected annual cost of the plan should be proportional to the business&rsquo;s value;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The intrinsic value that option grantees received in the past should be reasonable compared with the business&rsquo;s financial
results;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Plans should not permit re-pricing of stock options;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Plans should not contain excessively liberal administrative or payment terms;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Plans should not count shares in ways that understate the potential dilution, or cost, to common shareholders. This refers
to &ldquo;inverse&rdquo; full-value award multipliers;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Selected performance metrics should be challenging and appropriate, and should be subject to relative performance measurements;
and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Stock grants should be subject to minimum vesting and/or holding periods sufficient to ensure sustainable performance and promote
retention.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">OPTION EXCHANGES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis views option repricing
plans and option exchange programs with great skepticism. Shareholders have substantial risk in owning stock and we believe that
the employees, officers, and directors who receive stock options should be similarly situated to align their interests with shareholder
interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We are concerned that option grantees
who believe they will be &ldquo;rescued&rdquo; from underwater options will be more inclined to take unjustifiable risks. Moreover,
a predictable pattern of repricing or exchanges substantially alters a stock option&rsquo;s value because options that will practically
never expire deeply out of the money are worth far more than options that carry a risk of expiration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In short, repricings and option exchange
programs change the bargain between shareholders and employees after the bargain has been struck.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">There is one circumstance in which
a repricing or option exchange program may be acceptable: if macroeconomic or industry trends, rather than specific company issues,
cause a stock&rsquo;s value to decline dramatically and the repricing is necessary to motivate and retain employees. In this circumstance,
we think it fair to conclude that option grantees may be suffering from a risk that was not foreseeable when the original &ldquo;bargain&rdquo;
was struck. In such a circumstance, we will recommend supporting a repricing if the following conditions are true:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Officers and board members cannot participate in the program;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The stock decline mirrors the market or industry price decline in terms of timing and approximates the decline in magnitude;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The exchange is value-neutral or value-creative to shareholders using very conservative assumptions and with a recognition
of the adverse selection problems inherent in voluntary programs; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Management and the board make a cogent case for needing to motivate and retain existing employees, such as being in a competitive
employment market.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">OPTION BACKDATING, SPRING-LOADING AND
BULLET-DODGING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis views option backdating,
and the related practices of spring-loading and bullet-dodging, as egregious actions that warrant holding the appropriate management
and board members responsible. These practices are similar to re-pricing options and eliminate much of the downside risk inherent
in an option grant that is designed to induce recipients to maximize shareholder return.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Backdating an option is the act of
changing an option&rsquo;s grant date from the actual grant date to an earlier date when the market price of the underlying stock
was lower, resulting in a lower exercise price for the option. Since 2006, Glass Lewis has identified over 270 companies that have
disclosed internal or government investigations into their past stock-option grants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Spring-loading is granting stock options
while in possession of material, positive information that has not been disclosed publicly. Bullet-dodging is delaying the grants
of stock options until after the release of material, negative information. This can allow option grants to be made at a lower
price either before the release of positive news or following the release of negative news, assuming the stock&rsquo;s price will
move up or down in response to the information. This raises a concern similar to that of insider trading, or the trading on material
non-public information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The exercise price for an option is
determined on the day of grant, providing the recipient with the same market risk as an investor who bought shares on that date.
However, where options were backdated, the executive or the board (or the compensation committee) changed the grant date retroactively.
The new date may be at or near the lowest price for the year or period. This would be like allowing an investor to look back and
select the lowest price of the year at which to buy shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">A 2006 study of option grants made
between 1996 and 2005 at 8,000 companies found that option backdating can be an indication of poor internal controls. The study
found that option backdating was more likely to occur at companies without a majority independent board and with a long-serving
CEO; both factors, the study concluded, were associated with greater CEO influence on the company&rsquo;s compensation and governance
practices.<FONT STYLE="font-size: 11pt">49</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Where a company granted backdated options
to an executive who is also a director, Glass Lewis will recommend voting against that executive/director, regardless of who decided
to make the award. In addition, Glass Lewis will recommend voting against those directors who either approved or allowed the backdating.
Glass Lewis feels that executives and directors who either benefited from backdated options or authorized the practice have breached
their fiduciary responsibility to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">49</TD><TD STYLE="text-align: justify">Lucian Bebchuk, Yaniv Grinstein and Urs Peyer. &ldquo;LUCKY
CEOs.&rdquo; November, 2006.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Given the severe tax and legal liabilities
to the company from backdating, Glass Lewis will consider recommending voting against members of the audit committee who served
when options were backdated, a restatement occurs, material weaknesses in internal controls exist and disclosures indicate there
was a lack of documentation. These committee members failed in their responsibility to ensure the integrity of the company&rsquo;s
financial reports.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">When a company has engaged in spring-loading
or bullet-dodging, Glass Lewis will consider recommending voting against the compensation committee members where there has been
a pattern of granting options at or near historic lows. Glass Lewis will also recommend voting against executives serving on the
board who benefited from the spring-loading or bullet-dodging.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">DIRECTOR COMPENSATION PLANS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that non-employee
directors should receive reasonable and appropriate compensation for the time and effort they spend serving on the board and its
committees. However, a balance is required. Fees should be competitive in order to retain and attract qualified individuals, but
excessive fees represent a financial cost to the company and potentially compromise the objectivity and independence of non-employee
directors. We will consider recommending supporting compensation plans that include option grants or other equity-based awards
that help to align the interests of outside directors with those of shareholders. However, equity grants to directors should not
be performance-based to ensure directors are not incentivized in the same manner as executives but rather serve as a check on imprudent
risk-taking in executive compensation plan design.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis uses a proprietary model
and analyst review to evaluate the costs of equity plans compared to the plans of peer companies with similar market capitalizations.
We use the results of this model to guide our voting recommendations on stock-based director compensation plans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">EMPLOYEE STOCK PURCHASE PLANS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that employee
stock purchase plans (&ldquo;ESPPs&rdquo;) can provide employees with a sense of ownership in their company and help strengthen
the alignment between the interests of employees and shareholders. We evaluate ESPPs by assessing the expected discount, purchase
period, expected purchase activity (if previous activity has been disclosed) and whether the plan has a &ldquo;lookback&rdquo;
feature. Except for the most extreme cases, Glass Lewis will generally support these plans given the regulatory purchase limit
of $25,000 per employee per year, which we believe is reasonable. We also look at the number of shares requested to see if a ESPP
will significantly contribute to overall shareholder dilution or if shareholders will not have a chance to approve the program
for an excessive period of time. As such, we will generally recommend against ESPPs that contain &ldquo;evergreen&rdquo; provisions
that automatically increase the number of shares available under the ESPP each year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">EXECUTIVE COMPENSATION TAX DEDUCTIBILITY
(IRS 162(M) COMPLIANCE)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Section 162(m) of the Internal Revenue
Code allows companies to deduct compensation in excess of $1 million for the CEO and the next three most highly compensated executive
officers, excluding the CFO, if the compensation is performance-based and is paid under shareholder-approved plans. Companies therefore
submit incentive plans for shareholder approval to take of advantage of the tax deductibility afforded under 162(m) for certain
types of compensation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We believe the best practice for companies
is to provide robust disclosure to shareholders so that they can make fully-informed judgments about the reasonableness of the
proposed compensation plan. To allow for meaningful shareholder review, we prefer that disclosure should include specific performance
metrics, a maximum award pool, and a maximum award amount per employee. We also believe it is important to analyze the estimated
grants to see if they are reasonable and in line with the company&rsquo;s peers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We typically recommend voting against
a 162(m) proposal where: (i) a company fails to provide at least a list of performance targets; (ii) a company fails to provide
one of either a total maximum or an individual maximum; or (iii) the proposed plan or individual maximum award limit is excessive
when compared with the plans of the company&rsquo;s peers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">The company&rsquo;s record of aligning
pay with performance (as evaluated using our proprietary pay-for- performance model) also plays a role in our recommendation. Where
a company has a record of setting reasonable pay relative to business performance, we generally recommend voting in favor of a
plan even if the plan caps seem large relative to peers because we recognize the value in special pay arrangements for continued
exceptional performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">As with all other issues we review,
our goal is to provide consistent but contextual advice given the specifics of the company and ongoing performance. Overall, we
recognize that it is generally not in shareholders&rsquo; best interests to vote against such a plan and forgo the potential tax
benefit since shareholder rejection of such plans will not curtail the awards; it will only prevent the tax deduction associated
with them.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">Governance Structure and the Shareholder Franchise</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">ANTI-TAKEOVER MEASURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">POISON PILLS (SHAREHOLDER RIGHTS PLANS)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis believes that poison pill
plans are not generally in shareholders&rsquo; best interests. They can reduce management accountability by substantially limiting
opportunities for corporate takeovers. Rights plans can thus prevent shareholders from receiving a buy-out premium for their stock.
Typically we recommend that shareholders vote against these plans to protect their financial interests and ensure that they have
an opportunity to consider any offer for their shares, especially those at a premium.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe boards should be given wide
latitude in directing company activities and in charting the company&rsquo;s course. However, on an issue such as this, where the
link between the shareholders&rsquo; financial interests and their right to consider and accept buyout offers is substantial, we
believe that shareholders should be allowed to vote on whether they support such a plan&rsquo;s implementation. This issue is different
from other matters that are typically left to board discretion. Its potential impact on and relation to shareholders is direct
and substantial. It is also an issue in which management interests may be different from those of shareholders; thus, ensuring
that shareholders have a voice is the only way to safeguard their interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">In certain circumstances, we will support
a poison pill that is limited in scope to accomplish a particular objective, such as the closing of an important merger, or a pill
that contains what we believe to be a reasonable qualifying offer clause. We will consider supporting a poison pill plan if the
qualifying offer clause includes each of the following attributes:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The form of offer is not required to be an all-cash transaction;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The offer is not required to remain open for more than 90 business days;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The offeror is permitted to amend the offer, reduce the offer, or otherwise change the terms;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>There is no fairness opinion requirement; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>There is a low to no premium requirement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Where these requirements are met, we
typically feel comfortable that shareholders will have the opportunity to voice their opinion on any legitimate offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">NOL POISON PILLS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Similarly, Glass Lewis may consider
supporting a limited poison pill in the event that a company seeks shareholder approval of a rights plan for the express purpose
of preserving Net Operating Losses (NOLs). While companies with NOLs can generally carry these losses forward to offset future
taxable income, Section 382 of the Internal Revenue Code limits companies&rsquo; ability to use NOLs in the event of a &ldquo;change
of ownership.&rdquo;<FONT STYLE="font-size: 11pt">50</FONT> In this case, a company may adopt or amend a poison pill (&ldquo;NOL
pill&rdquo;) in order to prevent an inadvertent change of ownership by multiple investors purchasing small chunks of stock at the
same time, and thereby preserve the ability to carry the NOLs forward. Often such NOL pills have trigger thresholds much lower
than the common 15% or 20% thresholds, with some NOL pill triggers as low as 5%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis evaluates NOL pills on
a strictly case-by-case basis taking into consideration, among other factors, the value of the NOLs to the company, the likelihood
of a change of ownership based on the size of the holding and the nature of the larger shareholders, the trigger threshold and
whether the term of the plan is limited in duration (i.e., whether it contains a reasonable &ldquo;sunset&rdquo; provision) or
is subject to periodic board review and/ or shareholder ratification. However, we will recommend that shareholders vote against
a proposal to adopt or amend a pill to include NOL protective provisions if the company has adopted a more narrowly tailored means
of preventing a change in control to preserve its NOLs. For example, a company may limit share transfers in its charter to prevent
a change of ownership from occurring.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Furthermore, we believe that shareholders
should be offered the opportunity to vote on any adoption or renewal of a NOL pill regardless of any potential tax benefit that
it offers a company. As such, we will consider recommending voting against those members of the board who served at the time when
an NOL pill was adopted without shareholder approval within the prior twelve months and where the NOL pill is not subject to shareholder
ratification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">FAIR PRICE PROVISIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Fair price provisions, which are rare,
require that certain minimum price and procedural requirements be observed by any party that acquires more than a specified percentage
of a corporation&rsquo;s common stock. The provision is intended to protect minority shareholder value when an acquirer seeks to
accomplish a merger or other transaction which would eliminate or change the interests of the minority shareholders. The provision
is generally applied against the acquirer unless the takeover is approved by a majority of &rdquo;continuing directors&rdquo; and
holders of a majority, in some cases a supermajority as high as 80%, of the combined voting power of all stock entitled to vote
to alter, amend, or repeal the above provisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">The effect of a fair price provision
is to require approval of any merger or business combination with an &ldquo;interested shareholder&rdquo; by 51% of the voting
stock of the company, excluding the shares held by the interested shareholder. An interested shareholder is generally considered
to be a holder of 10% or more of the company&rsquo;s outstanding stock, but the trigger can vary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Generally, provisions are put in place
for the ostensible purpose of preventing a back-end merger where the interested shareholder would be able to pay a lower price
for the remaining shares of the company than he or she paid to gain control. The effect of a fair price provision on shareholders,
however, is to limit their ability to gain a premium for their shares through a partial tender offer or open market acquisition
which typically raise the share price, often significantly. A fair price provision discourages such transactions because of the
potential costs of seeking shareholder approval and because of the restrictions on purchase price for completing a merger or other
transaction at a later time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">50</TD><TD STYLE="text-align: justify">Section 382 of the Internal Revenue Code refers to a
&ldquo;change of ownership&rdquo; of more than 50 percentage points by one or more 5% shareholders within a three-year period.
The statute is intended to deter the &ldquo;trafficking&rdquo; of net operating losses.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that fair price
provisions, while sometimes protecting shareholders from abuse in a takeover situation, more often act as an impediment to takeovers,
potentially limiting gains to shareholders from a variety of transactions that could significantly increase share price. In some
cases, even the independent directors of the board cannot make exceptions when such exceptions may be in the best interests of
shareholders. Given the existence of state law protections for minority shareholders such as Section 203 of the Delaware Corporations
Code, we believe it is in the best interests of shareholders to remove fair price provisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">REINCORPORATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In general, Glass Lewis believes that
the board is in the best position to determine the appropriate jurisdiction of incorporation for the company. When examining a
management proposal to reincorporate to a different state or country, we review the relevant financial benefits, generally related
to improved corporate tax treatment, as well as changes in corporate governance provisions, especially those relating to shareholder
rights, resulting from the change in domicile. Where the financial benefits are de minimis and there is a decrease in shareholder
rights, we will recommend voting against the transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">However, costly, shareholder-initiated
reincorporations are typically not the best route to achieve the furtherance of shareholder rights. We believe shareholders are
generally better served by proposing specific shareholder resolutions addressing pertinent issues which may be implemented at a
lower cost, and perhaps even with board approval. However, when shareholders propose a shift into a jurisdiction with enhanced
shareholder rights, Glass Lewis examines the significant ways would the company benefit from shifting jurisdictions including the
following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Is the board sufficiently independent?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Does the company have anti-takeover protections such as a poison pill or classified board in place?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Has the board been previously unresponsive to shareholders (such as failing to implement a share- holder proposal that received
majority shareholder support)?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Do shareholders have the right to call special meetings of shareholders?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Are there other material governance issues of concern at the company?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Has the company&rsquo;s performance matched or exceeded its peers in the past one and three years?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>How has the company ranked in Glass Lewis&rsquo; pay-for-performance analysis during the last three years?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Does the company have an independent chair?</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We note, however, that we will only
support shareholder proposals to change a company&rsquo;s place of incorpora- tion in exceptional circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">EXCLUSIVE FORUM AND FEE-SHIFTING BYLAW
PROVISIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis recognizes that companies
may be subject to frivolous and opportunistic lawsuits, particularly in conjunction with a merger or acquisition, that are expensive
and distracting. In response, companies have sought ways to prevent or limit the risk of such suits by adopting bylaws regarding
where the suits must be brought or shifting the burden of the legal expenses to the plaintiff, if unsuccessful at trial.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that
charter or bylaw provisions limiting a shareholder&rsquo;s choice of legal venue are not in the best interests of
shareholders. Such clauses may effectively discourage the use of shareholder claims by increasing their associated costs and
making them more difficult to pursue. As such, shareholders should be wary about approving any limitation on their legal
recourse including limiting themselves to a single jurisdiction (e.g., Delaware) without compelling evidence that it will
benefit shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">For this reason, we recommend that
shareholders vote against any bylaw or charter amendment seeking to adopt an exclusive forum provision unless the company: (i)
provides a compelling argument on why the provision would directly benefit shareholders; (ii) provides evidence of abuse of legal
process in other, non- favored jurisdictions; (iii) narrowly tailors such provision to the risks involved; and (iv) maintains a
strong record of good corporate governance practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Moreover, in the event a board seeks
shareholder approval of a forum selection clause pursuant to a bundled bylaw amendment rather than as a separate proposal, we will
weigh the importance of the other bundled provisions when determining the vote recommendation on the proposal. We will nonetheless
recommend voting against the chair of the governance committee for bundling disparate proposals into a single proposal (refer to
our discussion of nominating and governance committee performance in Section I of the guidelines).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Similarly, some companies have adopted
bylaws requiring plaintiffs who sue the company and fail to receive a judgment in their favor pay the legal expenses of the company.
These bylaws, also known as &ldquo;fee-shifting&rdquo; or &ldquo;loser pays&rdquo; bylaws, will likely have a chilling effect on
even meritorious shareholder lawsuits as shareholders would face an strong financial disincentive not to sue a company. Glass Lewis
therefore strongly opposes the adoption of such fee-shifting bylaws and, if adopted without shareholder approval, will recommend
voting against the governance committee. While we note that in June of 2015 the State of Delaware banned the adoption of fee-shifting
bylaws, such provisions could still be adopted by companies incorporated in other states.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">AUTHORIZED SHARES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that adequate
capital stock is important to a company&rsquo;s operation. When analyzing a request for additional shares, we typically review
four common reasons why a company might need additional capital stock:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">1.</TD><TD><B>Stock Split</B> &mdash; We typically consider three metrics when evaluating whether we think a stock split is likely or
necessary: The historical stock pre-split price, if any; the current price relative to the company&rsquo;s most common trading
price over the past 52 weeks; and some absolute limits on stock price that, in our view, either always make a stock split appropriate
if desired by management or would almost never be a reasonable price at which to split a stock.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">2.</TD><TD><B>Shareholder Defenses</B> &mdash; Additional authorized shares could be used to bolster takeover defenses such as a poison
pill. Proxy filings often discuss the usefulness of additional shares in defending against or discouraging a hostile takeover as
a reason for a requested increase. Glass Lewis is typically against such defenses and will oppose actions intended to bolster such
defenses.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">3.</TD><TD><B>Financing for Acquisitions</B> &mdash; We look at whether the company has a history of using stock for acquisitions and
attempt to determine what levels of stock have typically been required to accomplish such transactions. Likewise, we look to see
whether this is discussed as a reason for additional shares in the proxy.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">4.</TD><TD><B>Financing for Operations</B> &mdash; We review the company&rsquo;s cash position and its ability to secure financing through
borrowing or other means. We look at the company&rsquo;s history of capitalization and whether the company has had to use stock
in the recent past as a means of raising capital.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Issuing additional shares can
dilute existing holders in limited circumstances. Further, the availability of additional shares, where the board has
discretion to implement a poison pill, can often serve as a deterrent to interested suitors. Accordingly, where we find that
the company has not detailed a plan for use of the proposed shares, or where the number of shares far exceeds those needed to
accomplish a detailed plan, we typically recommend against the authorization of additional shares. Similar concerns may also
lead us to recommend against a proposal to conduct a reverse stock split if the board does not state that it will reduce the
number of authorized common shares in a ratio proportionate to the split.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">While we think that having adequate
shares to allow management to make quick decisions and effectively operate the business is critical, we prefer that, for significant
transactions, management come to shareholders to justify their use of additional shares rather than providing a blank check in
the form of a large pool of unallocated shares available for any purpose.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">ADVANCE NOTICE REQUIREMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We typically recommend that shareholders
vote against proposals that would require advance notice of shareholder proposals or of director nominees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">These proposals typically attempt to
require a certain amount of notice before shareholders are allowed to place proposals on the ballot. Notice requirements typically
range between three to six months prior to the annual meeting. Advance notice requirements typically make it impossible for a shareholder
who misses the deadline to present a shareholder proposal or a director nominee that might be in the best interests of the company
and its shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We believe shareholders should be able
to review and vote on all proposals and director nominees. Shareholders can always vote against proposals that appear with little
prior notice. Shareholders, as owners of a business, are capable of identifying issues on which they have sufficient information
and ignoring issues on which they have insufficient information. Setting arbitrary notice restrictions limits the opportunity for
shareholders to raise issues that may come up after the window closes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">VIRTUAL SHAREHOLDER MEETINGS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">A relatively small but growing contingent
of companies have elected to hold shareholder meetings by virtual means only. Glass Lewis believes that virtual meeting technology
can be a useful complement to a traditional, in-person shareholder meeting by expanding participation of shareholders who are unable
to attend a shareholder meeting in person (i.e. a &ldquo;hybrid meeting&rdquo;). However, we also believe that virtual-only meetings
have the potential to curb the ability of a company&rsquo;s shareholders to meaningfully communicate with the company&rsquo;s management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Prominent shareholder rights advocates,
including the Council of Institutional Investors, have expressed concerns that such virtual-only meetings do not approximate an
in-person experience and may serve to reduce the board&rsquo;s accountability to shareholders. When analyzing the governance profile
of companies that choose to hold virtual-only meetings, we look for robust disclosure in a company&rsquo;s proxy statement which
assures shareholders that they will be afforded the same rights and opportunities to participate as they would at an in-person
meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In 2018, we will not make voting recommendations
solely on the basis that a company is holding a virtual-only meeting. Beginning in 2019, however, Glass Lewis will generally recommend
voting against members of the governance committee of a board where the board is planning to hold a virtual-only shareholder meeting
and the company does not provide such disclosure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">VOTING STRUCTURE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">DUAL-CLASS SHARE STRUCTURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes dual-class voting
structures are typically not in the best interests of common shareholders. Allowing one vote per share generally operates as a
safeguard for common shareholders by ensuring that those who hold a significant minority of shares are able to weigh in on issues
set forth by the board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Furthermore, we believe that the economic
stake of each shareholder should match their voting power and that no small group of shareholders, family or otherwise, should
have voting rights different from those of other shareholders. On matters of governance and shareholder rights, we believe shareholders
should have the power to speak and the opportunity to effect change. That power should not be concentrated in the hands of a few
for reasons other than economic stake.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We generally consider a dual-class
share structure to reflect negatively on a company&rsquo;s overall corporate governance. Because we believe that companies should
have share capital structures that protect the interests of non-controlling shareholders as well as any controlling entity, we
typically recommend that shareholders vote in favor of recapitalization proposals to eliminate dual-class share structures. Similarly,
we will generally recommend against proposals to adopt a new class of common stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">With regards to our evaluation of corporate
governance following an IPO or spin-off within the past year, we will now include the presence of dual-class share structures as
an additional factor in determining whether shareholder rights are being severely restricted indefinitely.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">When analyzing voting results from
meetings of shareholders at companies controlled through dual-class structures, we will carefully examine the level of approval
or disapproval attributed to unaffiliated shareholders when determining whether board responsiveness is warranted. Where vote results
indicate that a majority of unaffiliated shareholders supported a shareholder proposal or opposed a management proposal, we believe
the board should demonstrate an appropriate level of responsiveness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">CUMULATIVE VOTING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Cumulative voting increases the ability
of minority shareholders to elect a director by allowing shareholders to cast as many shares of the stock they own multiplied by
the number of directors to be elected. As companies generally have multiple nominees up for election, cumulative voting allows
shareholders to cast all of their votes for a single nominee, or a smaller number of nominees than up for election, thereby raising
the likelihood of electing one or more of their preferred nominees to the board. It can be important when a board is controlled
by insiders or affiliates and where the company&rsquo;s ownership structure includes one or more shareholders who control a majority-voting
block of company stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that cumulative
voting generally acts as a safeguard for shareholders by ensuring that those who hold a significant minority of shares can elect
a candidate of their choosing to the board. This allows the creation of boards that are responsive to the interests of all shareholders
rather than just a small group of large holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We review cumulative voting proposals
on a case-by-case basis, factoring in the independence of the board and the status of the company&rsquo;s governance structure.
But we typically find these proposals on ballots at companies where independence is lacking and where the appropriate checks and
balances favoring shareholders are not in place. In those instances we typically recommend in favor of cumulative voting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Where a company has adopted a
true majority vote standard (i.e., where a director must receive a majority of votes cast to be elected, as opposed to a
modified policy indicated by a resignation policy only), Glass Lewis will recommend voting against cumulative voting
proposals due to the incompatibility of the two election methods. For companies that have not adopted a true majority voting
standard but have adopted some form of majority voting, Glass Lewis will also generally recommend voting against cumulative
voting proposals if the company has not adopted antitakeover protections and has been responsive to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Where a company has not adopted a majority
voting standard and is facing both a shareholder proposal to adopt majority voting and a shareholder proposal to adopt cumulative
voting, Glass Lewis will support only the majority voting proposal. When a company has both majority voting and cumulative voting
in place, there is a higher likelihood of one or more directors not being elected as a result of not receiving a majority vote.
This is because shareholders exercising the right to cumulate their votes could unintentionally cause the failed election of one
or more directors for whom shareholders do not cumulate votes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">SUPERMAJORITY VOTE REQUIREMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that supermajority
vote requirements impede shareholder action on ballot items critical to shareholder interests. An example is in the takeover context,
where supermajority vote requirements can strongly limit the voice of shareholders in making decisions on such crucial matters
as selling the business. This in turn degrades share value and can limit the possibility of buyout premiums to shareholders. Moreover,
we believe that a supermajority vote requirement can enable a small group of shareholders to overrule the will of the majority
shareholders. We believe that a simple majority is appropriate to approve all matters presented to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">TRANSACTION OF OTHER BUSINESS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We typically recommend that shareholders
not give their proxy to management to vote on any other business items that may properly come before an annual or special meeting.
In our opinion, granting unfettered discretion is unwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">ANTI-GREENMAIL PROPOSALS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis will support proposals
to adopt a provision preventing the payment of greenmail, which would serve to prevent companies from buying back company stock
at significant premiums from a certain shareholder. Since a large or majority shareholder could attempt to compel a board into
purchasing its shares at a large premium, the anti-greenmail provision would generally require that a majority of shareholders
other than the majority shareholder approve the buyback.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">MUTUAL FUNDS: INVESTMENT POLICIES AND
ADVISORY AGREEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis believes that decisions
about a fund&rsquo;s structure and/or a fund&rsquo;s relationship with its investment advisor or sub-advisors are generally best
left to management and the members of the board, absent a showing of egregious or illegal conduct that might threaten shareholder
value. As such, we focus our analyses of such proposals on the following main areas:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The terms of any amended advisory or sub-advisory agreement;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Any changes in the fee structure paid to the investment advisor; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Any material changes to the fund&rsquo;s investment objective or strategy.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">We generally support amendments to
a fund&rsquo;s investment advisory agreement absent a material change that is not in the best interests of shareholders. A significant
increase in the fees paid to an investment advisor would be reason for us to consider recommending voting against a proposed amendment
to an investment advisory agreement or fund reorganization. However, in certain cases, we are more inclined to support an increase
in advisory fees if such increases result from being performance-based rather than asset-based. Furthermore, we generally support
sub-advisory agreements between a fund&rsquo;s advisor and sub-advisor, primarily because the fees received by the sub-advisor
are paid by the advisor, and not by the fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In matters pertaining to a fund&rsquo;s
investment objective or strategy, we believe shareholders are best served when a fund&rsquo;s objective or strategy closely resembles
the investment discipline shareholders understood and selected when they initially bought into the fund. As such, we generally
recommend voting against amendments to a fund&rsquo;s investment objective or strategy when the proposed changes would leave shareholders
with stakes in a fund that is noticeably different than when originally purchased, and which could therefore potentially negatively
impact some investors&rsquo; diversification strategies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">REAL ESTATE INVESTMENT TRUSTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">The complex organizational, operational,
tax and compliance requirements of Real Estate Investment Trusts (&ldquo;REITs&rdquo;) provide for a unique shareholder evaluation.
In simple terms, a REIT must have a minimum of 100 shareholders (the &ldquo;100 Shareholder Test&rdquo;) and no more than 50% of
the value of its shares can be held by five or fewer individuals (the &ldquo;5/50 Test&rdquo;). At least 75% of a REITs&rsquo;
assets must be in real estate, it must derive 75% of its gross income from rents or mortgage interest, and it must pay out 90%
of its taxable earnings as dividends. In addition, as a publicly traded security listed on a stock exchange, a REIT must comply
with the same general listing requirements as a publicly traded equity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In order to comply with such requirements,
REITs typically include percentage ownership limitations in their organizational documents, usually in the range of 5% to 10% of
the REITs outstanding shares. Given the complexities of REITs as an asset class, Glass Lewis applies a highly nuanced approach
in our evaluation of REIT proposals, especially regarding changes in authorized share capital, including preferred stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">PREFERRED STOCK ISSUANCES AT REITS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Glass Lewis is generally against the
authorization of preferred shares that allows the board to determine the preferences, limitations and rights of the preferred shares
(known as &ldquo;blank-check preferred stock&rdquo;). We believe that granting such broad discretion should be of concern to common
shareholders, since blank-check preferred stock could be used as an antitakeover device or in some other fashion that adversely
affects the voting power or financial interests of common shareholders. However, given the requirement that a REIT must distribute
90% of its net income annually, it is inhibited from retaining capital to make investments in its business. As such, we recognize
that equity financing likely plays a key role in a REIT&rsquo;s growth and creation of shareholder value. Moreover, shareholder
concern regarding the use of preferred stock as an anti-takeover mechanism may be allayed by the fact that most REITs maintain
ownership limitations in their certificates of incorporation. For these reasons, along with the fact that REITs typically do not
engage in private placements of preferred stock (which result in the rights of common shareholders being adversely impacted), we
may support requests to authorize shares of blank-check preferred stock at REITs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">BUSINESS DEVELOPMENT COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Business Development Companies (&ldquo;BDCs&rdquo;)
were created by the U.S. Congress in 1980; they are regulated under the Investment Company Act of 1940 and are taxed as regulated
investment companies (&ldquo;RICs&rdquo;) under the Internal Revenue Code. BDCs typically operate as publicly traded private equity
firms that invest in early stage to mature private companies as well as small public companies. BDCs realize operating income when
their investments are sold off, and therefore maintain complex organizational, operational, tax and compliance requirements that
are similar to those of REITs&mdash;the most evident of which is that BDCs must distribute at least 90% of their taxable earnings
as dividends.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">AUTHORIZATION TO SELL SHARES AT A PRICE
BELOW NET ASSET VALUE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">Considering that BDCs are required
to distribute nearly all their earnings to shareholders, they sometimes need to offer additional shares of common stock in the
public markets to finance operations and acquisitions. However, shareholder approval is required in order for a BDC to sell shares
of common stock at a price below Net Asset Value (&ldquo;NAV&rdquo;). Glass Lewis evaluates these proposals using a case-by-case
approach, but will recommend supporting such requests if the following conditions are met:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The authorization to allow share issuances below NAV has an expiration date of one year or less from the date that shareholders
approve the underlying proposal (i.e. the meeting date);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The proposed discount below NAV is minimal (ideally no greater than 20%);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The board specifies that the issuance will have a minimal or modest dilutive effect (ideally no greater than 25% of the company&rsquo;s
then-outstanding common stock prior to the issuance); and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>A majority of the company&rsquo;s independent directors who do not have a financial interest in the issuance approve the sale.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">In short, we believe BDCs should demonstrate
a responsible approach to issuing shares below NAV, by proactively addressing shareholder concerns regarding the potential dilution
of the requested share issuance, and explaining if and how the company&rsquo;s past below-NAV share issuances have benefitted the
company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">Compensation, Environmental, Social and Governance Shareholder
Initiatives</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Glass Lewis generally believes decisions
regarding day-to-day management and policy decisions, including those related to social, environmental or political issues, are
best left to management and the board as they in almost all cases have more and better information about company strategy and risk.
However, when there is a clear link between the subject of a shareholder proposal and value enhancement or risk mitigation, Glass
Lewis will recommend in favor of a reasonable, well-crafted shareholder proposal where the company has failed to or inadequately
addressed the issue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">We believe that shareholders should
not attempt to micromanage a company, its businesses or its executives through the shareholder initiative process. Rather, we believe
shareholders should use their influence to push for governance structures that protect shareholders and promote director accountability.
Shareholders should then put in place a board they can trust to make informed decisions that are in the best interests of the business
and its owners, and hold directors accountable for management and policy decisions through board elections. However, we recognize
that support of appropriately crafted shareholder initiatives may at times serve to promote or protect shareholder value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">To this end, Glass Lewis evaluates
shareholder proposals on a case-by-case basis. We generally recommend supporting shareholder proposals calling for the elimination
of, as well as to require shareholder approval of, antitakeover devices such as poison pills and classified boards. We generally
recommend supporting proposals likely to increase and/or protect shareholder value and also those that promote the furtherance
of shareholder rights. In addition, we also generally recommend supporting proposals that promote director accountability and those
that seek to improve compensation practices, especially those promoting a closer link between compensation and performance, as
well as those that promote more and better disclosure of relevant risk factors where such disclosure is lacking or inadequate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">For a detailed review of our policies
concerning compensation, environmental, social and governance shareholder initiatives, please refer to our comprehensive <I>Proxy
Paper Guidelines for Shareholder Initiatives</I>, available at www.glasslewis.com.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">DISCLAIMER</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify">This document is intended to provide
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><I>&copy; 2017 Glass, Lewis &amp; Co.,
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        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: left">44 Wall Street Suite 2001</P>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>fp0031194_ex99cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EX-99.CERT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">I, Ralph W. Bradshaw, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="width: 97%; font-size: 11pt"><FONT STYLE="font-size: 11pt">I have reviewed this report on Form N-CSR of
    Cornerstone Strategic Value Fund, Inc.;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="width: 97%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">3.</FONT></TD>
    <TD STYLE="width: 97%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="width: 97%; font-size: 11pt"><FONT STYLE="font-size: 11pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 94%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(c)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(d)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 11pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 11pt">Date: February 15, 2018</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw, Chairman</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">and President (Principal</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>















<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">I, Frank J. Maresca, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 11pt">I have reviewed this report on Form N-CSR of Cornerstone Strategic
    Value Fund,     Inc.;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 11pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">3.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 11pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 11pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(c)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(d)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 11pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 11pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 11pt">Date: February 15, 2018</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Frank J. Maresca</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Frank J. Maresca, Treasurer</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(Principal Financial Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>5
<FILENAME>fp0031194_ex99906cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EX-99.906CERT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ralph W. Bradshaw, Principal Executive Officer, and Frank J. Maresca,
Principal Financial Officer, of Cornerstone Strategic Value Fund, Inc. (the &quot;Registrant&quot;), each certify to the best of
his knowledge that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="width: 90%; font-size: 11pt"><FONT STYLE="font-size: 11pt">The Registrant's periodic report on Form N-CSR for the period ended December 31, 2017 (the &quot;Form N-CSR&quot;) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 11pt">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">PRINCIPAL EXECUTIVE OFFICER</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">PRINCIPAL FINANCIAL OFFICER</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Cornerstone Strategic Value Fund, Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Frank J. Maresca</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw, President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Frank J. Maresca, Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">Date:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">February 15, 2018</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">Date:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">February 15, 2018</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION
906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE
ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO CORNERSTONE STRATEGIC VALUE FUND, INC.
AND WILL BE RETAINED BY CORNERSTONE STRATEGIC VALUE FUND, INC. AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF
UPON REQUEST.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This certification is being furnished to the Securities and Exchange
Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
