<SEC-DOCUMENT>0001398344-19-004371.txt : 20190307
<SEC-HEADER>0001398344-19-004371.hdr.sgml : 20190307
<ACCEPTANCE-DATETIME>20190307160711
ACCESSION NUMBER:		0001398344-19-004371
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190307
DATE AS OF CHANGE:		20190307
EFFECTIVENESS DATE:		20190307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		19665907

	BUSINESS ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246
		BUSINESS PHONE:		(513) 587-3400

	MAIL ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>fp0039055_ncsr.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">&nbsp;</TD>
    <TD STYLE="width: 25%; font-size: 11pt; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OMB APPROVAL</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">OMB Number: 3235-0570</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">Expires: August 31, 2020</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">Estimated average burden hours per response: 20.6</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: center">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: center"><B>INVESTMENT COMPANIES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Company Act file number</FONT></TD>
    <TD STYLE="width: 20%; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">811-02363</FONT></TD>
    <TD STYLE="width: 55%; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Exact name of registrant as specified in charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">225 Pictoria Drive, Suite 450 Cincinnati, OH</FONT></TD>
    <TD STYLE="width: 40%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">45246</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: center">Benjamin V. Mollozzi, Esq.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Name and address of agent for service)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registrant's telephone number, including area code:</FONT></TD>
    <TD STYLE="width: 20%; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(513) 587-3400</FONT></TD>
    <TD STYLE="width: 45%; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date of fiscal year end:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 31</FONT></TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date of reporting period:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 31, 2018</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">Form N-CSR is to be used by management investment
companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that
is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The
Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">A registrant is required to disclose the information
specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection
of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (&ldquo;OMB&rdquo;)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions
for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The
OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in"><B></B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 1.</B></TD><TD><B>Reports to Stockholders.</B></TD></TR></TABLE>

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

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



<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 100%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-size: 11pt; font-variant: small-caps"><B>&nbsp;</B></FONT></P>
                                             <P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: small-caps 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt; font-variant: small-caps"><B>Cornerstone
                                         Total<BR>
                                         Return Fund, Inc.</B></FONT></P>
                                             <P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0in"><FONT STYLE="font-size: 14pt"><B>A<FONT STYLE="font-variant: small-caps">nnual
Report</FONT></B></FONT><BR>
<FONT STYLE="font-size: 14pt; font-variant: small-caps"><B>December 31, 2018</B></FONT></P>
<P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-size: 11pt; font-variant: small-caps"><B>&nbsp;</B></FONT></P></TD>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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

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

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<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
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<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>CONTENTS
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<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%"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Portfolio Summary</P></TD>
<TD STYLE="vertical-align: bottom; width: 11%"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">1</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Schedule of Investments</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Statement of Assets and Liabilities</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">7</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Statement of Operations</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">8</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Statements of Changes in Net Assets</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">9</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Financial Highlights</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">10</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Notes to Financial Statements</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">11</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Report of Independent Registered Public Accounting Firm</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">16</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2018 Tax Information</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">17</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Additional Information Regarding the Fund&#8217;s Directors and Corporate Officers</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">18</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Description of Dividend Reinvestment Plan</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">20</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Proxy Voting and Portfolio Holdings Information</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">22</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Summary of General Information</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">22</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Stockholder Information</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">22</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Portfolio Summary &#8211; as of December 31, 2018</B></FONT><FONT STYLE="font-variant: small-caps"><B> (unaudited)</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 9pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>SECTOR ALLOCATION
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 85%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Sector</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">Percent of<BR>
Net Assets</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Closed-End Funds</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">18.1</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Information Technology</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">16.6</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Health Care</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">13.3</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Financials</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">10.3</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Communication Services</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">9.1</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Consumer Discretionary</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">7.8</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Industrials</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">7.4</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Consumer Staples</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">5.5</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Energy</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">3.7</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Utilities</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">2.3</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Exchange-Traded Funds</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">2.2</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Materials</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">2.0</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Real Estate</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">0.7</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Other</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">1.0</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 9pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>TOP TEN HOLDINGS, BY ISSUER
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 5%; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">&nbsp;</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 50%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Holding </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 30%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Sector </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">Percent of <BR>
Net Assets</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">1.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Apple, Inc.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Information Technology</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">3.9</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">2.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Microsoft Corporation</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Information Technology</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">3.6</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">3.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Alphabet, Inc. - Class C</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Communication Services</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">3.5</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">4.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Amazon.com, Inc.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Consumer Discretionary</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">3.1</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">5.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">JPMorgan Chase &amp; Company</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Financials</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">2.5</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">6.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">UnitedHealth Group, Inc.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Health Care</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">2.1</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">7.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Merck &amp; Co., Inc.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Health Care</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">1.8</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">8.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Visa, Inc. - Class A</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Information Technology</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">1.8</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">9.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Pfizer, Inc.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Health Care</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">1.8</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">10.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Walmart, Inc.</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Consumer Staples</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in; margin-top: 0pt">1.8</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>1</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Schedule of Investments &#8211; December 31, 2018</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">No. of<BR>
Shares</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>EQUITY SECURITIES &#8212; 99.00%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>CLOSED-END FUNDS &#8212; 18.08%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>CORE &#8212; 4.20%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 70%"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Adams Diversified Equity Fund, Inc. </P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">545,851</TD>
<TD STYLE="white-space: nowrap; 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">6,888,640</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">General American Investors Company, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">132,550</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,769,722</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Royce Micro-Cap Trust, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">19,884</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">147,539</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Source Capital, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">32,792</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,067,380</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Tri-Continental Corporation </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">190,223</TD>
<TD STYLE="white-space: nowrap; 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">4,474,045</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">16,347,326</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>DEVELOPED MARKET &#8212; 0.76%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Aberdeen Japan Equity Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">28,920</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">187,691</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">European Equity Fund, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">9,770</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">75,522</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Japan Smaller Capitalization Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">153,749</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,276,117</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Morgan Stanley Asia-Pacific Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">63,843</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,050,217</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">New Ireland Fund, Inc. (The) <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">43,689</TD>
<TD STYLE="white-space: nowrap; 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">364,803</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">2,954,350</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>EMERGING MARKETS &#8212; 3.38%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Aberdeen Emerging Markets Equity Income fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">56,220</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">356,997</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Central and Eastern Europe Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">51,319</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,127,992</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">First Trust/Aberdeen Emerging Opportunity Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">58,950</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">717,422</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Herzfeld Caribbean Basin Fund, Inc. (The) <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">67,356</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">327,350</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">India Fund, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">154,650</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,130,116</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Mexico Equity &amp; Income Fund, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">41,478</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">418,928</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Mexico Fund, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">37,182</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">492,290</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Morgan Stanley Emerging Markets Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,649</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left"></TD>
<TD STYLE="text-align: right">26,565</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Morgan Stanley India Investment Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">48,149</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">965,387</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Taiwan Fund, Inc. (The) <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">11,221</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">170,110</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Templeton Dragon Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">144,189</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,451,213</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Templeton Emerging Markets Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">170,215</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,246,838</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Voya Emerging Markets High Income Dividend Equity Fund </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">101,641</TD>
<TD STYLE="white-space: nowrap; 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">740,963</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">13,172,171</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>ENERGY MLP FUNDS &#8212; 0.04%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cushing Energy Income Fund (The) </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">25,094</TD>
<TD STYLE="white-space: nowrap; 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">161,856</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>GLOBAL &#8212; 2.75%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Aberdeen Total Dynamic Dividend Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">464,096</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,346,132</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Clough Global Dividend and Income Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">35,979</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">360,150</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Delaware Enhanced Global Dividend and Income Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">163,402</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,421,597</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Gabelli Global Small and Mid Cap Value Trust (The) <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">121,475</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,190,455</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">GDL Fund (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">189,861</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,741,025</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">John Hancock Hedged Equity &amp; Income Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,509</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">45,898</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Lazard World Dividend &amp; Income Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,209</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">120,919</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Royce Global Value Trust, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">79,060</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">702,053</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Voya Infastructure, Industrials and Materials Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">129,438</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,431,584</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>2</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Schedule of Investments &#8211; December 31, 2018</B></FONT><FONT STYLE="font-variant: small-caps"><B> (continued) </B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">No. of<BR>
Shares</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>GLOBAL (continued)</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 70%"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Wells Fargo Global Dividend Opportunity Fund </P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">74,228</TD>
<TD STYLE="white-space: nowrap; 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">344,418</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">10,704,231</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>GLOBAL INCOME &#8212; 0.11%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">BrandywineGLOBAL - Global Income Opportunities Fund Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">41,123</TD>
<TD STYLE="white-space: nowrap; 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">426,857</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>GROWTH &#8212; 0.02%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Liberty All-Star Growth Fund, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">18,800</TD>
<TD STYLE="white-space: nowrap; 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">82,532</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>INCOME &amp; PREFERRED STOCK &#8212; 0.15%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Eagle Growth and Income Opportunities Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">43,869</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">554,065</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">LMP Capital and Income Fund, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,867</TD>
<TD STYLE="white-space: nowrap; 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">41,300</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">595,365</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NATURAL RESOURCES &#8212; 1.66%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Adams Natural Resources Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">300,702</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,381,228</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">BlackRock Resources &amp; Commodities Strategy Trust </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">278,893</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,968,985</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">First Trust Energy Infrastructure Fund </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,552</TD>
<TD STYLE="white-space: nowrap; 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">110,834</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">6,461,047</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>OPTION ARBITRAGE/OPTIONS STRATEGIES &#8212; 0.75%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">AllianzGI NFJ Dividend, Interest &amp; Premium Strategy Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">207,825</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,219,571</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Madison Covered Call &amp; Equity Strategy Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">30,376</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">187,116</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Voya Asia Pacific High Dividend Equity Income Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">51,729</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">441,248</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Voya International High Dividend Equity Income Fund </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">10,410</TD>
<TD STYLE="white-space: nowrap; 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"></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">53,820</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">2,901,755</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>PACIFIC EX JAPAN &#8212; 0.01%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Korea Fund, Inc. (The) </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,609</TD>
<TD STYLE="white-space: nowrap; 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">45,036</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>REAL ESTATE &#8212; 1.83%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">CBRE Clarion Global Real Estate Income Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">707,614</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,358,902</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cohen &amp; Steers REIT and Preferred Income Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">49,926</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">888,683</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">RMR Real Estate Income Fund </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">123,758</TD>
<TD STYLE="white-space: nowrap; 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">1,865,033</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">7,112,618</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>SECTOR EQUITY &#8212; 1.45%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">BlackRock Health Sciences Trust </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">58,320</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Gabelli Healthcare &amp; Wellness<SUP>Rx</SUP> Trust (The)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">99,345</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">918,941</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Nuveen Real Asset Income and Growth Fund </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">282,033</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,844,110</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Tekla Healthcare Investors </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">45,600</TD>
<TD STYLE="white-space: nowrap; 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">818,520</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">5,639,891</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>UTILITY &#8212; 0.97%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cohen &amp; Steers Infrastructure Fund, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">66,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,304,160</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Gabelli Global Utility &amp; Income Trust (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">13,633</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">219,491</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Macquarie Global Infrastructure Total Return Fund, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">118,659</TD>
<TD STYLE="white-space: nowrap; 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">2,231,976</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">3,755,627</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>TOTAL CLOSED-END FUNDS</B></FONT></P></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">70,360,662</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>3</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Schedule of Investments &#8211; December 31, 2018</B></FONT><FONT STYLE="font-variant: small-caps"><B> (continued) </B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">No. of<BR>
Shares</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>COMMUNICATION SERVICES &#8212; 9.10%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 70%"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Alphabet, Inc. - Class C <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">13,002</TD>
<TD STYLE="white-space: nowrap; 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">13,465,001</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Charter Communications, Inc. - Class A <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">683,928</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Comcast Corporation - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">158,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,379,900</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Facebook, Inc. - Class A</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">38,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,981,420</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Netflix, Inc. <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,605,960</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Twenty-First Century Fox, Inc. - Class B </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,500</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">406,130</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Verizon Communications, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">90,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,059,800</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Walt Disney Company (The) </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">35,000</TD>
<TD STYLE="white-space: nowrap; 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">3,837,750</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">35,419,889</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>CONSUMER DISCRETIONARY &#8212; 7.79%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Amazon.com, Inc. <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,015,760</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Booking Holdings, Inc. <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,411,388</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Carnival Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">7,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">345,100</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Home Depot, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">35,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,013,700</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Lowe's Companies, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">24,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,216,640</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">McDonald's Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">16,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,947,662</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">O'Reilly Automotive, Inc. <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,032,990</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ross Stores, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">10,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">832,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">TJX Companies, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">36,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,610,640</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Yum! Brands, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">9,500</TD>
<TD STYLE="white-space: nowrap; 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">873,240</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">30,299,120</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>CONSUMER STAPLES &#8212; 5.52%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Archer-Daniels-Midland Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">17,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">696,490</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Costco Wholesale Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,851,940</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Est&eacute;e Lauder Companies, Inc. (The) - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">13,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,691,300</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Hormel Foods Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">16,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">682,880</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Kroger Company (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">30,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">825,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Lamb Weston Holdings, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">74</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Mondel&#275;z International, Inc. - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">42,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left"></TD>
<TD STYLE="text-align: right">1,681,260</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Monster Beverage Corporation <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">21,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,033,620</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">PepsiCo, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">26,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,872,480</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Sysco Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">16,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,002,560</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Walgreens Boots Alliance, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">18,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,229,940</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Walmart, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">74,000</TD>
<TD STYLE="white-space: nowrap; 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">6,893,100</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">21,460,644</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>ENERGY &#8212; 3.70%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Chevron Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">62,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,744,980</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">ConocoPhillips </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">40,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,494,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">EOG Resources, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">18,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,569,780</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Exxon Mobil Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">43,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,932,170</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Occidental Petroleum Corporation </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">10,900</TD>
<TD STYLE="white-space: nowrap; 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">669,042</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">14,409,972</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>EXCHANGE-TRADED FUNDS &#8212; 2.25%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">iShares Core S&amp;P 500 ETF </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,774,150</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">SPDR S&amp;P 500 ETF Trust </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">20,000</TD>
<TD STYLE="white-space: nowrap; 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">4,998,400</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">8,772,550</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>FINANCIALS &#8212; 10.25%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Allstate Corporation (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">13,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,074,190</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">American Express Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">16,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,525,120</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Aon plc </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">7,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,017,520</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Bank of America Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">274,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,751,360</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">BB&amp;T Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">24,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,039,680</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Capital One Financial Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,133,850</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Citigroup, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">78,700</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,097,122</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">CME Group Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,504,960</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Goldman Sachs Group, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,004,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Intercontinental Exchange, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">16,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,205,280</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>4</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Schedule of Investments &#8211; December 31, 2018</B></FONT><FONT STYLE="font-variant: small-caps"><B> (continued) </B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">No. of<BR>
Shares</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>FINANCIALS (continued)</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 70%"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">JPMorgan Chase &amp; Company </P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">101,000</TD>
<TD STYLE="white-space: nowrap; 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">9,859,620</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Morgan Stanley </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">52,500</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,081,625</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">PNC Financial Services Group, Inc. (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,636,740</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Progressive Corporation (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">20,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,206,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Prudential Financial, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,800</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,043,840</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">S&amp;P Global, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,359,520</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">U.S. Bancorp </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">30,000</TD>
<TD STYLE="white-space: nowrap; 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">1,371,000</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">39,912,627</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>HEALTH CARE &#8212; 13.32%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Abbott Laboratories </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">54,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,905,820</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Anthem, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,101,040</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Baxter International, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">19,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,250,580</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Becton, Dickinson and Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,126,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Boston Scientific Corporation <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">43,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,519,620</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Centene Corporation <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">922,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cigna Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">11,164</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,120,305</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">CVS Health Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">39</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Danaher Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">21,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,165,520</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Eli Lilly and Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">32,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,703,040</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">HCA Healthcare, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,493,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Johnson &amp; Johnson </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">51,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,581,550</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Merck &amp; Co., Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">93,800</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">7,167,258</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Pfizer, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">159,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,940,350</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Thermo Fisher Scientific Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,790,320</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">UnitedHealth Group, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">33,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,220,960</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Zoetis, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">10,000</TD>
<TD STYLE="white-space: nowrap; 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">855,400</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">51,864,202</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>INDUSTRIALS &#8212; 7.40%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Boeing Company (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">20,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,450,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Caterpillar, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">20,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,541,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">CSX Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">26,900</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,671,297</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Deere &amp; Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">11,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left"></TD>
<TD STYLE="text-align: right">1,640,870</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">FedEx Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,290,640</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Honeywell International, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">11,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,453,320</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ingersoll-Rand Public Limited Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">729,840</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Lockheed Martin Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">10,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,618,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Norfolk Southern Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">10,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,495,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Parker-Hannifin Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,700</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">700,958</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Resideo Technologies, Inc. <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,833</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">37,668</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Roper Technologies, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,500</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">666,300</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Union Pacific Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">25,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,455,750</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">United Parcel Service, Inc. - Class B </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">28,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,789,358</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Waste Management, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,000</TD>
<TD STYLE="white-space: nowrap; 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">1,245,860</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">28,787,061</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>INFORMATION TECHNOLOGY &#8212; 16.56%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Accenture plc - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,974,140</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Apple, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">96,500</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,221,910</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Broadcom, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,051,360</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cisco Systems, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">80,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,466,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cognizant Technology Solutions Corporation - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">21,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,333,080</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Fiserv, Inc. <SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,028,860</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Intel Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">140,200</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,579,586</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Intuit Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,574,800</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Mastercard Incorporated - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">23,700</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,471,005</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Microsoft Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">137,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">13,955,718</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">NVIDIA Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,700</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,962,450</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Texas Instruments, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">30,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,835,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Visa, Inc. - Class A </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">53,100</TD>
<TD STYLE="white-space: nowrap; 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">7,006,014</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">64,460,323</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>5</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Schedule of Investments &#8211; December 31, 2018 </B></FONT><FONT STYLE="font-variant: small-caps"><B>(concluded) </B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">No. of<BR>
Shares</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>MATERIALS &#8212; 2.00%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 70%"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Air Products and Chemicals, Inc. </P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">7,000</TD>
<TD STYLE="white-space: nowrap; 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">1,120,350</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">DowDuPont, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">42,820</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,290,014</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ecolab Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,178,800</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">International Paper Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">11,800</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">476,248</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Linde plc </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">780,200</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">LyondellBasell Industries N.V. - Class A </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,164,240</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Sherwin-Williams Company (The) </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,000</TD>
<TD STYLE="white-space: nowrap; 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">786,920</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">7,796,772</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>REAL ESTATE &#8212; 0.72%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Crown Castle International Corp. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,303,560</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Simon Property Group, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,900</TD>
<TD STYLE="white-space: nowrap; 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">1,495,111</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">2,798,671</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>UTILITIES &#8212; 2.31%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">American Electric Power Company, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,121,100</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Dominion Energy, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,071,900</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">DTE Energy Company </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">7,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">772,100</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Duke Energy Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">12,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,035,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Exelon Corporation </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">33,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,488,300</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">NextEra Energy, Inc. </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">9,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,564,380</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Sempra Energy </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">540,950</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Southern Company (The) </P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">22,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">966,240</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Xcel Energy, Inc. </P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">9,000</TD>
<TD STYLE="white-space: nowrap; 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">443,430</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">9,004,000</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>TOTAL EQUITY SECURITIES </B></FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">(cost - $397,110,169)</P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">385,346,493</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>SHORT-TERM INVESTMENT &#8212; 0.80%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>MONEY MARKET FUNDS &#8212; 0.80%</B></FONT></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Fidelity Institutional Money Market Government Portfolio - Class I, 2.25% <SUP>^</SUP> (cost - $3,125,785)</P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,125,785</TD>
<TD STYLE="white-space: nowrap; 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"></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,125,785</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>TOTAL INVESTMENTS &#8212; 99.80% </B></FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">(cost - $400,235,954)</P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">388,472,278</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>OTHER ASSETS IN EXCESS OF LIABILITIES &#8212; 0.20%</B></FONT></P></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">759,000</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NET ASSETS &#8212; 100.00%</B></FONT></P></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">389,231,278</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%; margin-bottom: 0in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; 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"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></TD><TD STYLE="text-align: justify">Non-income producing security.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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"><SUP>^</SUP></TD><TD STYLE="text-align: justify">The rate shown is the 7-day effective yield as of December
31, 2018.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>6</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 11 -->
<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Statement of Assets and Liabilities &#8211; December 31, 2018 </B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="vertical-align: bottom; width: 85%"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>ASSETS</B></FONT></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Investments, at value (cost &#8211; $400,235,954) (Notes B and C)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">$</TD>
<TD STYLE="text-align: right">388,472,278</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cash</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,240</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Receivables:</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Investments sold</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,227,259</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Dividends</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,223,063</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Prepaid expenses</P></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">12,580</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total Assets</P></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">391,939,420</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>LIABILITIES</B></FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Payables:</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Investments purchased</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,216,222</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Investment management fees (Note D)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">347,849</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Directors&#8217; fees and expenses</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">42,751</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Administration fees (Note D)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">22,653</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Other accrued expenses</P></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">78,667</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total Liabilities</P></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">2,708,142</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">NET ASSETS (applicable to 38,363,761 shares of common stock)</P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">389,231,278</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">NET ASSET VALUE PER SHARE ($389,231,278 &divide; 38,363,761)</P></TD>
<TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.15</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NET ASSETS CONSISTS OF</B></FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Common stock, $0.01 par value; 38,363,761 shares issued and outstanding (100,000,000 shares authorized)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">$</TD>
<TD STYLE="text-align: right">383,638</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Paid-in capital</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">400,936,918</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Accumulated deficit</P></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">(12,089,278</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net assets applicable to shares outstanding</P></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">389,231,278</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>7</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Statement of Operations &#8211; for the Year Ended December 31, 2018 </B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="vertical-align: bottom; width: 85%"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>INVESTMENT INCOME</B></FONT></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Income:</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Dividends</P></TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,233,587</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Expenses:</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Investment management fees (Note D)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,550,045</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Administration and accounting fees (Note D)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">264,770</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Directors&#8217; fees and expenses</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">140,582</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Custodian fees</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">53,667</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Transfer agent fees</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">48,330</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Legal and audit fees</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">46,089</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Printing</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">43,829</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Insurance</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,363</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Stock exchange listing fees</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">7,507</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Miscellaneous</P></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">10,222</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 40.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total Expenses</P></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">4,180,404</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net Investment Income</P></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">3,053,183</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS</B></FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net realized gain from investments</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,330,112</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Capital gain distributions from regulated investment companies</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,573,164</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net change in unrealized appreciation (depreciation) in value of investments</P></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">(45,729,692</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net realized and unrealized loss on investments</P></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">(36,826,416</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</P></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">(33,773,233</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>8</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Statements of Changes in Net Assets</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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

<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">2018</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"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: center">2017<SUP>(a)</SUP></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>INCREASE IN NET ASSETS</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>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: -13.5pt; padding-left: 27pt">Net investment income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,053,183</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,089,569</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">Net realized gain from investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,903,276</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,379,461</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">Net change in unrealized appreciation (depreciation) 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">(45,729,692</TD><TD STYLE="white-space: nowrap; 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">20,873,231</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 40.5pt">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 40.5pt">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">(33,773,233</TD><TD STYLE="white-space: nowrap; 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">44,342,261</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">From earnings</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">(12,273,762</TD><TD STYLE="white-space: nowrap; 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">(23,475,897</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">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">(67,642,063</TD><TD STYLE="white-space: nowrap; 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">(20,863,908</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 40.5pt">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 40.5pt">Total 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">(79,915,825</TD><TD STYLE="white-space: nowrap; 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">(44,339,805</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">Proceeds from rights offering of 15,050,616 and 8,798,352 shares of newly issued common stock, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,012,563</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,985,900</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">Offering expenses associated with rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(137,051</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(130,983</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">Proceeds from 1,113,649 and 430,414 shares newly issued in reinvestment of dividends and distributions, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,177,893</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,598,165</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 27pt">Payments for 94,000 and 0 shares repurchased, 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">(925,509</TD><TD STYLE="white-space: nowrap; 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">&mdash;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 40.5pt">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 40.5pt">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">209,127,896</TD><TD STYLE="white-space: nowrap; 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">123,453,082</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 54pt">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&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="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 54pt">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">95,438,838</TD><TD STYLE="white-space: nowrap; 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">123,455,538</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; 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><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Beginning of year</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">293,792,440</TD><TD STYLE="white-space: nowrap; 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">170,336,902</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">389,231,278</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">293,792,440</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</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"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">The presentation of Distributions to stockholders has
been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note B). For the year
ended December 31, 2017, distributions to stockholders consisted of $1,971,478, $21,504,419 and $20,863,908 of net investment
income, net realized gains and return-of-capital, respectively.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&nbsp;</P>
<P STYLE="text-align: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>9</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Financial Highlights</B></FONT></P></TD>
</TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="18" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">For the Years Ended December 31,</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2018</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2017</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2016</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2015</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2014<SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>PER SHARE OPERATING PERFORMANCE</B></FONT></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net asset value, beginning of year</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.18</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.04</TD>
<TD STYLE="white-space: nowrap; 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">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">15.05</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">18.69</TD>
<TD STYLE="white-space: nowrap; 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">20.56</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net investment income #</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.10</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.13</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.15</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.14</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.16</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net realized and unrealized gain/(loss) on investments</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(0.94</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2.40</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.83</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(0.25</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2.15</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net increase/(decrease) in net assets resulting from operations</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(0.84</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2.54</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.98</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(0.11</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">2.31</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Dividends and distributions to shareholders:</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net investment income</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.10</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.15</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.14</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.16</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net realized capital gains</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.32</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(1.33</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(1.08</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.30</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.82</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Return-of-capital</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2.34</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(1.30</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(3.54</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(3.20</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total dividends and distributions to stockholders</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2.76</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(2.75</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(3.35</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(3.98</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(4.18</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Common stock transactions:</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Anti-dilutive effect due to shares issued:</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Rights offering</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.57</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.35</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.36</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">0.45</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Reinvestment of dividends and distributions</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;<SUP>+</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;<SUP>+</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;<SUP>+</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;<SUP>+</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;<SUP>+</SUP></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Common stock repurchases</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<SUP>+</SUP></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"> &#8212;</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total anti-dilutive effect due to shares issued</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.57</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.35</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.36</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.45</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<SUP>+</SUP></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net asset value, end of year</P></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: 10%; border-bottom: Black 2.5pt double; text-align: right">10.15</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">13.18</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">13.04</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">15.05</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">18.69</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Market value, end of year</P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">11.11</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">15.29</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">15.07</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">16.89</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</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: 10%; border-bottom: Black 2.5pt double; text-align: right">19.41</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total investment return <SUP>(a)</SUP></P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(8.89</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)%</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">25.13</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">13.88</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">10.28</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(0.68</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RATIOS/SUPPLEMENTAL DATA</B></FONT></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net assets, end of year (000 omitted)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">389,231</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">293,792</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">170,337</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">115,331</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">83,678</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ratio of expenses to average net assets <SUP>(b)</SUP></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">1.18</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">1.22</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">1.33</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">1.35</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">1.44</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ratio of net investment income to average net assets <SUP>(c)</SUP></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.86</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.99</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">1.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.86</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.84</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Portfolio turnover rate</P></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">57</TD>
<TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">%</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">71</TD>
<TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">%</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">64</TD>
<TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">%</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">53</TD>
<TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">%</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">32</TD>
<TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">%</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</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"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></TD><TD STYLE="text-align: justify">Effective December 29, 2014, a reverse stock split of
1:4 occurred. All per share amounts have been restated according to the terms of the split.</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">#</TD><TD STYLE="text-align: justify">Based on average shares outstanding.</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">+</TD><TD STYLE="text-align: justify">Amount rounds to less than $0.01 per share.</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">(a)</TD><TD STYLE="text-align: justify">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.</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">(b)</TD><TD STYLE="text-align: justify">Expenses do not include expenses of investments companies
in which the Fund invests.</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">(c)</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">See accompanying notes to financial statements.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>10</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Notes to Financial Statements</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE A. ORGANIZATION
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;) was incorporated in New York on March 16, 1973 and commenced investment operations on May 15, 1973. Its investment objective is to seek capital appreciation with current income as a secondary objective. 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 (&#8220;FASB&#8221;)Accounting Standards Codification Topic 946, &#8220;Financial Services &#8211; Investment Companies.&#8221;
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE B. SIGNIFICANT ACCOUNTING POLICIES
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">In August 2018, the Securities and Exchange Commission (the &#8220;SEC&#8221;) adopted regulations that eliminated or amended disclosure requirements that were redundant or outdated in light of changes in SEC requirements, accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), International Financial Reporting Standards, or changes in technology or the business environment. These regulations were effective November 5, 2018, and the Fund is complying with them effective with these financial statements.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Management Estimates</B></I><FONT STYLE="font-weight: normal; font-style: normal">: The preparation of financial statements in conformity with GAAP 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Subsequent Events:</B></I><FONT STYLE="font-weight: normal; font-style: 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>New accounting pronouncement:</B></I><FONT STYLE="font-weight: normal; font-style: normal"> In August 2018, FASB issued Accounting Standards Update No. 2018-13 (&#8220;ASU 2018-13&#8221;), &#8220;Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement,&#8221; which amends the fair value measurement disclosure requirements of ASC Topic 820 (&#8220;ASC 820&#8221;), &#8220;Fair Value Measurement.&#8221; ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration of entities when evaluating disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted and the Fund has adopted ASU 2018-13 with these financial statements.
</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Portfolio Valuation:</B></I><FONT STYLE="font-weight: normal; font-style: 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>11</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<TR>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Notes to Financial Statement </B></FONT><FONT STYLE="font-variant: small-caps"><B>(continued)</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">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, 2018, the Fund held no securities valued in good faith by the Board of Directors.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018, the Fund did not invest in derivative instruments or engage in hedging activities.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Investment Transactions and Investment Income:</B></I><FONT STYLE="font-weight: normal; font-style: 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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; font-style: 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Taxes:</B></I><FONT STYLE="font-weight: normal; font-style: 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. Management reviewed any uncertain tax positions for open tax years 2015 through 2017, and for the year ended December 31, 2018. There was no material impact to the financial statements.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Distributions to Stockholders:</B></I><FONT STYLE="font-weight: normal; font-style: normal"> Effective January 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 </FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

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<TR>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>12</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
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<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Notes to Financial Statement </B></FONT><FONT STYLE="font-variant: small-caps"><B>(continued)</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I><B>Managed Distribution Risk:</B></I><FONT STYLE="font-weight: normal; font-style: 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></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE C. FAIR VALUE
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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">&#9679;</TD><TD STYLE="text-align: justify">Level 1 &#8211; quoted unadjusted prices for identical
instruments in active markets to which the Fund has access at the date of measurement.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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">&#9679;</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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">&#9679;</TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>13</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Notes to Financial Statement </B></FONT><FONT STYLE="font-variant: small-caps"><B>(continued)</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">The following is a summary of the inputs used as of December 31, 2018 in valuing the Fund&#8217;s investments carried at value:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Valuation Inputs</B></P></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Investments <BR>
in Securities</B></P></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Other <BR>
Financial <BR>
Instruments</B><SUP><B><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></B></SUP></P></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: white">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Level 1 &#8211; Quoted Prices</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Equity Securities</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">385,346,493</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Short-Term Investment</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">3,125,785</TD>
<TD STYLE="white-space: nowrap; 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">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Level 2 &#8211; Other Significant Observable Inputs</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; 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">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Level 3 &#8211; Significant Unobservable Inputs</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total</P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">388,472,278</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; 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"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></TD><TD STYLE="text-align: justify">Other financial instruments include futures, forwards
and swap contracts, if any.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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. The compliance dates of the new forms is April 2019 for larger fund groups and April 2020 for smaller fund groups.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE D. AGREEMENTS WITH AFFILIATES
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">At December 31, 2018, certain officers of the Fund are also officers of Cornerstone or Ultimus Fund Solutions, LLC (&#8220;Ultimus&#8221;). Such officers are paid no fees by the Fund for serving as officers of the Fund.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I>Investment Management Agreement
</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018, Cornerstone earned $3,550,045 for investment management services.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><I>Fund Accounting and Administration Agreement
</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Through May 31, 2018, AST Fund Solutions, LLC (&#8220;AFS&#8221;) served as the administrator. Under the administration agreement, AFS supplied executive, administrative and regulatory services for the Fund. AFS supervised the preparation of reports to shareholders for the Fund, reports to and filings with the SEC and materials for meetings of the Board of Directors. For these services, the Fund paid AFS a monthly fee at an annual rate of 0.075% of its average daily net assets, subject to an annual minimum fee of $30,000. For the period January 1, 2018 through May 31, 2018, AFS earned $89,526 as administrator.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Effective June 1, 2018, Ultimus became the Fund&#8217;s Administrator. Ultimus also serves as the accounting agent to the Fund. Under the fund accounting and administration agreement with the Fund, Ultimus is responsible for generally managing the administrative affairs of the Fund, including supervising the preparation of reports to Stockholders, reports to and filings with the SEC and materials for meetings of the Board. Ultimus is also responsible for calculating the net asset value per share and maintaining the financial books and records of the Fund. Ultimus is entitled to receive a fee in accordance with the agreements. For the year ended December 31, 2018, Ultimus earned $175,244 as fund accounting agent and administrator.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>14</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&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 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Cornerstone Total Return Fund, Inc.<BR>
Notes to Financial Statement </B></FONT><FONT STYLE="font-variant: small-caps"><B>(concluded)</B></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE E. INVESTMENT IN SECURITIES
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">For the year ended December 31, 2018, purchases and sales of securities, other than short-term investments, were $331,725,238 and $196,434,526, respectively.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE F. SHARES OF COMMON STOCK
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">The Fund has 100,000,000 shares of common stock authorized and 38,363,761 shares issued and outstanding at December 31, 2018. Transactions in common stock for the year ended December 31, 2018 were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<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">Shares at beginning of year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">22,293,496</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shares newly issued from rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,050,616</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Shares issued in reinvestment of dividends and distributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113,649</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Shares repurchased</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">(94,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Shares at end 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">38,363,761</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>NOTE G. FEDERAL INCOME TAXES
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018 and December 31, 2017 was as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>2018</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>2017</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ordinary Income</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">3,053,183</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">8,431,880</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Long-Term Capital Gains</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">9,220,579</TD>
<TD STYLE="white-space: nowrap; 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">15,044,017</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Return-of-Capital</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">67,642,063</TD>
<TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">20,863,908</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total Distributions</P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">79,915,825</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">44,339,805</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">At December 31, 2018, the components of accumulated deficit on a tax basis for the Fund were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net unrealized depreciation</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">(12,089,278</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Total accumulated deficit</P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">(12,089,278</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">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, 2018.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Under the Regulated Investment Company Modernization Act of 2010 (the &#8220;Act&#8221;), net capital losses recognized after December 31, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Under the law in effect prior to the Act, pre-enactment net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. Therefore, there may be a greater likelihood that all or a portion of the Funds&#8217; pre-enactment capital loss carryovers may expire without being utilized.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cost of portfolio investments</P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">400,561,556</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Gross unrealized appreciation</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">25,983,543</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Gross unrealized depreciation</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">(38,072,821</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Net unrealized depreciation</P></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">(12,089,278</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>15</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
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<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Report of Independent Registered Public Accounting Firm</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>To the Shareholders and Board of Directors of<BR>
Cornerstone Total Return Fund, Inc.
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Opinion on the Financial Statements
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">We have audited the accompanying statement of assets and liabilities of Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;), including the schedule of investments, as of December 31, 2018, 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 Total Return Fund, Inc. as of December 31, 2018, 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Basis for Opinion
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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, 2018 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: bottom; width: 50%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 50%"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>TAIT, WELLER &amp; BAKER LLP</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Philadelphia, Pennsylvania<BR>
February 15, 2019</B><FONT STYLE="font-weight: normal; font-style: normal">
</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>16</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
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<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>2018 Tax Information </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited)</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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 2018 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" 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; padding-bottom: 1pt">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">1/31/2018</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">2/28/2018</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">3/30/2018</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">4/30/2018</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">5/31/2018</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">6/29/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 28%; text-align: justify"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ordinary Income <SUP>(1)</SUP> </P></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Return-of-Capital <SUP>(2)</SUP></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Capital Gain <SUP>(3)</SUP></P></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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>7/31/2018</B></P></TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>8/31/2018</B></P></TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>9/28/2018</B></P></TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>10/31/2018</B></P></TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>11/30/2018</B></P></TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>12/31/2018</B></P></TD><TD STYLE="white-space: nowrap; 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"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ordinary Income <SUP>(1)</SUP></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.0088</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Return-of-Capital <SUP>(2) </SUP></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1948</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Capital Gain <SUP>(3)</SUP></P></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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">0.0265</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2301</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="text-align: justify; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%; margin-bottom: 0in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: justify; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Notes:
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify"><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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify"><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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify"><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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">The Fund has met the requirements to pass through 100% 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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).
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>17</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 22 -->
<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
<!-- Field: /Page -->
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Additional Information Regarding the Fund&#8217;s Directors <BR>
and Corporate Officers</B></FONT><FONT STYLE="font-variant: small-caps"><B> </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited)</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 20%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Name and <BR>
Address</B><SUP><B><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></B></SUP><B> <BR>
(Birth Date)</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 20%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Position(s) <BR>
Held with Fund</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 50%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Principal Occupation <BR>
over Last 5 Years</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 10%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Position <BR>
with Fund <BR>
Since</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Ralph W. Bradshaw<SUP><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></SUP><BR>
(Dec. 1950)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Chairman of the Board of Directors and President</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">President, Cornerstone Advisors, Inc.; Financial Consultant; President and Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2001</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Robert E. Dean<BR>
(Apr. 1951)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director; Audit, Nominating and Corporate Governance Committee Member</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director, National Bank Holdings Corp.; Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2014</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Edwin Meese III<BR>
(Dec. 1931)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director; Audit, Nominating and Corporate Governance Committee Member</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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 Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2001</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Matthew W. Morris
</P><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">(May 1971)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director; Audit, Nominating and Corporate Governance Committee Member</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Chief Executive Officer, Stewart Information Services Corporation, Director of Cornerstone Strategic Value Fund, Inc. </P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2017</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Scott B. Rogers <BR>
(July 1955)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director; Audit, Nominating and Corporate Governance Committee Member</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Chief Executive Office, Asheville Buncombe Community Christian Ministry (&#8220;ABCCM&#8221;); President, ABCCM Doctor&#8217;s Medical Clinic; Director, Faith Partnerships Incorporated; Member of North Carolina&#8217;s Council on Homelessness (from July 2014); Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2001</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Andrew A. Strauss <BR>
(Nov. 1953)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Attorney and senior member of Strauss Attorneys PLLC, Attorneys; Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2001</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>18</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 23 -->
<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
<!-- Field: /Page -->
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Additional Information Regarding the Fund&#8217;s Directors <BR>
and Corporate Officers</B></FONT><FONT STYLE="font-variant: small-caps"><B> </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited) (concluded)</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 20%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Name and <BR>
Address</B><SUP><B><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></B></SUP><B> <BR>
(Birth Date)</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 20%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Position(s) <BR>
Held with Fund</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 50%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Principal Occupation <BR>
over Last 5 Years</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 10%"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>Position <BR>
with Fund <BR>
Since</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Glenn W. Wilcox, Sr. <BR>
(Dec. 1931)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director; Chairman of Audit Committee, Nominating and Corporate Governance Committee Member</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.; Chairman of the Board, Blue Ridge Printing Co., Inc. (from January 2019); Director of Champion Industries, Inc.; Director of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2001</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Rachel L. McNabb<BR>
(April 1980)
</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Chief Compliance Officer</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Internal Audit Managing Senior of Camden Property Trust; Chief Compliance Officer of Cornerstone Advisors, Inc.; Chief Compliance officer of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2018</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Hoyt M. Peters<BR>
(Sep. 1963)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Secretary, and Assistant Treasurer</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Vice President of AST Fund Solutions, LLC (2013&#8211;2018); Secretary of The Asia Pacific Fund, Inc. (2016&#8211;2018); Associate of Cornerstone Advisors, Inc. (June 2018 &#8211; December 2018); Vice President of Cornerstone Advisors, Inc. (since January 2019); Secretary (since February 2019) and Assistant Treasurer of Cornerstone Strategic Value Fund, Inc.</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">February 8, 2019, 2013</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Theresa M. Bridge
</P><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">(December 1969)
</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Treasurer (Principal Financial Officer)</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Director of Financial Administration of Ultimus Fund Solutions, LLC.; Treasurer of Cornerstone Strategic Value Fund, Inc. (since June 2018).</P></TD>
<TD STYLE="vertical-align: top"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">2018</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</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"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></TD><TD STYLE="text-align: justify">The mailing address of each Director and/or Officer with
respect to the Fund&#8217;s operation is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</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"><FONT STYLE="font-size: 11pt; vertical-align: bottom">**</FONT></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>19</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 24 -->
<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
<!-- Field: /Page -->
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Description of Dividend Reinvestment Plan </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited)</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cornerstone Total Return 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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;).
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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 </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>20</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 25 -->
<DIV STYLE="margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
<!-- Field: /Page -->
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Description of Dividend Reinvestment Plan </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited) (concluded)</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

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<TR>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>21</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&nbsp;</P>

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<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Proxy Voting and Portfolio Holdings Information </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited)</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&#160;</TD>
<TD STYLE="width: 0.25in; vertical-align: top; text-align: right">
<P STYLE="text-align: justify; margin-top: 0pt; font: 11pt Times New Roman; margin-bottom: 0in">&#9679;	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="text-align: justify; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in">without charge, upon request, by calling toll-free (866) 668-6558; and
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&#160;</TD>
<TD STYLE="width: 0.25in; vertical-align: top; text-align: right">
<P STYLE="text-align: justify; margin-top: 0pt; font: 11pt Times New Roman; margin-bottom: 0in">&#9679;	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="text-align: justify; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0in">on the website of the SEC, <U>http://www.sec.gov</U>.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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 12-month period ended June 30 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.cornerstonetotalreturnfund.com</U> (See Form N-PX).
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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>.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Summary of General Information </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited)</B></FONT><FONT STYLE="font-variant: small-caps"><B>
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">Cornerstone Total Return Fund, Inc. is a closed-end, diversified investment company whose shares trade on the NYSE American. Its investment objective is to seek capital appreciation with current income as a secondary objective. The Fund is managed by Cornerstone Advisors, Inc.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>Stockholder Information </B></FONT><FONT STYLE="font-variant: small-caps"><B>(unaudited)</B></FONT><FONT STYLE="font-variant: small-caps"><B>
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>
<P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif">The Fund is listed on the NYSE American (symbol &#8220;CRF&#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.cornerstonetotalreturnfund.com</U>.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; border-top: #000000 1pt solid; vertical-align: top; width: 100%"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; 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 Total Return Fund, Inc. may from time to time purchase shares of its common stock in the open market.</I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: justify">&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: 4%"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: 11pt Times New Roman, Times, Serif"><B>22</B></P></TD>
<TD STYLE="vertical-align: top; width: 96%">&nbsp;</TD>
</TR>
</TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0in; margin-top: 0pt; font: small-caps 14pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps"><B>C</B></FONT><FONT STYLE="font-variant: small-caps"><B>ornerstone</B></FONT><FONT STYLE="font-variant: small-caps"><B> T</B></FONT><FONT STYLE="font-variant: small-caps"><B>otal</B></FONT><FONT STYLE="font-variant: small-caps"><B> R</B></FONT><FONT STYLE="font-variant: small-caps"><B>eturn</B></FONT><FONT STYLE="font-variant: small-caps"><B> F</B></FONT><FONT STYLE="font-variant: small-caps"><B>und</B></FONT><FONT STYLE="font-variant: small-caps"><B>, I</B></FONT><FONT STYLE="font-variant: small-caps"><B>nc.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in"><B></B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 2.</B></TD><TD><B>Code of Ethics.</B></TD></TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 3.</B></TD><TD><B>Audit Committee Financial Expert.</B></TD></TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; 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: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD><B>Principal Accountant Fees and Services.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><U>Audit Fees</U>. The aggregate fees billed for professional
services rendered by the principal accountant for the audit of the registrant&rsquo;s annual financial statements or for services
that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $17,900 and
$17,400 with respect to the registrant&rsquo;s fiscal years ended December 31, 2018 and December 31, 2017, respectively.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Audit-Related Fees</U>. 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&rsquo;s
financial statements and are not reported under paragraph (a) of this Item.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Tax Fees</U>. The aggregate fees billed for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning were $4,100 and $4,000 with respect to the registrant&rsquo;s fiscal
years ended December 31, 2018 and December 31, 2017, respectively. The services comprising these fees are the preparation of the
registrant&rsquo;s federal income and excise tax returns.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>All Other Fees</U>. Other fees billed were $1,600 and $1,600 with respect to the registrant&rsquo;s
fiscal years ended December 31, 2018 and December 31, 2017, respectively.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(e)(1)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 63pt; text-align: justify; text-indent: -45pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(e)(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0in"></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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Less than 50% of hours expended on the principal accountant&rsquo;s engagement to audit the registrant&rsquo;s
financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant&rsquo;s
full-time, permanent employees.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">During the fiscal years ended December 31, 2018 and 2017, aggregate non-audit fees of $5,700 and
$5,600, 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.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 45pt; text-align: justify; text-indent: -27pt">&nbsp;</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">The principal accountant has not provided any non-audit services to the registrant&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-indent: -0.5in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 5.</B></TD><TD><B>Audit Committee of Listed Registrants.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0in">&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: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0in">&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: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-indent: -0.5in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 6.</B></TD><TD><B>Schedule of Investments.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 43.9pt; text-indent: -25.9pt">&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: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Not applicable [schedule filed with Item 1]</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0in">&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: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Not applicable</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 1in; text-align: justify; text-indent: -1in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-indent: -0.5in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 8.</B></TD><TD><B>Portfolio Managers of Closed-End Management Investment Companies.</B></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(1)</TD><TD STYLE="text-align: justify">All information included in this Item is as of the date
of the filing of this Form N-CSR, unless otherwise noted.</TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Ralph W. Bradshaw</B> is the
portfolio manager of the registrant. Mr. Ralph W. Bradshaw has acted as portfolio manager since 2002. Mr. Ralph W. Bradshaw is
President of Cornerstone Advisors, Inc. and serves as President and Chairman of the Board of the registrant and Cornerstone
Strategic Value Fund, Inc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Joshua G. Bradshaw </B>is a co-portfolio
manager of the registrant. Mr. Joshua G. Bradshaw has acted as co-portfolio manager since 2018. Mr. Joshua G. Bradshaw is a Vice
President of Cornerstone Advisors, Inc. and serves as Assistant Secretary of the registrant and Cornerstone Strategic Value Fund,
Inc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Daniel W. Bradshaw </B>is a co-portfolio
manager of the registrant. Mr. Daniel W. Bradshaw has acted as co-portfolio manager since 2018. Mr. Daniel W. Bradshaw is a Vice
President of Cornerstone Advisors, Inc. and serves as Assistant Secretary of the registrant and Cornerstone Strategic Value Fund,
Inc.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(2)</TD><TD STYLE="text-align: justify">Messrs. Bradshaw manage one other closed-end registered investment company: Cornerstone
                                                                                Strategic Value Fund, Inc. As of December 31, 2018, net assets of Cornerstone Strategic Value  Fund, Inc. were $762,235,060.
                                                                                Messrs. Bradshaw manage no accounts except for the registrant and Cornerstone Strategic Value Fund, Inc. Messrs. Bradshaw
                                                                                manage no accounts where the advisory fee is based on the performance of the account. No material conflicts of interest exist
                                                                                in connection with the co-portfolio managers&rsquo; 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.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(3)</TD><TD STYLE="text-align: justify">Compensation for each of Ralph W. Bradshaw, Joshua G.
Bradshaw, and Daniel 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.</TD>
</TR></TABLE>

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



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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(4)</TD><TD STYLE="text-align: justify">The dollar range of equity securities in the registrant
beneficially owned by each portfolio manager as of December 31, 2018 is as follows:</TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Ralph W. Bradshaw: over $100,000</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Joshua G. Bradshaw: $2,000-$10,000</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Daniel W. Bradshaw: $2,000-$10,000</P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-indent: -0.5in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 9.</B></TD><TD><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.75in; text-indent: -0.75in">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-indent: -0.5in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 10.</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">There have been no material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors 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 0 0in 1in; text-indent: -1in"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 1in"><B>Item 11.</B></TD><TD><B>Controls and Procedures.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">(a) Based on their evaluation of the registrant&rsquo;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&rsquo;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 0 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">(b) There were no changes in the registrant&rsquo;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&rsquo;s internal control over financial reporting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify"><B>Item 12. Disclosure of Securities Lending
Activities for Closed-End Management Investment Companies.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">The Registrant does not engage in securities
lending activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; 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: 0"></TD><TD STYLE="width: 1in"><B>Item 13.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">(a)(4) Change in the registrant&rsquo;s independent
public accountants. Not applicable</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; background-color: White">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibit 99.CODE ETH</FONT></TD>
    <TD STYLE="text-align: left; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Code of Ethics</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibit 99.VOTEREG</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxy Voting Policies and Procedures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibit 99.CERT</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certifications required by Rule 30a-2(a) under the Act</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibit 99.906CERT</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 0 0in">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: center"><B>SIGNATURES</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Registrant)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Cornerstone
    Total Return Fund, Inc.</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">Ralph W. Bradshaw, Chairman and President</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">(Principal Executive Officer)</P></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></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 COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">Ralph W. Bradshaw, Chairman and President</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">(Principal Executive Officer)</P></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 7, 2019</FONT></TD>
    <TD>&nbsp;</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 COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Theresa M. Bridge</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa M. Bridge, Treasurer and Principal Financial Officer</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in"><SUP>&nbsp;</SUP></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"><SUP>*</SUP></TD><TD STYLE="text-align: justify">Print the name and title of each signing officer under
his or her signature.</TD>
</TR></TABLE>



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<TYPE>EX-99.CODE ETH
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<FILENAME>fp0039055_ex99code.htm
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; text-align: center">CORNERSTONE STRATEGIC VALUE
FUND, INC.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0pt; text-align: justify; 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: 0 0 0in 0pt; text-indent: 120.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0pt; text-indent: 120.1pt"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0in">&nbsp;</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: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">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;);</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</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">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>I recognize that I am subject to the Code of Ethics;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</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">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">I have complied with the requirements of the Code of Ethics during the calendar year ending December
31, <U>&#9;</U>; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</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">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">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, .</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0pt; text-align: justify; text-indent: 0.5in">Set forth below exceptions to items (3) and (4), if
any:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 75%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.VOTEREG
<SEQUENCE>3
<FILENAME>fp0039055_ex99votereg.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 320.15pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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 &mdash; 2019 Proxy Season.</P>

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

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

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

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



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<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 90%; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GUIDELINES INTRODUCTION</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Summary of Changes for the 2019 United States Policy Guidelines</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Executive Compensation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Clarifying Amendments</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: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Housekeeping Changes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A BOARD OF DIRECTORS THAT SERVES THE INTERESTS OF SHAREHOLDERS</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="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Election of Directors</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="padding-left: 20pt"><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">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><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">7</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">7</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><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">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><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">9</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">10</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">10</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">11</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><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">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><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">16</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">18</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><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">19</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><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">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><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">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><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">22</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt"><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">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OTC-Listed Companies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><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">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Declassified Boards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Composition and Refreshment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Diversity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">26</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 90%; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxy Access</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Majority Vote for the Election of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><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">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><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">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Conflicting and Excluded Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TRANSPARENCY AND INTEGRITY IN FINANCIAL REPORTING</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Auditor Ratification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Voting Recommendations on Auditor Ratification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pension Accounting Issues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE LINK BETWEEN COMPENSATION AND PERFORMANCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Say-on-Pay Voting Recommendations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Company Responsiveness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pay for Performance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Short-Term Incentives</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Long-Term Incentives</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Grants of Front-Loaded Awards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">One-Time Awards</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Contractual Payments and Arrangements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Recoupment Provisions (&ldquo;Clawbacks&rdquo;)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hedging of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pledging of Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Compensation Consultant Independence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CEO Pay Ratio</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Frequency of Say-on-Pay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vote on Golden Parachute Arrangements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Equity-Based Compensation Plan Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">41</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Option Exchanges and Repricing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Option Backdating, Spring-Loading and Bullet-Dodging</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director Compensation Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employee Stock Purchase Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Executive Compensation Tax Deductibility &mdash; Amendment to IRS 162(m)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GOVERNANCE STRUCTURE AND THE SHAREHOLDER FRANCHISE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Anti-Takeover Measures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Poison Pills (Shareholder Rights Plans)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">46</FONT></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NOL Poison Pills</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fair Price Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Quorum Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director and Officer Idemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reincorporation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exclusive Forum and Fee-Shifting Bylaw Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Authorized Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Advance Notice Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Virtual Shareholder Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Voting Structure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">51</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dual-Class Share Structures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">51</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cumulative Voting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">51</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Supermajority Vote Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Transaction of Other Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Anti-Greenmail Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mutual Funds: Investment Policies and Advisory Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Real Estate Investment Trusts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preferred Stock Issuances at REITs</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Business Development Companies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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; font-size: 11pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Auditor Ratification and Below-NAV Issuances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SHAREHOLDER INITIATIVES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">55</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Environmental, Social &amp; Governance Initiatives</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">55</FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0pt 0; font-size: 11pt"><FONT STYLE="font-size: 24pt">Guidelines Introduction</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 11pt"></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 0pt 0pt; text-align: justify; color: BLACK">SUMMARY OF CHANGES
FOR THE 2019 UNITED STATES POLICY GUIDELINES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Our policy regarding
board gender diversity, announced in November 2017, will take effect for meetings held after January 1, 2019. Under the updated
policy, 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. Such rationale may include, but is not limited to, a disclosed
timetable for addressing the lack of diversity on the board, and any notable restrictions in place regarding the board&rsquo;s
composition, such as director nomination agreements with significant investors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">CONFLICTING AND
EXCLUDED PROPOSALS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have codified
our policy regarding conflicting special meeting shareholder resolutions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">In instances where companies place on the ballot both a management and shareholder proposal requesting different thresholds for the right to call a special meeting, Glass Lewis will generally recommend voting for the lower
threshold (in most instances, the shareholder proposal) and recommend voting against the higher threshold.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">In instances where there are conflicting management and shareholder special meeting proposals and
the company does not currently maintain a special meeting right, Glass Lewis may consider recommending that shareholders vote
in favor of the shareholder proposal and recommending that shareholders abstain from voting on management&rsquo;s proposal.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">In instances where companies have excluded a special meeting shareholder proposal in favor of a
management proposal ratifying an existing special meeting right, Glass Lewis will typically recommend against the ratification
proposal as well as members of the nominating and governance committee.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis will
also be making note of instances where the SEC has allowed companies to exclude shareholder proposals, which may result in recommendations
against members of the governance committee. In recent years, we have seen the dynamic nature of the considerations given by the
SEC when determining whether companies may exclude certain shareholder proposals. We understand that not all shareholder proposals
serve the long-term interests of shareholders and value and respect the limitations placed on shareholder proponents when submitting
proposals to a vote of shareholders, as certain shareholder proposals can unduly burden companies. However, in the event that we
believe that the exclusion of a shareholder proposal was detrimental to shareholders, we may, in very limited circumstances, recommend
against the members of the governance committee.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ENVIRONMENTAL AND
SOCIAL RISK OVERSIGHT</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 0pt 0pt; text-align: justify; color: #231F20">We have codified
our approach to reviewing how boards are overseeing environmental and social issues. For large cap companies and in instances where
we identify material oversight issues, Glass Lewis will review a company&rsquo;s overall governance practices and identify which
directors or board-level committees have been charged with oversight of environmental and/or social issues. Glass Lewis will also
note instances where such oversight has not been clearly defined by companies in their governance documents.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Further, we have
clarified that, in instances where it is clear that companies have not properly managed or mitigated environmental or social risks
to the detriment of shareholder value, or when such mismanagement has threatened shareholder value, Glass Lewis may consider recommending
that shareholders vote against members of the board who are responsible for oversight of environmental and social risks. In the
absence of explicit board oversight of environmental and social issues, Glass Lewis may recommend that shareholders vote against
members of the audit committee. In making these determinations, Glass Lewis will carefully review the situation, its effect on
shareholder value, as well as any corrective action or other response made by the company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">RATIFICATION OF
AUDITOR: ADDITIONAL CONSIDERATIONS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have codified
additional factors we will consider when reviewing auditor ratification proposals, and extended our discussion of auditor ratification
to reflect updated disclosure standards. Specifically, additional factors we will consider include the auditor&rsquo;s tenure,
a pattern of inaccurate audits, and any ongoing litigation or significant controversies which call into question an auditor&rsquo;s
effectiveness. In limited cases, these factors may contribute to a recommendation against auditor ratification.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Our policy regarding
virtual-only shareholder meetings, announced in November 2017, will take effect for meetings held after January 1, 2019. Under
this new policy, for companies that opt to hold their annual shareholder meeting by virtual means, and without the option of
attending the meeting in person, Glass Lewis will examine the company&rsquo;s disclosure of its virtual meeting procedures and
may recommend voting against members of the governance committee if the company does not provide disclosure assuring that shareholders
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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Examples of effective
disclosure include: (i) addressing the ability of shareholders to ask questions during the meeting, including time guidelines
for shareholder questions, rules around what types of questions are allowed, and rules for how questions and comments will be
recognized and disclosed to meeting participants; (ii) procedures, if any, for posting appropriate questions received during the
meeting, and the company&rsquo;s answers, on the investor page of their website as soon as is practical after the meeting; (iii)
addressing technical and logistical issues related to accessing the virtual meeting platform; and (iv) procedures for accessing
technical support to assist in the event of any difficulties accessing the virtual meeting.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ADDED EXCISE TAX
GROSS-UPS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">When analyzing
the performance of the board&rsquo;s compensation committee, we will now include the inclusion of new excise tax gross-up provisions
as an additional factor that may contribute to a negative voting recommendation. When new excise tax gross-ups are provided for
in executive employment agreements, we will consider recommending against members of the compensation committee, particularly in
situations where a company previously committed not to provide any such entitlements in the future.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">CONTRACTUAL PAYMENTS
AND ARRANGEMENTS</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 0pt 0pt; text-align: justify; color: #231F20">We have extended
our policy regarding contractual payments and arrangements, and clarified the terms that may contribute to a negative voting recommendation
on a say-on-pay proposal. When evaluating severance and sign-on arrangements, we consider general U.S. market practice, as well
as the size and design of entitlements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">EXECUTIVE COMPENSATION
DISCLOSURE FOR SMALLER REPORTING COMPANIES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">When analyzing
the performance of a board&rsquo;s compensation committee, we will consider the impact of materially decreased CD&amp;A disclosure
when formulating our recommendations and may consider recommending against members of the committee where a reduction in disclosure
substantially impacts shareholders&rsquo; ability to make an informed assessment of the company&rsquo;s executive pay practices.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In June 2018, the
SEC adopted amendments to raise the thresholds in the definition of &ldquo;smaller reporting company&rdquo; (or &ldquo;SRC&rdquo;),
thereby significantly expanding the number of companies eligible to comply with reduced disclosure requirements. Specifically,
a company with less than $250 million of public float, or a company with less than $100 million in annual revenues and either no
public float or a public float of less than $700 million will be eligible. Under the lower disclosure standard, a company is only
required to disclose two years of summary compensation table information rather than three, and for the top three named executive
officers rather than five. Additionally, SRCs are not required to provide a compensation discussion and analysis, or tables detailing
grants of plan-based awards to executives.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">GRANTS OF FRONT-LOADED
AWARDS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have added a
discussion of grants of front-loaded awards. We believe that there are certain risks associated with the use of this structure.
When evaluating such awards, Glass Lewis takes quantum, design and the company&rsquo;s rationale for granting awards under this
structure into consideration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">RECOUPMENT PROVISIONS
(&ldquo;CLAWBACKS&rdquo;)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have clarified
our policy regarding &ldquo;Recoupment Provisions (&ldquo;Clawbacks&rdquo;)&rdquo;, as we are increasingly focusing attention
on the specific terms of recoupment policies beyond whether a company maintains a &ldquo;clawback&rdquo; that simply satisfies
the minimum legal requirements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">OTHER EXECUTIVE
COMPENSATION CLARIFICATIONS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In addition to
the above, we have clarified and formalized several aspects of our current executive compensation policy guidelines. These include
updated language in our discussion of how peer groups contribute to recommendations, revising our description of the pay-for-performance
model, and adding discussion on the consideration of discretion in incentive plans. We have also added an explanation of the structure
and disclosure ratings in our Proxy Papers and addressed certain recent developments in our discussion of director compensation
and bonus plans.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">While we have not
changed our current approach to the following topics, we have codified our policies pertaining to the following:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">AUDITOR RATIFICATION
PROPOSALS AT BUSINESS DEVELOPMENT COMPANIES (&ldquo;BDCS&rdquo;)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have clarified
why we do not recommend voting against members of the audit committees of business development companies for failing to include
auditor ratification on the ballot alongside a proposal to issue shares below NAV.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">DIRECTOR RECOMMENDATIONS
ON THE BASIS OF COMPANY PERFORMANCE</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 0pt 0pt; text-align: justify; color: #231F20">With regard to
our voting recommendations on the basis of company performance, we have clarified that in addition to the company&rsquo;s stock
price performance, we consider the company&rsquo;s overall corporate governance, pay-for-performance alignment and responsiveness
to shareholders, 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">DIRECTOR AND OFFICER
INDEMNIFICATION</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have added a
section clarifying our approach to analyzing indemnification provisions for directors and officers. While Glass Lewis strongly
believes that directors and officers should be held to the highest standard when carrying out their duties to shareholders, some
protection from liability is reasonable to protect them against certain suits so that these officers feel comfortable taking measured
risks that may benefit shareholders. As such, we find it appropriate for a company to provide indemnification and/or enroll in
liability insurance to cover its directors and officers so long as the terms of such agreements are reasonable.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">NOL PROTECTIVE
AMENDMENTS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Previously, when
companies proposed the adoption of a NOL Poison Pill in addition to a separate proposal seeking approval of &ldquo;protective amendments&rdquo;
to restrict certain share transfers, we would generally support adoption of the NOL Pill while opposing the protective amendment,
on the grounds that the pill itself would be sufficiently restrictive to protect the company&rsquo;s deferred tax assets. Given
that it is common practice in the United States to seek approval of both proposals simultaneously in order to appropriately protect
such assets, we have clarified that in cases where companies propose adoption of both a NOL Poison Pill and an additional bylaw
amendment restricting certain share transfers, we may support both as long as we find the terms to be reasonable.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have added a
section clarifying our approach to analyzing OTC-listed companies and our recommendations relating to lack of sufficient disclosure.
Specifically, we have clarified that in cases where shareholders are not provided with information regarding the composition of
the board, its key committees or other basic governance practices, we generally hold the chair of the board&rsquo;s governance
committee responsible, or the chair of the board in cases where no governance committee is disclosed.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have added a
section clarifying our approach to analyzing quorum requirements for shareholder meetings. Glass Lewis generally believes that
a company&rsquo;s quorum requirement should be set at a level high enough to ensure that a broad range of shareholders is represented
in person or by proxy, but low enough that the company can transact necessary business.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We generally believe
that a majority of outstanding shares entitled to vote is an appropriate quorum for the transaction of business at shareholder
meetings. However, should a company seek shareholder approval of a lower quorum requirement we will generally support a reduced
quorum of at least one-third of shares entitled to vote, either in person or by proxy. When evaluating such proposals, we also
consider the specific facts and circumstances of the company such as size and shareholder base.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Lastly, we have
made several minor edits of a housekeeping nature, including the removal of several outdated references, in order to enhance clarity
and readability.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; color: BLACK">A Board of Directors that Serves
the Interests of Shareholders</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><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: 0pt 0 0pt 0pt; color: BLACK"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52.95pt; text-align: justify; color: #231F20"><B>Independent
Director </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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<SUP>1</SUP> before the inquiry are
usually considered &ldquo;current&rdquo; for purposes of this test.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52.95pt; text-align: justify; color: #231F20"><B>Affiliated
Director </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.<SUP>2</SUP> This includes directors whose employers have a material financial relationship with the</FONT> company.<SUP>3
</SUP>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.<SUP>4</SUP>&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>






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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definition
of </FONT><B>&ldquo;Material&rdquo;</B><FONT STYLE="font-family: Times New Roman, Times, Serif">: A material relationship is one
in which the dollar value exceeds:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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.<SUP>5</SUP> 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;<SUP>6
                                         </SUP>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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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).<SUP>7</SUP></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definition
of </FONT><B>&ldquo;Familial&rdquo; </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definition
of</FONT> <B>&ldquo;Company&rdquo;</B> <FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; color: #231F20"><B>Inside Director
</B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">VOTING RECOMMENDATIONS
ON THE BASIS OF BOARD INDEPENDENCE</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 0pt 0pt; text-align: justify; color: #231F20">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<SUP>8</SUP>
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">COMMITTEE INDEPENDENCE</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 0pt 0pt; text-align: justify; color: #231F20">We believe that
only independent directors should serve on a company&rsquo;s audit, compensation, nominating, and governance committees.<SUP>9
</SUP>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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Pursuant to
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 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">INDEPENDENT CHAIR</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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 2002.<SUP>10
</SUP>Another study finds that 51 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.<SUP>11</SUP></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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Further, where
the company has neither an independent chair nor independent lead director, we will recommend voting against the chair of the
governance committee.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">11</TD><TD STYLE="text-align: justify">Spencer Stuart Board Index, 2017, p. 24.</TD>
</TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">PERFORMANCE</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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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, auditor 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">1.</TD><TD STYLE="text-align: justify">A director who fails to attend a minimum of 75% of board and applicable
                                         committee meetings, calculated in the aggregate.<SUP>12</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">2.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">BOARD RESPONSIVENESS</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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">With regards to
companies where voting control is held through a dual-class share structure with disproportionate 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 management proposal, we believe the board should demonstrate an appropriate level of responsiveness.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Our Proxy Paper
analysis will include a case-by-case assessment of the specific elements of board responsiveness that we examined along with
an explanation of how that assessment impacts our current voting recommendations.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Audit committees
play an integral role in overseeing the financial reporting process because stable capital markets depend on reliable, transparent,
and objective financial information to support an efficient and effective capital market process. Audit committees play a vital
role in providing this disclosure to shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; color: #231F20"><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: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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;<SUP>13</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 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: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">13</TD><TD STYLE="text-align: justify">Commission on Public Trust and Private Enterprise. The
Conference Board. 2003.</TD>
</TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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:<SUP>14</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">1.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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.<SUP>15</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">11.</TD><TD STYLE="text-align: justify">The audit committee chair<SUP>16</SUP> 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">12.</TD><TD STYLE="text-align: justify">All members of an audit committee where the auditor has resigned
                                         and reported that a section 10A<SUP>17</SUP> letter has been issued.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">14</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">15</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">16</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">17</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><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">13.</TD><TD STYLE="text-align: justify">All members of an audit committee at a time when material accounting
                                         fraud occurred at the company.<SUP>18</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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.<SUP>19</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">18</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">19</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; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">When assessing
the performance of compensation committees, we will consider recommending that shareholders vote against the following:<SUP>20</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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.<SUP>21</SUP></TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%; text-align: justify">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">20</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">21</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; text-align: justify">&nbsp;</P>


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<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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.<SUP>22</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">15.</TD><TD STYLE="text-align: justify">All members of the compensation committee when the board has materially decreased proxy statement disclosure regarding executive
compensation policies and procedures in a manner which substantially impacts shareholders&rsquo; ability to make an informed
assessment of the company&rsquo;s executive pay practices.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">16.</TD><TD STYLE="text-align: justify">All members of the compensation committee when new excise tax gross-up provisions are adopted in employment agreements with
executives, particularly in cases where the company previously committed not to provide any such entitlements in the future.</TD></TR></TABLE>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">22</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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">NOMINATING AND
GOVERNANCE COMMITTEE PERFORMANCE</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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Regarding the
committee responsible for governance, we will consider recommending that shareholders vote against the following:<SUP>23</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">1.</TD><TD STYLE="text-align: justify">All members of the governance committee<SUP>24</SUP> 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.<SUP>25
                                         </SUP>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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">2.</TD><TD STYLE="text-align: justify">The governance committee chair,<SUP>26</SUP> when the chair is
                                         not independent and an independent lead or presiding director has not been appointed.<SUP>27</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">5.</TD><TD STYLE="text-align: justify">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: 0pt 0 0pt 53pt; text-indent: -0.25in"></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">23</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">24</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">25</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">26</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">27</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><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">6.</TD><TD STYLE="text-align: justify">The governance committee chair, when during the past year the
                                         board adopted a forum selection clause (i.e., an exclusive forum provision)<SUP>28</SUP>
                                         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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">7.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">8.</TD><TD STYLE="text-align: justify">The governance committee chair when the board takes actions to limit shareholders&rsquo; ability to vote on matters material
to shareholder rights (e.g., through the practice of excluding a shareholder proposal by means of ratifying a management proposal
that is materially different from the shareholder proposal).</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 remove 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 ability 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Regarding the
nominating committee, we will consider recommending that shareholders vote against the following:<SUP>29</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">1.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">2.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">In the absence of a governance committee, the nominating committee
                                         chair<SUP>30</SUP> when the chair is not independent, and an independent lead or presiding
                                         director has not been appointed.<SUP>31</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">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.<SUP>32</SUP></TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">28</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">29</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">30</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">31</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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 the longest-serving director.</TD>
</TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
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<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">5.</TD><TD STYLE="text-align: justify">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.<SUP>33</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">6.</TD><TD STYLE="text-align: justify">The nominating committee chair when the board has no female directors and has not provided sufficient rationale or disclosed
a plan to address the lack of diversity on the board.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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)<SUP>34</SUP>, 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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis understands
the importance of ensuring the sustainability of companies&rsquo; operations. We believe that an inattention to material environmental
and social issues can present direct legal, financial, regulatory and reputational risks that could serve to harm shareholder
interests. Therefore, we believe that these issues should be carefully monitored and managed by companies, and that companies
should have an appropriate oversight structure in place to ensure that they are mitigating attendant risks and capitalizing on
related opportunities to the best extent possible.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">33</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">34</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><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis believes
that companies should ensure appropriate board-level oversight of material risks to their operations, including those that are
environmental and social in nature. Accordingly, for large cap companies and in instances where we identify material oversight
issues, Glass Lewis will review a company&rsquo;s overall governance practices and identify which directors or board-level committees
have been charged with oversight of environmental and/or social issues. Glass Lewis will also note instances where such oversight
has not been clearly defined by companies in their governance documents.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Where it is clear
that a company has not properly managed or mitigated environmental or social risks to the detriment of shareholder value, or when
such mismanagement has threatened shareholder value, Glass Lewis may consider recommending that shareholders vote against members
of the board who are responsible for oversight of environmental and social risks. In the absence of explicit board oversight of
environmental and social issues, Glass Lewis may recommend that shareholders vote against members of the audit committee. In making
these determinations, Glass Lewis will carefully review the situation, its effect on shareholder value, as well as any corrective
action or other response made by the company.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif">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><SUP>35
</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">35</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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">OTHER CONSIDERATIONS</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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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,<SUP>36</SUP> 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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.<SUP>37</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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.<SUP>38</SUP> 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: 0pt 0 0pt 53pt; text-indent: -0.25in">&nbsp;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">36</TD><TD STYLE="text-align: justify">We will generally refrain from recommending against a director
who provides consulting services for the company if the director is excluded from membership on the board&rsquo;s key committees
and we have not identified significant governance concerns with the board.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">The independence
exceptions that we make for controlled companies are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0; text-align: justify">&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We have no board
size requirements for controlled companies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK"><B>Audit Committee
Independence</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK"><B>Board Responsiveness
at Dual-Class Companies</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">With regards to
companies where voting control is held through a dual-class share structure with disproportionate 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 management proposal, we believe the board should demonstrate an appropriate level of responsiveness.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">GOVERNANCE FOLLOWING
AN IPO OR SPIN-OFF</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">1.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">2.</TD><TD STYLE="text-align: justify">Supermajority vote requirements to amend governing documents</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">The presence of exclusive forum or fee-shifting provisions</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">Whether shareholders can call special meetings or act by written consent</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">5.</TD><TD STYLE="text-align: justify">The voting standard provided for the election of directors</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">6.</TD><TD STYLE="text-align: justify">The ability of shareholders to remove directors without cause</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">7.</TD><TD STYLE="text-align: justify">The presence of evergreen provisions in the Company&rsquo;s equity compensation arrangements</TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">8.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">DUAL-LISTED OR
FOREIGN-INCORPORATED COMPANIES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Companies trading
on the OTC Bulletin Board are not considered &ldquo;listed companies&rdquo; under SEC rules and therefore not subject to the same
governance standards as listed companies. However, we believe that more stringent corporate governance standards should be applied
to these companies given that their shares are still publicly traded.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">When reviewing
OTC companies, Glass Lewis will review the available disclosure relating to the shareholder meeting to determine whether shareholders
are able to evaluate several key pieces of information, including: (i) the composition of the board&rsquo;s key committees, if
any; (ii) the level of share ownership of company insiders or directors; (iii) the board meeting attendance record of directors;
(iv) executive and non-employee director compensation; (v) related-party transactions conducted during the past year; and (vi)
the board&rsquo;s leadership structure and determinations regarding director independence.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We are particularly
concerned when company disclosure lacks any information regarding the board&rsquo;s key committees. We believe that committees
of the board are an essential tool for clarifying how the responsibilities of the board are being delegated, and specifically
for indicating which directors are accountable for ensuring: (i) the independence and quality of directors, and the transparency
and integrity of the nominating process; (ii) compensation programs that are fair and appropriate; (iii) proper oversight of the
company&rsquo;s accounting, financial reporting, and internal and external audits; and (iv) general adherence to principles of
good corporate governance.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In cases where
shareholders are unable to identify which board members are responsible for ensuring oversight of the above-mentioned responsibilities,
we may consider recommending against certain members of the board. Ordinarily, we believe it is the responsibility of the corporate
governance committee to provide thorough disclosure of the board&rsquo;s governance practices. In the absence of such a committee,
we believe it is appropriate to hold the board&rsquo;s chair or, if such individual is an executive of the company, the longest-serving
non-executive board member accountable.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">MUTUAL FUND BOARDS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><B>Size of the board of directors</B> <FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash; The board should be
made up of between five and twenty directors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><B>The CFO on the board </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash; Neither the CFO of the fund nor
the CFO of the fund&rsquo;s registered investment advisor should serve on the board.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><B>Independence of the audit committee</B> <FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash; The audit committee
should consist solely of independent directors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B>Audit committee financial expert </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash; At least one member
of the audit committee should be designated as the audit committee financial expert.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">The following differences
from regular public companies apply at mutual funds:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><B>Independence of the board </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><B>When the auditor is not up for ratification </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231F20">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20"><B>Non-independent chair </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 </FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: BLACK">http://www.sec.gov/news/studies/indchair.
pdf</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231F20">.)</FONT></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B>Multiple funds overseen by the same director </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">(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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.<SUP>39</SUP> 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;<SUP>40</SUP> 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;<SUP>41</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Shareholders have
increasingly come to agree with this view. In 2016, 92% of S&amp;P 500 companies had declassified boards, up from approximately
40% a decade ago.<SUP>42</SUP> 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.<SUP>43</SUP> 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 recommendation to vote against shareholder proposals.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">BOARD COMPOSITION
AND REFRESHMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">39</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">40</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: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="color: #231F20">41</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">Lucian Bebchuk, Alma Cohen
and Charles C.Y. Wang, &ldquo;Staggered Boards and the Wealth of Shareholders: Evidence from a Natural Experiment,&rdquo; SSRN:
</FONT><FONT STYLE="color: BLACK">http://ssrn.com/abstract=1706806 </FONT><FONT STYLE="color: #231F20">(2010), p. 26.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">42</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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">43</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><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.<SUP>44</SUP> Glass Lewis closely reviews
the composition of the board for representation of diverse director candidates and will generally recommend against the nominating
committee chair of a board that has no female members.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Depending on other
factors, including the size of the company, the industry in which the company operates, the state in which the company is headquartered,
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. Such rationale may include, but is not limited to,
a disclosed timetable for addressing the lack of diversity on the board and any notable restrictions in place regarding the board&rsquo;s
composition, such as director nomination agreements with significant investors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In September 2018,
California Governor Jerry Brown signed into law Senate Bill 826, which requires all companies headquartered in the state to have
one woman on their board by the end of 2019. In addition, by the end of 2021, companies must have at least two women on boards
of five members and at least three women on boards with six or more directors. Accordingly, during the 2019 proxy season, if a
company headquartered in California does not have at least one woman on its board, we will generally recommend voting against
the chair of the nominating committee unless the company has disclosed a clear plan for how they intend to address this issue
prior to the end of 2019.&nbsp;</P>

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

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

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

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

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="color: #231F20">44</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: BLACK">http://www.glasslewis.com/wp-content/uploads/2017/03/2017-In-Depth-Report-Gender-Diversity.pdf</FONT><FONT STYLE="color: #231F20">.</FONT></TD>
</TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><FONT STYLE="color: #231F20">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 </FONT> <FONT STYLE="color: BLACK">www.glasslewis.com</FONT><FONT STYLE="color: #231F20">.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">MAJORITY VOTE FOR
THE ELECTION OF DIRECTORS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 2017, 89%
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.<SUP>45</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">THE PLURALITY VOTE
STANDARD</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">ADVANTAGES OF A
MAJORITY VOTE STANDARD</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">45</TD><TD STYLE="text-align: justify">Spencer Stuart Board Index, 2017, p. 16.</TD>
</TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">CONFLICTING AND
EXCLUDED PROPOSALS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">SEC Rule 14a-8(i)(9)
allows companies to exclude shareholder proposals &ldquo;if the proposal directly conflicts with one of the company&rsquo;s own
proposals to be submitted to shareholders at the same meeting.&rdquo; 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 increased the burden on companies to prove to SEC staff that a conflict exists; therefore, many
companies still chose to place management proposals alongside similar shareholder proposals in many cases.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">During the 2018
proxy season, a new trend in the SEC&rsquo;s interpretation of this rule emerged. Upon submission of shareholder proposals requesting
that companies adopt a lower special meeting threshold, several companies petitioned the SEC for no-action relief under the premise
that the shareholder proposals conflicted with management&rsquo;s own special meeting proposals, even though the management proposals
set a higher threshold than those requested by the proponent. No-action relief was granted to these companies; however, the SEC
stipulated that the companies must state in the rationale for the management proposals that a vote in favor of management&rsquo;s
proposal was tantamount to a vote against the adoption of a lower special meeting threshold. In certain instances, shareholder
proposals to lower an existing special meeting right threshold were excluded on the basis that they conflicted with management
proposals seeking to ratify the existing special meeting rights. We find the exclusion of these shareholder proposals to be especially
problematic as, in these instances, shareholders are not offered any enhanced shareholder right, nor would the approval (or rejection)
of the ratification proposal initiate any type of meaningful change to shareholders&rsquo; rights.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In instances where
companies have excluded shareholder proposals, such as those instances where special meeting shareholder proposals are excluded
as a result of &ldquo;conflicting&rdquo; management proposals, Glass Lewis will take a case-by-case approach, taking into account
the following issues:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The threshold proposed by the shareholder resolution;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The threshold proposed or established by management and the attendant rationale for the threshold;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Whether management&rsquo;s proposal is seeking to ratify an existing special meeting right or adopt a bylaw that would establish
a special meeting right; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The company&rsquo;s overall governance profile, including its overall responsiveness to and engagement with shareholders.</TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis generally
favors a 10-15% special meeting right. Accordingly, Glass Lewis will generally recommend voting for management or shareholder
proposals that fall within this range. When faced with conflicting proposals, Glass Lewis will generally recommend in favor of
the lower special meeting right and will recommend voting against the proposal with the higher threshold. However, in instances
where there are conflicting management and shareholder proposals and a company has not established a special meeting right, Glass
Lewis may recommend that shareholders vote in favor of the shareholder proposal and that they abstain from a management-proposed
bylaw amendment seeking to establish a special meeting right. We believe that an abstention is appropriate in this instance in
order to ensure that shareholders are sending a clear signal regarding their preference for the appropriate threshold for a special
meeting right, while not directly opposing the establishment of such a right.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In cases where
the company excludes a shareholder proposal seeking a reduced special meeting right by means of ratifying a management proposal
that is materially different from the shareholder proposal, we will generally recommend voting against the chair or members of
the governance committee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In other instances
of conflicting management and shareholder proposals, Glass Lewis will consider the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The benefit to shareholders of implementing the proposal;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">A company&rsquo;s overall governance profile and, specifically, its responsiveness to shareholders as evidenced by a company&rsquo;s
response to previous shareholder proposals and its adoption of progressive shareholder rights provisions.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In recent years,
we have seen the dynamic nature of the considerations given by the SEC when determining whether companies may exclude certain shareholder
proposals. We understand that not all shareholder proposals serve the long-term interests of shareholders, and value and respect
the limitations placed on shareholder proponents, as certain shareholder proposals can unduly burden companies. However, Glass
Lewis believes that shareholders should be able to vote on issues of material importance.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We view the shareholder
proposal process as an important part of advancing shareholder rights and encouraging responsible and financially sustainable
business practices. While recognizing that certain proposals cross the line between the purview of shareholders and that of the
board, we generally believe that companies should not limit investors&rsquo; ability to vote on shareholder proposals that advance
certain rights or promote beneficial disclosure. Accordingly, Glass Lewis will make note of instances where a company has successfully
petitioned the SEC to exclude shareholder proposals. If after review we believe that the exclusion of a shareholder proposal
is detrimental to shareholders, we may, in certain very limited circumstances, recommend against members of the governance committee.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: BLACK">Transparency and Integrity in Financial
Reporting</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; color: #231F20"><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: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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;<SUP>46</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">On June 1, 2017,
the PCAOB adopted new standards to enhance auditor reports by providing additional important information to investors. For companies
with fiscal year end dates on or after December 15, 2017, reports were required to include the year in which the auditor began
serving consecutively as the company&rsquo;s auditor. For large accelerated filers with fiscal year ends of June 30, 2019 or later,
and for all other companies with fiscal year ends of December 15, 2020 or later, communication of critical audit matters (&ldquo;CAMs&rdquo;)
will also be required. CAMs are matters that have been communicated to the audit committee, are related to accounts or disclosures
that are material to the financial statements, and involve especially challenging, subjective, or complex auditor judgment.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Glass Lewis believes the additional reporting requirements
are beneficial for investors. The additional disclosures can provide investors with information that is critical to making an
informed judgment about an auditor&rsquo;s independence and
performance. Furthermore, we believe the additional requirements are an important step toward enhancing the relevance and usefulness
of auditor reports, which too often are seen as boilerplate compliance documents that lack the relevant details to provide meaningful
insight into a particular audit.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">46</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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">VOTING RECOMMENDATIONS ON AUDITOR RATIFICATION</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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Reasons why we
may not recommend ratification of an auditor include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">1.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">2.</TD><TD STYLE="text-align: justify">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.<SUP>47</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">3.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">4.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">5.</TD><TD STYLE="text-align: justify">When the company has aggressive accounting policies.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">6.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">7.</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">8.</TD><TD STYLE="text-align: justify">We also look for other relationships or concerns with the auditor that might suggest a conflict between the auditor&rsquo;s
interests and shareholder interests.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">9.</TD><TD STYLE="text-align: justify">In determining whether shareholders would benefit from rotating the company&rsquo;s auditor, where relevant we will consider
factors that may call into question an auditor&rsquo;s effectiveness, including auditor tenure, a pattern of inaccurate audits,
and any ongoing litigation or significant controversies.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">PENSION ACCOUNTING
ISSUES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">47</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; text-align: justify">&nbsp;</P>


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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: BLACK">The Link Between Compensation and Performance&nbsp;</P>

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<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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 shareholders 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ADVISORY VOTE ON
EXECUTIVE COMPENSATION (&ldquo;SAY-ON-PAY&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">SAY-ON-PAY VOTING
RECOMMENDATIONS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Inappropriate or outsized peer groups and/or benchmarking issues such as compensation targets set well above peers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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;).</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">The aforementioned
issues may also influence Glass Lewis&rsquo; assessment of the structure of a company&rsquo;s compensation program. We evaluate
structure on a &ldquo;Good, Fair, Poor&rdquo; rating scale whereby a &ldquo;Good&rdquo; rating represents a compensation program
with little to no concerns, a &ldquo;Fair&rdquo; rating represents a compensation program with some concerns and a &ldquo;Poor&rdquo;
rating represents a compensation program that deviates significantly from best practice or contains one or more egregious compensation
practices.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We believe that
it is important for companies to provide investors with clear and complete disclosure of all the significant terms of compensation
arrangements. Similar to structure, we evaluate disclosure on a &ldquo;Good, Fair, Poor&rdquo; rating scale whereby a &ldquo;Good&rdquo;
rating represents a thorough discussion of all elements of compensation, a &ldquo;Fair&rdquo; rating represents an adequate discussion
of all or most elements of compensation and a &ldquo;Poor&rdquo; rating represents an incomplete or absent discussion of compensation.
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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In general, most
companies will fall within the &ldquo;Fair&rdquo; range for both structure and disclosure, and Glass Lewis largely uses the &ldquo;Good&rdquo;
and &ldquo;Poor&rdquo; ratings to highlight outliers.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 U.S. companies. Our model
benchmarks these executives&rsquo; pay and company performance against peers across five performance metrics. The comparator companies
are selected using Equilar&rsquo;s market-based peer groups. After a comparison of both pay and performance against the Equilar
peer group, the pay-for-performance model generates two weighted-average percentile rankings for a company: (i) a weighted-average
percentile rank in compensation, and (ii) a weighted-average percentile rank in performance.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">By measuring the
magnitude of the gap between these two weighted-average percentiles, we assign companies a letter grade of A, B, C, D or F. 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.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">The grades derived
from the Glass Lewis pay for performance analysis do not follow the traditional U.S. school letter grade system. Rather, the grades
are generally interpreted as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">A.</TD><TD STYLE="text-align: justify">The company&rsquo;s percentile rank for pay is significantly less than its percentile rank for performance</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">B.</TD><TD STYLE="text-align: justify">The company&rsquo;s percentile rank for pay is moderately less than its percentile rank for performance</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">C.</TD><TD STYLE="text-align: justify">The company&rsquo;s percentile rank for pay is approximately aligned with its percentile rank for performance</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">D.</TD><TD STYLE="text-align: justify">The company&rsquo;s percentile rank for pay is higher than its percentile rank for performance</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">E.</TD><TD STYLE="text-align: justify">The company&rsquo;s percentile rank for pay is significantly higher than its percentile rank for performance</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">For the avoidance
of confusion, the above grades encompass the relationship between a company&rsquo;s percentile rank for pay and its percentile
rank in performance. Separately, a specific comparison between the company&rsquo;s executive pay and its peers&rsquo; executive
pay levels is discussed in the analysis for additional insight into the grade. Likewise, a specific comparison between the company&rsquo;s
performance and its peers&rsquo; performance is reflected in the analysis for further context.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We also use this
analysis to inform our voting decisions on say-on-pay proposals. As such, if a company receives a &ldquo;D&rdquo; or &ldquo;F&rdquo;
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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">SHORT-TERM INCENTIVES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Given the pervasiveness
of non-formulaic plans in this market, we do not generally recommend against a pay program on this basis alone. If a company has
chosen to rely primarily on a subjective assessment or the board&rsquo;s discretion in determining short-term bonuses, we believe
that the proxy statement should provide a meaningful discussion of the board&rsquo;s rationale in determining the bonuses paid
as well as a rationale for the use of a non-formulaic
mechanism. Particularly where the aforementioned disclosures are substantial and satisfactory, such a structure will not provoke
serious concern in our analysis on its own. However, in conjunction with other significant issues in a program&rsquo;s design
or operation, such as a disconnect between pay and performance, the absence of a cap on payouts, or a lack of performance-based
long-term awards, the use of on a non-formulaic bonus may help drive a negative recommendation.</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Stretching metrics that incentivize executives to strive for outstanding performance while not encouraging excessive risk-taking;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">GRANTS OF FRONT-LOADED
AWARDS</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 0pt 0pt; text-align: justify; color: #231F20">Many U.S. companies
have chosen to provide large grants, usually in the form of equity awards, that are intended to serve as compensation for multiple
years. This practice, often called front-loading, is taken up either in the regular course of business or as a response to specific
business conditions and with a predetermined objective. We believe shareholders should generally be wary of this approach, and
we accordingly weigh these grants with particular scrutiny.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">While the use of
front-loaded awards is intended to lock-in executive service and incentives, the same rigidity also raises the risk of effectively
tying the hands of the compensation committee. As compared with a more responsive annual granting schedule program, front-loaded
awards may preclude improvements or changes to reflect evolving business strategies. The considerable emphasis on a single grant
can place intense pressures on every facet of its design, amplifying any potential perverse incentives and creating greater room
for unintended consequences. In particular, provisions around changes of control or separations of service must ensure that executives
do not receive excessive payouts that do not reflect shareholder experience or company performance.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We consider a company&rsquo;s
rationale for granting awards under this structure and also expect any front-loaded awards to include a firm commitment not to
grant additional awards for a defined period, as is commonly associated with this practice. Even when such a commitment is provided,
unexpected circumstances may lead the board to make additional payments or awards for retention purposes, or to incentivize management
towards more realistic goals or a revised strategy. If a company breaks its commitment not to grant further awards, we may recommend
against the pay program unless a convincing rationale is provided.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">The multiyear nature
of these awards generally lends itself to significantly higher compensation figures in the year of grant than might otherwise be
expected. In analyzing the grant of front-loaded awards to executives, Glass Lewis considers the quantum of the award on an annualized
basis, rather than the lump sum, and may compare this result to prior practice and peer data, among other benchmarks.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ONE-TIME AWARDS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis believes
shareholders should generally be wary of awards granted outside of the standard incentive schemes, as such awards have the potential
to undermine the integrity of a company&rsquo;s regular incentive plans or 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">CONTRACTUAL PAYMENTS
AND ARRANGEMENTS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 were reached.
Further, the details of and basis for any &ldquo;make-whole&rdquo; payments (paid as compensation for awards forfeited from a
previous employer) should be provided. Nonetheless, sign-on awards that are excessive may support or drive a negative recommendation.
Lastly, some employment arrangements provide for a minimum payout level under a given incentive arrangement. These guaranteed bonuses
are not exceedingly problematic in the short term, but multiyear guarantees may drive against recommendations on their own.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">With respect to
severance, we believe companies should abide by the predetermined payouts in most circumstances. While in limited circumstances
some deviations may not be inappropriate, we believe shareholders should be provided with a meaningful explanation of any additional
or increased benefits agreed upon outside of the regular arrangements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In the U.S. market,
most companies maintain severance entitlements based on a multiple of salary and in many cases bonus. In almost all instances we
see, the relevant multiple is three or less, even in the case of a change in control. We believe the basis and total value of severance
should be reasonable and should not exceed the upper limit of general market practice. Particularly given the commonality of accelerated
vesting and the proportional weight of long-term incentives as a component of total pay, we consider the inclusion of long-term
incentives in the cash severance calculations to be inappropriate. Additional considerations, however, will be taken into account
when reviewing atypically structured compensation approaches.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">In evaluating the
size of both severance and sign-on arrangements, we may consider the executive&rsquo;s regular target compensation level, or the
sums paid to other executives (including the recipient&rsquo;s predecessor, where applicable) in evaluating the appropriateness
of such an arrangement. We will consider severance sums actually paid to departing executives and, in special cases, their appropriateness
given the circumstances of the executive&rsquo;s departure.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Beyond the quantum
of contractual payments, Glass Lewis will also weigh the design of any entitlements. Executive employment terms including but not
limited to key man clauses, board continuity conditions, excessively broad change in control triggers, and poor wording of employment
agreements may help drive a negative recommendation. In general, we are wary of terms that are excessively restrictive in favor
of the executive or could potentially incentivize behaviors that are not in a company&rsquo;s best interests.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Among other entitlements,
Glass Lewis is strongly opposed to excise tax gross-ups related to IRC &sect; 4999 and their expansion, especially where no consideration
is given to the safe-harbor limit. We believe that under no normal circumstance is the inclusion of excise tax gross-up provisions
in new agreements or the addition of such provisions to amended agreements acceptable. In light of the fact that minor increases
in change-in-control payments can lead to disproportionately large excise taxes, the potential negative impact of tax gross-ups
far outweighs any retentive benefit. Depending on the circumstances, the addition of new gross-ups around this excise tax in particular
may lead to negative recommendations for a company&rsquo;s say-on-proposal, the chair of the compensation committee, or the entire
committee, particularly in cases where a company had committed not to provide any such entitlements in future. With respect to
gross-ups on other excise taxes or executive benefits, we review those issues on a case-by-case basis.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">RECOUPMENT PROVISIONS
(&ldquo;CLAWBACKS&rdquo;)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 is more stringent than Section 304 of the Sarbanes-Oxley Act and applies to incentive-based
compensation paid to current or former executives in the case of a financial restatement &mdash; specifically, the recoupment
provision applies in cases where 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. Although the SEC has yet to finalize
the relevant rules, we believe it is prudent for boards to adopt detailed bonus recoupment policies that go beyond Section 304
of the Sarbanes-Oxley Act to prevent executives from retaining performance-based awards that were not truly earned.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We are increasingly
focusing attention on the specific terms of recoupment policies beyond whether a company maintains a clawback that simply satisfies
the minimum legal requirements. We believe that clawbacks should be triggered, at a minimum, in the event of a restatement of financial
results or similar revision of performance indicators upon which bonuses were based. Such policies allow the board to review
all performance-related bonuses
and awards made to senior executives during a specified lookback period and, to the extent feasible, allow the company to recoup
such bonuses where appropriate. Notwithstanding the foregoing, in cases where a company maintains only a bare-minimum clawback,
the absence of more expansive recoupment tools may inform our overall view of the compensation program.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">HEDGING OF STOCK</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 0pt 0pt; text-align: justify; color: #231F20">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 share ownership in the company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">PLEDGING OF STOCK</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The number of shares pledged;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The percentage executives&rsquo; pledged shares are of outstanding shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Whether there are different policies for purchased and granted shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Whether the granted shares were time-based or performance-based;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The overall governance profile of the company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The participation and eligibility of executives and employees in pledging;</TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Disclosure of the extent of any pledging, particularly among senior executives.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><FONT STYLE="color: #231F20">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 (</FONT><FONT STYLE="color: BLACK">https://www.sec.gov/rules/final/2012/33-9330.pdf</FONT><FONT STYLE="color: #231F20">,
p.31-32) in assessing compensation advisor independence. 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, in order to allow shareholders to review the specific aspects
of the various consultant relationships.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">FREQUENCY OF SAY-ON-PAY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">VOTE ON GOLDEN
PARACHUTE ARRANGEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 transactions. 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">EQUITY-BASED COMPENSATION
PLAN PROPOSALS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We evaluate equity
plans based on certain overarching principles:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">OPTION EXCHANGES
AND REPRICING</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis
is firmly opposed to the repricing of employee and director options regardless of how it is accomplished. Employees should
have some downside risk in their equity-based compensation program and repricing eliminates any such risk. As shareholders
have substantial risk in owning stock, we believe that the equity compensation of employees and directors should be similarly
situated to align their interests with those of shareholders. We believe this will facilitate appropriate risk and
opportunity-taking for the company by employees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; 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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">The vesting requirements on exchanged or repriced options are extended beyond one year;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Shares reserved for options that are reacquired in an option exchange will permanently retire (i.e., will not be available
for future grants) so as to prevent additional shareholder dilution in the future; and</TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">OPTION BACKDATING,
SPRING-LOADING AND BULLET-DODGING</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.<SUP>48</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">48</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; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 support for 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, 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,
equity grants to directors should not be performance-based. Where an equity plan exclusively or primarily covers non-employee
directors as participants, we do not believe that the plan should provide for performance-based awards in any capacity.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">When non-employee
director equity grants are covered by the same equity plan that applies to a company&rsquo;s broader employee base, we will use
our propriety model and analyst review of this model to guide our voting recommendations. If such a plan broadly allows for performance-based
awards to directors or explicitly provides for such grants, we may recommend against the overall plan on this basis, particularly
if the company has granted performance-based awards to directors in past.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">EMPLOYEE STOCK
PURCHASE PLANS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">EXECUTIVE COMPENSATION
TAX DEDUCTIBILITY &mdash; AMENDMENT TO IRS 162(M)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">The &ldquo;Tax
Cut and Jobs Act&rdquo; had significant implications on Section 162(m) of the Internal Revenue Code, a provision that allowed
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. Glass Lewis does not
generally view amendments to equity plans and changes to compensation programs in response to the elimination of tax deductions
under 162(m) as problematic. This specifically holds true if such modifications contribute to the maintenance of a sound performance-based
compensation program.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">As grandfathered
contracts may continue to be eligible for tax deductions under the transition rule for Section 162(m), companies may 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: BLACK">Governance Structure and the Shareholder
Franchise</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><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: 0pt 0; color: BLACK"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0pt 0pt; text-align: justify; color: BLACK">ANTI-TAKEOVER MEASURES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">POISON PILLS (SHAREHOLDER
RIGHTS PLANS)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">There is no fairness opinion requirement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">There is a low to no premium requirement.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">NOL POISON PILLS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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;<SUP>49</SUP> 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: 0pt 0">&nbsp;</P>



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">49</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; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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. In many cases, companies will propose the adoption of bylaw amendments specifically
restricting certain share transfers, in addition to proposing the adoption of a NOL pill. In general, if we support the terms
of a particular NOL pill, we will generally support the additional protective amendment in the absence of significant concerns
with the specific terms of that proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">FAIR PRICE PROVISIONS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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.&nbsp;</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Glass Lewis believes
that a company&rsquo;s quorum requirement should be set at a level high enough to ensure that a broad range of shareholders are
represented in person or by proxy, but low enough that the company can transact necessary business. Companies in the U.S. are generally
subject to quorum requirements under the laws of their specific state of incorporation. Additionally, those companies listed on
the NASDAQ Stock Market are required to specify a quorum in their bylaws, provided however that such quorum may not be less than
one-third of outstanding shares. Prior to 2013, the New York Stock Exchange required a quorum of 50% for listed companies, although
this requirement was dropped in recognition of individual state requirements and potential confusion for issuers. Delaware, for
example, required companies to provide for a quorum of no less than one-third of outstanding shares; otherwise such quorum shall
default to a majority.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We generally believe
a majority of outstanding shares entitled to vote is an appropriate quorum for the transaction of business at shareholder meetings.
However, should a company seek shareholder approval of a lower quorum requirement we will generally support a reduced quorum of
at least one-third of shares entitled to vote, either in person or by proxy. When evaluating such proposals, we also consider the
specific facts and circumstances of the company, such as size and shareholder base.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">DIRECTOR AND OFFICER
INDEMNIFICATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">While Glass Lewis
strongly believes that directors and officers should be held to the highest standard when carrying out their duties to shareholders,
some protection from liability is reasonable to protect them against certain suits so that these officers feel comfortable taking
measured risks that may benefit shareholders. As such, we find it appropriate for a company to provide indemnification and/or enroll
in liability insurance to cover its directors and officers so long as the terms of such agreements are reasonable.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Is the board sufficiently independent?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Has the board been previously unresponsive to shareholders (such as failing to implement a shareholder proposal that received
majority shareholder support)?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Do shareholders have the right to call special meetings of shareholders?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Are there other material governance issues of concern at the company?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">Does the company have an independent chair?</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We note, however,
that we will only support shareholder proposals to change a company&rsquo;s place of incorporation in exceptional circumstances.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">EXCLUSIVE FORUM
AND FEE-SHIFTING BYLAW PROVISIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><B>Stock Split </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><B>Shareholder Defenses </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><B>Financing for Acquisitions </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B>Financing for Operations </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Issuing additional
shares generally dilutes existing holders in most 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ADVANCE NOTICE
REQUIREMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Examples of effective
disclosure include: (i) addressing the ability of shareholders to ask questions during the meeting, including time guidelines
for shareholder questions, rules around what types of questions are allowed, and rules for how questions and comments will be
recognized and disclosed to meeting participants; (ii) procedures, if any, for posting
appropriate questions received during the meeting and the company&rsquo;s answers, on the investor page of their website as soon
as is practical after the meeting; (iii) addressing technical and logistical issues related to accessing the virtual meeting platform;
and (iv) procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">We will generally
recommend voting against members of the governance committee 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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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 anti-takeover protections and has been responsive to shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">SUPERMAJORITY VOTE
REQUIREMENTS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">TRANSACTION OF
OTHER BUSINESS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ANTI-GREENMAIL
PROPOSALS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">MUTUAL FUNDS: INVESTMENT
POLICIES AND ADVISORY AGREEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">The terms of any amended advisory or sub-advisory agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">REAL ESTATE INVESTMENT
TRUSTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">PREFERRED STOCK
ISSUANCES AT REITS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">BUSINESS DEVELOPMENT
COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">AUTHORIZATION TO
SELL SHARES AT A PRICE BELOW NET ASSET VALUE</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"></TD><TD STYLE="width: 20pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">AUDITOR RATIFICATION
AND BELOW-NAV ISSUANCES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">When a BDC submits
a below-NAV issuance for shareholder approval, we will refrain from recommending against the audit committee chair for not including
auditor ratification on the same ballot. Because of the unique way these proposals interact, votes may be tabulated in a manner
that is not in shareholders&rsquo; interests. In cases where these proposals appear on the same ballot, auditor ratification is
generally the only &ldquo;routine proposal,&rdquo; the presence of which triggers a scenario where broker non-votes may be counted
toward shareholder quorum, with unintended consequences.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">Under the 1940
Act, below-NAV issuance proposals require relatively high shareholder approval. Specifically, these proposals must be approved
by the lesser of: (i) 67% of votes cast if a majority of shares are represented at the meeting; or (ii) a majority of outstanding
shares. Meanwhile, any broker non-votes counted toward quorum will automatically be registered as &ldquo;against&rdquo; votes for
purposes of this proposal. The unintended result can be a case where the issuance proposal is not approved, despite sufficient
voting shares being cast in favor. Because broker non-votes result from a lack of voting instruction by the shareholder, we do
not believe shareholders&rsquo; ability to weigh in on the selection of auditor outweighs the consequences of failing to approve
an issuance proposal due to such technicality.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="margin: 0pt 0; font-size: 24pt"><FONT STYLE="font-size: 24pt">Shareholder Initiatives</FONT></P>

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<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></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 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK">ENVIRONMENTAL,
SOCIAL &amp; GOVERNANCE INITIATIVES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><FONT STYLE="color: #231F20">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</FONT> <FONT STYLE="color: BLACK">www.glasslewis.com</FONT><FONT STYLE="color: #231F20">.</FONT>&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK"><I>This document
is intended to provide an overview of Glass Lewis&rsquo; proxy voting policies and guidelines. It is not intended to be exhaustive
and does not address all potential voting issues. Additionally, none of the information contained herein should be relied upon
as investment advice. The content of this document has been developed based on Glass Lewis&rsquo; experience with proxy voting
and corporate governance issues, engagement with clients and issuers and review of relevant studies and surveys, and has not been
tailored to any specific person.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK"><I>No representations
or warranties express or implied, are made as to the accuracy or completeness of any information included herein. In addition,
Glass Lewis shall not be liable for any losses or damages arising from or in connection with the information contained herein or
the use, reliance on or inability to use any such information. Glass Lewis expects its subscribers possess sufficient experience
and knowledge to make their own decisions entirely independent of any information contained in this document.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK"><I>All information
contained in this report is protected by law, including but not limited to, copyright law, and none of such information may be
copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored
for subsequent use for any such purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person without
Glass Lewis&rsquo; prior written consent.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; color: BLACK"><I>&copy; 2018
Glass, Lewis &amp; Co., Glass Lewis Europe, Ltd., and CGI Glass Lewis Pty Ltd. (collectively, &ldquo;Glass Lewis&rdquo;). All Rights
Reserved.</I></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.05pt; color: BLACK">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.05pt; color: BLACK"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>fp0039055_ex99cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: right">EX-99.CERT</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in">I, Ralph W. Bradshaw, certify that:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this report on Form N-CSR of Cornerstone Total Return Fund, Inc.;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(a) 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(b) 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(c) Evaluated
the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(d) Disclosed
in this report any change in the registrant&rsquo;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&rsquo;s
internal control over financial reporting; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(a) 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&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: March 7, 2019</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw, Chairman and President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Value: 1 -->
    <DIV STYLE="margin-bottom: 0in"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0in; font: 9pt Times New Roman, Times, Serif"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in">I, Theresa M. Bridge, certify that:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this report on Form N-CSR of Cornerstone Total Return Fund, Inc.;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(a) 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(b) 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(c) Evaluated
the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(d) Disclosed
in this report any change in the registrant&rsquo;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&rsquo;s
internal control over financial reporting; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(a) 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&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: 0.25in">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: March 7, 2019</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Theresa M. Bridge</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa M. Bridge, Treasurer and Principal <BR>
Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>



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

</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>5
<FILENAME>fp0039055_ex99906cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: right"><FONT STYLE="font-weight: normal">EX-99.906CERT</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">Ralph W. Bradshaw, Principal Executive Officer,
and Theresa M. Bridge, Principal Financial Officer, of Cornerstone Total Return Fund, Inc. (the &ldquo;Registrant&rdquo;), each
certify to the best of his knowledge that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s periodic report on Form N-CSR for the period ended December 31, 2018 (the
&ldquo;Form N-CSR&rdquo;) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act
of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in 1in; text-align: justify; text-indent: -0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">PRINCIPAL EXECUTIVE OFFICER</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">Cornerstone Total Return Fund, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cornerstone Total Return 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-family: Times New Roman, Times, Serif">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Theresa M. Bridge</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ralph W. Bradshaw, Chairman and President <BR>
(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Theresa M. Bridge, Treasurer and Principal <BR>
Financial Officer</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><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: March 7, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify"><B><I>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 Total Return
Fund, Inc. and will be retained by Cornerstone Total Return Fund, Inc. and furnished to the Securities and Exchange Commission
or its staff upon request.</I></B></P>

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

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



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

</BODY>
</HTML>
</TEXT>
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<SEQUENCE>6
<FILENAME>fp0039055_01.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
