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<SEC-DOCUMENT>0001010549-09-000411.txt : 20090529
<SEC-HEADER>0001010549-09-000411.hdr.sgml : 20090529
<ACCEPTANCE-DATETIME>20090529150555
ACCESSION NUMBER:		0001010549-09-000411
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090529
DATE AS OF CHANGE:		20090529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL SOUTHWEST CORP
		CENTRAL INDEX KEY:			0000017313
		IRS NUMBER:				751072796
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00061
		FILM NUMBER:		09861179

	BUSINESS ADDRESS:	
		STREET 1:		12900 PRESTON RD STE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75230
		BUSINESS PHONE:		9722338242

	MAIL ADDRESS:	
		STREET 1:		12900 PRESTON RD
		STREET 2:		SUITE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75230
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>cswc10k033109.htm
<TEXT>
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        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 11pt">UNITED STATES<br>
        SECURITIES AND EXCHANGE COMMISSION</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11pt">Washington, D.C. 20549</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">FORM 10-K</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td colspan="2"><font size="2">(Mark One)</font></td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;&nbsp; [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2"><font size="2">For the fiscal year ended <strong>March 31, 2009</strong></font></td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><font size="2">OR</font></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;&nbsp; [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                </td>
            </tr>

            <tr>
                <td width="468"><font size="2">For the transition period from</font></td>

                <td width="485"><font size="2">to</font>&nbsp;</td>
            </tr>
        </table>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;<br>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 13pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr height="20">
                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="11">
                </td>

                <td colspan="5">
                    <p align="center"><font size="2">Commission File Number: <b><font style="FONT-SIZE: 10.5pt">814-61</font></b></font></p>
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr height="27">
                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="11">
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><strong>CAPITAL SOUTHWEST CORPORATION</strong></p>
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr>
                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="11">
                </td>

                <td colspan="5">
                    <p align="center"><font size="2">(Exact name of registrant as specified in its charter)</font></p>
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr>
                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="11">
                </td>

                <td width="412">&nbsp;</td>

                <td align="left" width="100">
                </td>

                <td align="left" width="22">
                </td>

                <td width="244">
                </td>

                <td align="left" width="110">
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr valign="bottom">
                <td colspan="4">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;<strong>Texas</strong></font></p>
                </td>

                <td align="left" width="100"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="244">
                    <p align="center"><font face="Times New Roman" size="2"><strong>75-1072796</strong></font></p>
                </td>

                <td align="left" width="110"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="36"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="11"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="412">
                    <p align="center"><font face="Times New Roman" size="2">(State or other jurisdiction of incorporation</font></p>
                </td>

                <td align="left" width="100"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="244">
                    <p align="center"><font face="Times New Roman" size="2">(I.R.S. Employer</font></p>
                </td>

                <td align="left" width="110"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="36"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="11"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="412">
                    <p align="center"><font face="Times New Roman" size="2">or organization)</font></p>
                </td>

                <td align="left" width="100"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="244">
                    <p align="center"><font face="Times New Roman" size="2">Identification No.)</font></p>
                </td>

                <td align="left" width="110"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="36"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td width="412">&nbsp;</td>

                <td align="left" width="100">
                </td>

                <td align="left" width="22">
                </td>

                <td width="244">
                </td>

                <td align="left" width="110">
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr height="24">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td width="412">
                    <p dir="ltr" style="MARGIN-RIGHT: 0px" align="center"><strong><font size="2">12900 Preston Road, Suite 700, Dallas, Texas&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></strong></p>
                </td>

                <td width="100">
                </td>

                <td align="left" width="22">
                </td>

                <td width="244">
                    <p align="center"><strong><font size="2">75230</font></strong></p>
                </td>

                <td align="left" width="110">
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td width="412">
                    <p align="center"><font size="2">(Address of principal executive offices)&nbsp;&nbsp;</font></p>
                </td>

                <td align="left" width="100">
                </td>

                <td align="left" width="22">
                </td>

                <td width="244">
                    <p align="center"><font size="2">&nbsp;&nbsp;(Zip Code)</font></p>
                </td>

                <td align="left" width="110">
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td width="412">&nbsp;</td>

                <td align="left" width="100">
                </td>

                <td align="left" width="22">
                </td>

                <td width="244">
                </td>

                <td align="left" width="110">
                </td>

                <td align="left" width="36">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td colspan="5">
                    <p align="center"><font size="2">Registrant's telephone number, including area code<b>: (972) 233-8242</b></font></p>
                </td>

                <td align="left" width="36">
                </td>
            </tr>
        </table>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">Securities registered pursuant to section 12(b) of the Act: <b>None</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">Securities registered pursuant to section 12(g) of the Act: <b>Common Stock, $1.00 par value</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ___ No<u>&nbsp;&nbsp; <b>X</b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></u></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes___ &nbsp;No<u>&nbsp;&nbsp; <b>X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></u></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
        days.&nbsp;Yes&nbsp;<u>&nbsp; <strong>X</strong>&nbsp;&nbsp;&nbsp;</u> &nbsp;<b>&nbsp;&nbsp;</b> No ___</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
        submit and post such files). Yes&nbsp;&nbsp; __&nbsp;&nbsp; No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [<b>X</b>]</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check One):</p>

        <p></p>

        <p></p>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Large accelerated filer ____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer&nbsp;&nbsp;<u>&nbsp; <strong>X</strong>&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer ____</p>
        </blockquote>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp;&nbsp; Yes____ No&nbsp;<u>&nbsp; <strong>X</strong>&nbsp;&nbsp;&nbsp;</u> <b>&nbsp;&nbsp;&nbsp;&nbsp;</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">The aggregate market value of the voting stock held by non-affiliates of the registrant as of September 30, 2008 was $314,927,409, based on the last sale price of such stock as quoted by Nasdaq on such date.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">The number of shares of common stock outstanding as of May 1, 2009 &nbsp;was 3,741,638.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td width="302">
                    <p align="center"><font face="Times New Roman" size="2"><u>Documents Incorporated by Reference</u></font></p>
                </td>

                <td align="left" width="303"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="15"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="180">
                    <p align="center"><font face="Times New Roman" size="2"><u>Part of Form 10-K</u></font></p>
                </td>

                <td align="left" width="143"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" height="22">
                <td width="302">
                    <p align="center"><font face="Times New Roman" size="2">Proxy Statement for Annual Meeting of Shareholders</font></p>
                </td>

                <td align="left" width="303"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="15"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="180">
                    <p align="center"><font face="Times New Roman" size="2">Part III</font></p>
                </td>

                <td align="left" width="143"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="302">
                    <p align="center"><font face="Times New Roman" size="2">to be held July 20, 2009</font></p>
                </td>

                <td align="left" width="303"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="15"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="180">
                </td>

                <td align="left" width="143"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="center">&nbsp;</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td colspan="9">
                    <p align="center"><font size="2">TABLE OF CONTENTS</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="89">
                </td>

                <td align="left" width="7">
                </td>

                <td align="left" width="8">
                </td>

                <td align="left" width="779">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td colspan="4">
                </td>
            </tr>

            <tr>
                <td align="left" width="89">
                </td>

                <td align="left" width="7">
                </td>

                <td align="left" width="8">
                </td>

                <td align="left" width="779">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td colspan="4">
                </td>
            </tr>

            <tr>
                <td align="left" width="89">
                </td>

                <td align="left" width="7">
                </td>

                <td align="left" width="8">
                </td>

                <td align="left" width="779">
                </td>

                <td align="left" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font size="2">&nbsp;<u>Page</u></font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="89">&nbsp;</td>

                <td align="left" width="7">
                </td>

                <td align="left" width="8">
                </td>

                <td align="left" width="779">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="22">
                </td>

                <td align="left" width="10">
                </td>
            </tr>

            <tr>
                <td align="left" width="89">&nbsp;</td>

                <td align="left" width="7">
                </td>

                <td align="left" width="8">
                </td>

                <td align="left" width="779">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="22">
                </td>

                <td align="left" width="10">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">PART I</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="22">
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Business</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">1</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1A.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Risk Factors</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">7</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1B.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Unresolved Staff Comments</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">10</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Properties</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">10</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Legal Proceedings</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">10</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Submission of Matters to a Vote of Security Holders</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">11</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">PART II</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="779">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="22">
                </td>

                <td width="10">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 5.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Market for Registrant's Common Equity, Related Stockholder Matters</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">&nbsp;&nbsp; and Issuer Purchases of Equity Securities</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">11</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Selected Financial Data</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">12</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 7.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Management's Discussion and Analysis of Financial Condition and Results</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">&nbsp;&nbsp; of Operations</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">12</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 7A.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Quantitative and Qualitative Disclosures About Market Risk</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">12</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 8.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Financial Statements and Supplementary Data</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">12</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Changes in and Disagreements With Accountants on Accounting and</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="22">
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">&nbsp;&nbsp; Financial Disclosure</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">13</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9A.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Controls and Procedures</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">13</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9B.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Other Information</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">14</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">PART III</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="779">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="22">
                </td>

                <td width="10">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 10.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Directors, Executive Officers and Corporate Governance</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">14</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 11.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Executive Compensation</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">15</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 12.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Security Ownership of Certain Beneficial Owners and Management and</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="22">
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">&nbsp;&nbsp; Related Stockholder Matters</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">15</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 13.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Certain Relationships and Related Transactions, and Director Independence</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">15</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 14.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Principal Accountant Fees and Services</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">16</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="89"><font face="Times New Roman" size="2">PART IV</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="779">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="22">
                </td>

                <td width="10">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 15.</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">Exhibits and Financial Statement Schedules</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">16</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="89"><font face="Times New Roman" size="2">Signatures</font></td>

                <td align="left" width="7"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="8"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="779"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="22">
                    <p align="center"><font face="Times New Roman" size="2">17</font></p>
                </td>

                <td align="left" width="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>PART I</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Overview<br>
        <br>
        </u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Southwest Corporation ("CSC") was organized as a Texas corporation on April 19, 1961. Until September 1969, we operated as a licensee under the Small Business Investment Act of 1958. At that time, we transferred to our wholly-owned subsidiary, Capital Southwest
        Venture Corporation ("CSVC"), certain assets and our license as a small business investment company ("SBIC"). CSVC is a closed-end, non-diversified investment company of the management type registered under the Investment Company Act of 1940 (the "1940 Act"). Prior to March 30, 1988, we were registered as a closed-end, non-diversified investment company under the 1940 Act. On that date, we elected to become a business development company ("BDC") subject to the provisions of the 1940
        Act, as amended by the Small Business Incentive Act of 1980. Because we wholly own CSVC, the portfolios of both entities are referred to collectively as "our," "we" and "us." Capital Southwest Management Company ("CSMC"), a wholly-owned subsidiary of CSC, is the management company for CSC and CSVC. CSMC generally incurs all normal operating and administrative expenses, including but not limited to salaries and related benefits, rent, equipment and other administrative costs required for
        its day-to-day operations.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our portfolio is a composite of companies in which we have major interests as well as a number of developing companies and marketable securities of established publicly traded companies. We make available significant managerial assistance to the companies in which we invest
        and believe that providing material assistance to such investee companies is critical to their business development activities.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 12 largest investments we own had a combined cost of $38,324,183 and a value of $367,811,182, representing 92.7% of the value of our consolidated investment portfolio at March 31, 2009. For a narrative description of the 12 largest investments, see "Twelve Largest
        Investments - March 31, 2009" in Exhibit 13.1 of this Form 10-K which is herein incorporated by reference. Certain of the information presented on the 12 largest investments has been obtained from the respective companies and, in certain cases, from public filings of such companies. The financial information presented on each of the respective companies is from such companies' audited financial statements.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Investment Criteria and Objectives<br>
        <br>
        </u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a venture capital investment company whose objective is to achieve capital appreciation through long-term investments in businesses believed to have favorable growth potential. Our investment interests are focused on expansion financings, management buyouts, minority
        recapitalizations, industry consolidations and early-stage financings in a broad range of industry segments.&nbsp;&nbsp;</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp; Our investment team has identified the following investment criteria that it believes are important in evaluating prospective portfolio companies:</p>

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                        <p align="justify"><font face="Times New Roman" size="2">Excellent Management: Management teams with a proven record of achievement, exceptional ability, unyielding determination and unquestionable integrity. We believe management teams with these attributes are more likely to manage the companies in a manner that protects our debt investment and enhances the value of our equity investment.&nbsp;&nbsp;</font></p>
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                    <td align="left"><font face="Times New Roman" size="2">Investment Size: $5 million to $15 million of equity capital. We occasionally partner with other investors to engage in larger transactions.</font></td>

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                        <p align="justify"><font face="Times New Roman" size="2">Established Companies with Positive Cash Flow: We seek to invest in established companies with sound historical financial performance. We typically focus on companies that have historically generated positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) or have a plan to achieve positive EBITDA in the near term.&nbsp;&nbsp;</font></p>
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            <br>
            <br>
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                        <p align="justify"><font face="Times New Roman" size="2">Industry: We primarily focus on companies having competitive advantages in their respective markets and or operating in industries with barriers to entry, which may help protect their market position. Overall, our portfolio is spread over many diverse industries.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Location:&nbsp;&nbsp;We focus on companies located in the United States, although we are more focused on the Southwest, Southeast, Midwest and Mountain Regions.&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Quality referral from a reputable source: Excellent management is a cornerstone of our investment philosophy. Accomplished managers generally have prior investors or directors willing to speak on their behalf.&nbsp;&nbsp;</font></p>
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            <br>
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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Investment Process<br>
        <br>
        </u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment team is responsible for all aspects of our investment process. Our investment strategy involves a "team" approach, whereby potential transactions are screened by the team before they are presented to the Board of Directors for approval. Our investment team
        generally categorizes the investment process into seven distinctive stages:</p>

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                        <p align="justify"><font face="Times New Roman" size="2">Deal Generation/Origination: Deal generation and origination is maximized through long-standing and extensive relationships with industry contacts, brokers, commercial and investment bankers, entrepreneurs, service providers such as lawyers and accountants, as well as current and former portfolio companies and investors.&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Screening: Once it is determined that a potential investment has met our investment criteria, we will perform preliminary due diligence or screening. It is during this stage that we will take into consideration potential investment structures and price terms, as well as regulatory compliance. Upon successful screening of the proposed investment, the investment team makes a recommendation to move forward. We then
                        issue a non-binding term sheet.&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Term Sheet: The non-binding term sheet will include the key economic terms based upon our analysis performed during the screening process as well as a proposed timeline and our qualitative expectation for the transaction. Upon execution of the term sheet, we begin our formal due diligence process.&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Due Diligence: Due diligence is performed by the leader of the designated investment team and certain external resources who together perform due diligence to understand the relationships among the prospective portfolio company&rsquo;s business plan, operations, and financial performance. Additionally, we may include site visits with management and key personnel; detailed review of historical and projected
                        financial statements; interviews with key customers and suppliers; detailed evaluation of company management, including background checks; review of material contracts; in-depth industry, market and strategy analysis; and review by legal, environmental or other consultants, if needed. In certain cases, we may decide not to make an investment based on the results of due diligence.&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Document and Close: Upon completion of a satisfactory due diligence review, the investment team presents its findings, in writing, to our Board of Directors for approval. If any adjustments to the investment terms or structures are proposed by the Board of Directors, such changes are made and applicable analysis is updated. Upon Board approval for the investment, we will re-confirm regulatory company compliance,
                        process and finalize all required legal documents, and fund the investment.&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Post-Investment: We continuously monitor the status and progress of our portfolio companies. We offer managerial assistance to our portfolio companies, giving them access to our investment experience, direct industry expertise and contacts. The same investment team lead that was involved in the investment process will continue his involvement in the portfolio company post-investment. This provides for continuity of
                        knowledge and allows the investment team to maintain a strong business relationship with key management of our portfolio companies for post-investment assistance and monitoring purposes. As part of the monitoring process, the investment team leader will analyze monthly/quarterly/annual financial statements versus the previous periods, review financial projections, meet with management, attend board meetings, and review all compliance certificates and covenants. While we
                        maintain limited involvement in the ordinary course of operations of our portfolio companies, we maintain a higher level of involvement in non-ordinary course financings, potential acquisitions and other strategic activities.&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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                        <p align="justify"><font face="Times New Roman" size="2">Exit Strategies: While our approach is primarily focused on providing long-term patient capital for sustained growth, we assist our portfolio companies in developing and planning exit opportunities, including any sale or merger of our portfolio companies, at the appropriate time. We assist in the structure, timing, execution and transition of the exit strategy.&nbsp;&nbsp;</font></p>
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        <u>Determination of Net Asset Value and Portfolio Valuation Process</u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine our net asset value per share on a quarterly basis. The net asset value per share is equal to our total assets minus liabilities and any preferred stock outstanding divided by the total number of shares of common stock outstanding.<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We determine in good faith the fair value of our portfolio investments pursuant to a valuation policy in accordance with Statement of Financial Accounting Standards ("SFAS") No. 157, Fair Value Measurements ("SFAS 157") and a valuation process approved by our Board of Directors and in accordance with the 1940 Act. Our valuation policy is intended to provide a consistent basis for
        determining the fair value of the portfolio.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As described below, we undertake a multi-step valuation process each quarter in connection with determining the fair value of our investments, with our Board of Directors ultimately and solely responsible for overseeing, reviewing and approving, in good faith, our estimate of the fair value of each individual investment.</p>

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                        <p align="justify"><font face="Times New Roman" size="2">Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment team lead responsible for the portfolio investment;&nbsp;&nbsp;and</font></p>
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                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left" colspan="3">&nbsp;</td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="9"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="18"><font face="Times New Roman" size="2">&bull;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" colspan="3"><font face="Times New Roman" size="2">Preliminary valuation conclusions will then be reviewed and discussed with the Investment Team; and&nbsp;&nbsp;</font></td>
                </tr>

                <tr>
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left" width="9">
                    </td>

                    <td valign="top" align="left" width="18">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left" colspan="3">&nbsp;</td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="9"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top" align="left" width="18"><font face="Times New Roman" size="2">&bull;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" colspan="3"><font face="Times New Roman" size="2">The Board of Directors will assess the valuations and will ultimately approve the fair value of each investment in our portfolio, in good faith.</font></td>
                </tr>
            </table>
        </blockquote>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp; Duff &amp; Phelps, LLC ("Duff &amp; Phelps") provided third party valuation consulting services to our Board of Directors, which consisted of certain limited procedures that our Board of Directors identified and requested them to perform. For the year ended March 31, 2009, the Board of Directors
        asked Duff &amp; Phelps to perform the limited procedures on eight investments comprising approximately 85.9% of the total investments at fair value as of March 31, 2009. Upon completion of the limited procedures, Duff &amp; Phelps concluded that the fair value of those investments subject to the limited procedures did not appear unreasonable.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Competition</u></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp; We compete for attractive investment opportunities with private equity funds, venture capital partnerships and corporations, venture capital affiliates of industrial and financial companies, SBICs and wealthy individuals.</p>

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        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>1940 Act Regulations</u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Small Business Investment Incentive Act of 1980 added the provisions of the 1940 Act applicable to BDCs. BDCs are a special type of investment company. After a company files its election to be treated as a BDC, it may not withdraw its election without first obtaining
        the approval of the holders of a majority of its voting securities. The following is a brief description of the 1940 Act provisions applicable to BDCs, qualified in its entirety by reference to the full text of the 1940 Act and rules issued thereunder by the SEC.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, to be eligible to elect BDC status, a company must primarily engage in the business of furnishing capital and making significant managerial assistance available to companies that do not have ready access through convential financial channels. Such companies that
        satisfy certain additional criteria are termed to be "eligible portfolio companies." In general, in order to qualify as a BDC, a company must: (i) be a domestic company; (ii) have registered a class of its securities pursuant to Section 12 of the Securities Exchange Act of 1934; (iii) operate for the purpose of investing in the securities of certain types of portfolio companies, including early stage or emerging companies and businesses suffering or just recovering from financial
        distress (see following paragraph); (iv) make available significant managerial assistance to such portfolio companies; and (v) file a proper notice of election with the SEC.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An eligible portfolio company generally is a domestic company that is not an investment company or a company excluded from investment company status pursuant to exclusions for certain types of financial companies (such as brokerage firms, banks, insurance companies and
        investment banking firms) and that: (i) has a market capitalization of less than $250 million and has a class of equity securities listed on a national securities exchange; (ii) does not have a class of securities listed on a national securities exchange; or (iii) is controlled by the BDC itself or together with others (control under the 1940 Act is presumed to exist where a person owns at least 25% of the outstanding voting securities of the portfolio company) and has a representative
        on the Board of Directors of such company.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of the directors must be persons who are not interested persons, as that termed is defined by the 1940 Act. Additionally, we are required to
        provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our shareholders arising from willful malfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person&rsquo;s office.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and to designate a
        chief compliance officer to be responsible for administering these policies and procedures.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; The 1940 Act provides that we may not make an investment in non-qualifying assets unless at the time at least 70% of the value of our total assets (measured as of the date of our most recently filed financial statements) consists of qualifying assets. Qualifying assets include:
        (i) securities of eligible portfolio companies; (ii) securities of certain companies that were eligible companies at the time we initially acquired their securities and in which we retain a substantial interest; (iii) securities of certain controlled companies; (iv) securities of certain bankrupt, insolvent or distressed companies; (v) securities received in exchange for or distributed in or with respect to any of the foregoing; and (vi) cash items, U.S. government securities and
        high-quality short-term debt. The SEC has adopted a rule permitting a BDC to invest its funds in certain money market funds. The 1940 Act also places restrictions on the nature of the transactions in which, and the persons for whom, securities can be purchased in some instances in order for the securities to be considered qualifying assets.</p>

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        </div>

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            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We are permitted by the 1940 Act, under specific conditions, to issue multiple classes of debt and a single class of preferred stock if our asset coverage, as defined by the 1940 Act, is at least 200% after the issuance of the debt or the preferred stock (i.e. such senior securities may not be in excess
        of our net assets). Under specific conditions, we are also permitted by the 1940 Act to issue warrants.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except under certain conditions, we may sell our securities at a price that is below the prevailing net asset value per share only during the 12-month period after (i) a majority of our directors and our disinterested investors have determined that such sale would be in the
        best interests of us and our stockholders and (ii) the holders of a majority of our outstanding voting securities and the holders of a majority of our voting securities held by persons who are not affiliated person of ours approve such issuances. A majority of the disinterested directors must determine in good faith that the price of the securities being sold is not less than a price which closely approximates market value of the securities, less any distribution discount or
        commission.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain transactions involving certain closely related persons of the Company, including its directors, officers and employees, may require approval of the SEC. However, the 1940 Act ordinarily does not restrict transactions between us and our portfolio companies.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may be periodically examined by the SEC for compliance with the 1940 Act.&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Small Business Investment Company Regulations</u></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSVC is licensed by the Small Business Administration ("SBA") to operate as a SBIC under Section 301(c) of the Small Business Investment Act of 1958.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBIC regulations, a SBIC may make loans to eligible small businesses, invest in equity securities of such businesses and provide them with consulting and advisory services.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Under present SBIC regulations, eligible small businesses generally include businesses that (together with their affiliates) have a tangible net worth not exceeding $18&nbsp;million and have average annual net income after federal income taxes not exceeding $6&nbsp;million
        (average net income to be computed without benefit of any carryover loss) for the two most recent fiscal years. In addition, an SBIC must devote 20% of its investment activity to "smaller" concerns as defined by the SBA. A smaller concern generally includes businesses that have a tangible net worth not exceeding $6&nbsp;million and have average annual net income after federal income taxes not exceeding $2&nbsp;million (average net income to be computed without benefit of any net
        carryover loss) for the two most recent fiscal years. SBIC regulations also provide alternative size standard criteria to determine eligibility for designation as an eligible small business or smaller concern, which criteria depend on the primary industry in which the business is engaged and are based on such factors as the number of employees and gross revenue. However, once an SBIC has invested in a company, it may continue to make follow on investments in the company, regardless of
        the size of the portfolio company at the time of the follow on investment, up to the time of the portfolio company&rsquo;s initial public offering.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp; The SBA prohibits a SBIC from providing funds to small businesses for certain purposes, such as relending and investment outside the United States, to businesses engaged in a few prohibited industries, and to certain "passive" (non-operating) companies. In addition, without prior SBA
        approval, an SBIC may not invest an amount equal to more than approximately 30% of the SBIC&rsquo;s regulatory capital in any one portfolio company and its affiliates.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp; The SBA places certain limitations on the financing terms of investments by SBICs in portfolio companies (such as limiting the permissible interest rate on debt securities held by an SBIC in a portfolio company). Although prior regulations prohibited an SBIC from controlling a small
        business concern except in limited circumstances, regulations adopted by the SBA in 2002 now allow an SBIC to exercise control over a small business for a period of seven years from the date on which the SBIC initially acquires its control position. This control period may be extended for an additional period of time with the SBA&rsquo;s prior written approval.</p>

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        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The SBA restricts the ability of an SBIC to lend money to any of its officers, directors and employees or to invest in affiliates thereof. The SBA also prohibits, without prior SBA approval, a "change of control" of an SBIC or transfers that would result in any person (or a group of persons acting in
        concert) owning 10% or more of a class of capital stock of a licensed SBIC. A "change of control" is any event which would result in the transfer of the power, direct or indirect, to direct the management and policies of an SBIC, whether through ownership, contractual arrangements or otherwise.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">An SBIC (or group of SBICs under common control) may generally have outstanding debentures guaranteed by the SBA in amounts up to twice the amount of the privately-raised funds of the SBIC(s). Debentures guaranteed by the SBA have a maturity of 10 years, require semi-annual payments of interest, do not
        require any principal payments prior to maturity, and, historically, were subject to certain prepayment penalties. Those prepayment penalties no longer apply as of September 2006. As of March&nbsp;31, 2009, we had no SBA-guaranteed debentures.</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp; SBICs must invest idle funds that are not being used to make loans in investments permitted under SBIC regulations in the following limited types of securities: (i)&nbsp;direct obligations of, or obligations guaranteed as to principal and interest by, the United States government, which mature within 15&nbsp;months from the date of the
        investment; (ii)&nbsp;repurchase agreements with federally insured institutions with a maturity of seven days or less (and the securities underlying the repurchase obligations must be direct obligations of or guaranteed by the federal government); (iii)&nbsp;certificates of deposit with a maturity of one year or less, issued by a federally insured institution; (iv)&nbsp;a deposit account in a federally insured institution that is subject to a withdrawal restriction of one year or less;
        (v)&nbsp;a checking account in a federally insured institution; or (vi)&nbsp;a reasonable petty cash fund.</font></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">SBICs are periodically examined and audited by the SBA&rsquo;s staff to determine their compliance with SBIC regulations and are periodically required to file forms with the SBA.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>The Nasdaq Global Select Market Corporate Governance Regulations<br>
        </u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;The Nasdaq Global Select Market has adopted corporate governance regulations that listed companies must comply with in order to remain listed. We believe we are in compliance with such corporate governance listing standards. We intend to monitor our compliance with all future listing standards and
        to take all necessary actions to ensure that we stay in compliance.&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Taxation as a Regulated Investment Company</u></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;We elected to be treated as a regulated investment company (a "RIC"), taxable under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for federal income tax purposes.&nbsp; In general, a RIC is not taxed on its income or gains to the extent it distributes such income or
        gains to its shareholders.&nbsp;&nbsp;In order to qualify as a RIC, we must, in general, (1) annually derive at least 90% of our gross income from dividends, interest and gains from the sale of securities and similar sources (the "Income Source Rule"); (2) quarterly meet certain investment asset diversification requirements; and (3) annually distribute at least 90% of our investment company taxable income as a dividend (the "Income Distribution Rule").&nbsp;&nbsp;Any taxable investment
        company income not distributed is subject to corporate level tax.&nbsp;&nbsp;Any taxable investment company income distributed generally is taxable to shareholders as dividend income.&nbsp;</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">In addition to the requirement that we must annually distribute at least 90% of our investment company taxable income, we may either distribute or retain our realized net capital gains from investments, but any net capital gains not distributed may be subject to corporate level tax.&nbsp;&nbsp;It is our
        current intention not to distribute net capital gains.&nbsp;&nbsp;Any net capital gains distributed generally will be taxable to shareholders as long-term capital gains.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
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        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">In lieu of actually distributing our realized net capital gains, we as a RIC may retain all or part of our net capital gains and elect to be deemed to have made a distribution of the retained portion to our shareholders under the "designated undistributed capital gain" rules of the Code.&nbsp;&nbsp;We
        currently intend to retain and so designate all of our net capital gains.&nbsp;&nbsp;In this case, the "deemed distribution" generally is taxable to our shareholders as long-term capital gains.&nbsp;&nbsp;Although we pay tax at the corporate rate on the amount deemed to have been distributed, our shareholders receive a tax credit equal to their proportionate share of the tax paid and an increase in the tax basis of their shares by the amount per share retained by us.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">To the extent that we retain capital gains and have a "deemed distribution," each shareholder will receive an IRS Form 2439 that will reflect each shareholder's receipt of the deemed distribution income and a tax credit equal to each shareholder's proportionate share of the tax paid by
        us.&nbsp;&nbsp;This tax credit, which is paid at the corporate rate, is often credited at a higher rate than the actual tax due by a shareholder on the deemed distribution income.&nbsp;&nbsp;The "residual" credit can be used by the shareholder to offset other taxes due in that year or to generate a tax refund to the shareholder.&nbsp;&nbsp;Tax exempt investors may file for a refund.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Although we may retain income and gains subject to the limitations described above (including paying corporate level tax on such amounts), we could be subject to an additional 4% excise tax if we fail to distribute 98% of our aggregate annual taxable income.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Corporate information<br>
        <br>
        </u></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our principal executive offices are located at 12900 Preston Road, Suite 700, Dallas, Texas 75230. We maintain a website on the internet at <u>www.capitalsouthwest.com</u>. You can review the filings we have made with the SEC, free of charge by linking directly from our website to NASDAQ, a database
        that links to EDGAR, the Electronic Data Gathering, Analysis, and Retrieval System of the SEC. You should be able to access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. The charters adopted by the committees of our board of directors are also available on our website.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Employees</u></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;As of March 31, 2009, we had nine employees, each of whom was employed by our management company, Capital Southwest Management Corporation. These employees include our corporate officers, investment and portfolio management professionals and administrative staff. During the year ended
        March 31, 2009, we hired additional investment and administrative personnel. We will hire additional investment professionals, and additional administrative personnel, as necessary. All of our employees are located in our Dallas office.&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">You should carefully consider the risks described below and all other information contained in this annual report on Form 10-K, including our consolidated financial statements and the related notes thereto. The risks and uncertainties described below are not the only risks we face. Additional risks and
        uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance. If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the trading price of our common stock could decline, and you may lose all or part of your investment.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Our business, as well as our portfolio companies&rsquo; businesses, may be adversely affected by the recent financial crisis and our ability to access the capital markets.&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;The global financial markets are in turmoil, and the economies of the U.S. and many other countries are in recession, which may be severe and prolonged. This status results in diminished opportunities for liquidity and credit availability, declines in consumer confidence, declines in economic
        growth, increases in unemployment rates, and uncertainty about overall economic stability, and there can be no assurance against further decline. The end markets for certain of our portfolio companies&rsquo; products and services have experienced, and continue to experience, negative economic trends. We are unable to predict the likely duration and severity of this global financial turmoil, and if the current uncertainty continues or economic conditions further deteriorate, our business
        and the businesses of our portfolio companies could be materially and adversely affected.</p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>There is uncertainty regarding the value of our</b> <b>investments in restricted</b> <b>securities.</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i> Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined by us with our Board of Directors having final responsibility for overseeing, reviewing and
        approving, in good faith, our estimate of fair value. Because of the inherent uncertainty of the valuation of portfolio securities which do not have readily ascertainable market values, our fair value determinations may differ materially from the values a third party would be willing to pay for such securities or the values which would be applicable to unrestricted securities having a public market.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>The lack of liquidity of our</b> <b>restricted</b> <b>securities may adversely affect our business.</b>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> Our portfolio contains many securities which are subject to restrictions on sale because they were acquired from issuers in "private placement" transactions or because we are deemed to be an affiliate of the issuer. Unless an exemption from the registration
        requirements of the Securities Act of 1933 is available, we will not be able to sell these securities publicly without the expense and time required to register the securities under applicable federal and state securities laws. In addition, contractual or practical limitations may restrict our ability to liquidate our securities in portfolio companies, because we may own a relatively large percentage of the issuer&rsquo;s outstanding securities. Sales may also be limited by unfavorable
        market conditions. The illiquidity of our investments may preclude or delay the disposition of such securities, which may make it difficult for us to obtain cash equal to the value at which we record our investments.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>There is limited publicly available information regarding the companies in which we invest.&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> Many of the securities in our portfolio are issued by privately held companies. There is generally little or no publicly available information about such companies, and we must rely on the diligence of our management to obtain the information necessary for our
        decision to invest. There can be no assurance that such diligence efforts will uncover all material information necessary to make fully informed investment decisions.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Certain of o</b><b>ur portfolio companies</b> <b>are</b> <b>highly leveraged.</b>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> Many of our portfolio companies have incurred substantial indebtedness in relation to their overall capital base. Such indebtedness often has a term that will require the balance of the loan to be refinanced when it matures. If portfolio companies cannot generate
        adequate cash flow to meet the principal and interest payments on their indebtedness, the value of our investments could be reduced or eliminated through foreclosure on the portfolio company&rsquo;s assets or by the portfolio company&rsquo;s reorganization or bankruptcy.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>F</b><b>luctuations</b> <b>may occur</b> <b>in our quarterly results.</b>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> Our quarterly operating results may fluctuate materially due to a number of factors including, among others, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our portfolio
        companies&rsquo; markets, the ability to find and close suitable investments, and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.</p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>We may not continue to qualify for pass-through tax treatment</b>.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not qualify for conduit tax treatment as a RIC if we are unable to comply with the requirements of Subchapter M of the Code. If we fail to satisfy such requirements and cease to qualify for conduit tax treatment, we will be subject to federal taxes on our net
        investment income. To the extent we had unrealized gains, we would have to establish reserves for taxes, which would reduce our net asset value accordingly. In addition, if we, as a RIC, were to decide to make a deemed distribution of net realized capital gains and retain the net realized capital gain, we would have to establish appropriate reserves for taxes, at the end of the tax year, that we would have to pay on behalf of our shareholders. The loss of this pass-through tax treatment
        could have a material adverse effect on the total return, if any, obtainable from an investment in our common stock.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, we have distributed net investment income semi-annually. Our current intention is to continue these distributions of ordinary income to our shareholders. Also, historically, we have retained net realized capital gains, paid the resulting tax at the corporate
        level and retained the after-tax gains to supplement our equity capital and support continuing additions to our portfolio. Our shareholders then report such capital gains on their tax returns, receive credit for the tax we paid and are deemed to have reinvested the amount of the retained after-tax gain. We cannot assure you that we will achieve investment results or maintain a RIC tax status that will allow any specified level of cash distributions or our shareholders&rsquo; current tax
        treatment of realized and retained capital gains.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Investment in shares of our common stock should not be considered a complete investment program.</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our stock is intended for investors seeking long-term capital appreciation. Our investments in portfolio securities generally require many years to reach maturity, and such investments generally are illiquid. An investment in our shares should not be considered a complete
        investment program. Each prospective purchaser should take into account his or her investment objectives as well as his or her other investments when considering the purchase of our shares.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>O</b><b>ur common stock</b> <b>often</b> <b>trade</b><b>s</b> <b>at a discount from net asset value</b>.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on The Nasdaq Global Market ("NASDAQ"). Shareholders desiring liquidity may sell their shares on NASDAQ at current market value, which has often been below net asset value. Shares of closed-end investment companies frequently trade at discounts
        from net asset value, which is a risk separate and distinct from the risk that a fund&rsquo;s performance will cause its net asset value to decrease.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Our financial condition and results of operations will depend on our ability to effectively</b> <b>manage any future growth.</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustaining growth depends on our ability to identify, evaluate, finance, and invest in companies that meet our investment criteria. Accomplishing such results on a cost-effective basis is a function of our marketing capabilities and skillful management of the investment
        process. Failure to achieve future growth could have a material adverse effect on our business, financial condition, and results of operations.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>We are dependent upon management for our future success</b>.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selection, structuring and closing our investments depends upon the diligence and skill of our management, which is responsible for identifying, evaluating, negotiating, monitoring and disposing of our investments. Our management&rsquo;s capabilities may significantly
        impact our results of operations. If we lose any member of our management team and he/she cannot be promptly replaced with an equally capable team member, our results of operations could be significantly impacted.<br>
        <br>
        </p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>We operate in a highly competitive market for investment opportunities</b>.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We compete for attractive investment opportunities with private equity funds, venture capital partnerships and corporations, venture capital affiliates of industrial and financial companies, SBICs and wealthy individuals. Some of these competitors are substantially larger
        and have greater financial resources, and some are subject to different and frequently less stringent regulation. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time and there can be no assurance that we will be able to identify and make investments that satisfy our objectives.</p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Changes in laws or regulations governing our operations or our failure to comply with those laws or regulations may adversely affect our business</b>.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and our portfolio companies are subject to regulation by laws at the local, state and federal level. These laws and regulations, as well as their interpretation, may be changed from time to time. Accordingly, any changes in these laws and regulations or failure to comply
        with them could have a material adverse effect on our business. Certain of these laws and regulations pertain specifically to BDCs such as ours.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Failure to deploy new capital may reduce our return on equity</b>.<br>
        <br>
        </p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to invest our capital effectively, our return on equity may be decreased, which could reduce the price of the shares of our common stock.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>The market price of our common stock may fluctuate significantly</b>.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price and marketability of shares of our common stock may from time to time be significantly affected by numerous factors, including our investment results, market conditions, and other influences and events over which we have no control and that may not be
        directly related to us.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 1B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unresolved Staff Comments&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no unresolved staff comments to report pursuant to Item 1B.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties</b>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain our offices at 12900 Preston Road, Suite 700, Dallas, Texas, 75230, where we rent approximately 4,738 square feet of office space pursuant to a lease agreement expiring in February 2013. We believe that our offices are adequate to meet our current and expected
        future needs.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings</b>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp; We are currently the subject of certain legal actions. In our judgment, none of the lawsuits currently pending against us, either individually or in the aggregate, is likely to have a material adverse effect on our business, results of operations, or financial position.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp; We, Capital Southwest Corporation and CSVC, have been named in a lawsuit filed on August 27, 2007 in the United States District Court of the Northern District of Texas, Dallas Division, against Heelys, Inc and their Chief Executive Officer, Chief Financial Officer, the directors who signed
        their registration statement with the Securities and Exchange Commission in connection with their December 7, 2006 initial public offering ("IPO"), and their underwriters for the IPO. The complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 and the plaintiffs are seeking compensatory damages in an unspecified amount, as well as reasonable costs and expenses incurred in the action, including counsel fees and expert fees. Similar suits were also filed in 2007
        and 2008 in the United States District Court of the Northern District of Texas making substantially similar allegations under Sections 11, 12 and 15 of the Securities Act of 1933, and seeking substantially similar damages. These lawsuits have been transferred to a single judge, and we expect that all the cases will be consolidated into a single action, with a consolidated complaint filed shortly thereafter. During a mediation conducted by the Hon. Nicholas H. Politan (ret.), Plaintiffs
        and Defendants reached a settlement pursuant to which Defendants will pay Plaintiffs and a proposed plaintiff settlement class&nbsp;a total of $7.5&nbsp;million, including attorneys' fees and expenses. Heelys, Inc. has reached an agreement in principal with its insurers for their insurance policies to fund the majority of this settlement amount. This settlement is subject to final documentation and approval by the Court. Heelys, Inc. expects that the proposed settlement will be
        submitted to the Court for preliminary approval within the next month. If the Court preliminarily approves the settlement, notice will be provided to shareholders, who will be provided an opportunity to object to the settlement or to opt out of the proposed settlement class.</p>

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        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;Heelys, Inc., its former Chief Executive Officer, its former Chief Financial Officer, and its directors who signed the Company's registration statement filed with the Securities and Exchange Commission in connection with the IPO, along with us, Capital Southwest Corporation and CSVC, and the
        underwriters for the Heelys, Inc. IPO&mdash;are defendants in a lawsuit originally filed on May&nbsp;16, 2008 by individual shareholder Carl Dick in the County Court of Law No.&nbsp;1, Dallas County, Texas. This lawsuit asserts claims that are substantially similar to those asserted in the consolidated class action described above. The petition alleges violations of Sections&nbsp;11, 12(a)(2), and 15 of the Securities Act of 1933 and Sections&nbsp;33(A), (C), and (F)&nbsp;of the Texas
        Securities Act. Defendants withdrew their previously-filed special exceptions to Plaintiff's petition seeking to have all claims dismissed, and discovery in this case is proceeding. The case is scheduled for trial in October 2009. While the Company cannot predict the outcome of this matter, the Company believes that the plaintiff's claims are without merit, denies the allegations in the complaints, and the Company intends to vigorously defend the lawsuits.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No matters were submitted to a vote of security holders during the quarter ended March 31, 2009.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>PART II</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information set forth under the captions "Shareholder Information - Shareholders, Market Prices and Dividends" in Exhibit 13.1 of this Form 10-K is herein incorporated by reference.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Performance Graph</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares our cumulative total shareholder return during the last five years (based on the market price of our common stock and assuming reinvestment of all dividends and tax credits on retained long-term capital gains) with the Total Return Index for
        NASDAQ (U.S. companies) and with the Total Return Index for Nasdaq Financial Stocks, both of which indices have been prepared by the Center for Research in Security Prices at the University of Chicago.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Comparison of Five Year Cumulative Total Returns</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><img height="250" src="cswcgraph1.jpg" width="600"></p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="left"><b>Item 6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Financial Data</b>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 13.1 "Selected Consolidated Financial Data" of this Form 10-K.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of&nbsp; Operations&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> See Exhibit 13.1 "Selected Consolidated Financial Data" of this Form 10-K.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 7A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> We are subject to financial market risks, including changes in marketable equity security prices. We do not use derivative financial instruments to mitigate any of these risks.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment performance is a function of our portfolio companies&rsquo; profitability, which may be affected by economic cycles, competitive forces, foreign currency fluctuations and production costs including labor rates, raw material prices and certain basic commodity
        prices. Most of the companies in our investment portfolio do not hedge their exposure to raw material and commodity price fluctuations. However, the portfolio company with the greatest exposure to foreign currency fluctuations generally hedges its exposure. All of these factors may have an adverse effect on the value of our investments and on our net asset value.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment in portfolio securities includes fixed-rate debt securities which totaled $8,263,002 at March 31, 2009, equivalent to 2.1% of the value of our total investments. Generally, these debt securities are below investment grade and have relatively high fixed rates
        of interest; therefore, minor changes in market yields of publicly traded debt securities have little or no effect on the values of debt securities in our portfolio and no effect on interest income. Our investments in debt securities are generally held to maturity and their fair values are determined on the basis of the terms of the debt security and the financial condition of the issuer.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portion of our investment portfolio consists of debt and equity securities of private companies. We anticipate little or no effect on the values of these investments from modest changes in public market equity valuations. Should significant changes in market valuations of
        comparable publicly traded companies occur, there may be a corresponding effect on valuations of private companies, which would affect the value and the amount and timing of proceeds eventually realized from these investments. A portion of our investment portfolio also consists of restricted common stocks of publicly traded companies. The fair values of these restricted securities are influenced by the nature of applicable resale restrictions, the underlying earnings and financial
        condition of the issuers of such restricted securities and the market valuations of comparable publicly traded companies. A portion of our investment portfolio also consists of unrestricted, freely marketable common stocks of publicly traded companies. These freely marketable investments, which are valued at the public market price, are directly exposed to equity price risks; in that a change in an issuer&rsquo;s public market equity price would result in an identical change in the
        value of our investment in such security.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Supplementary Data</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item 15 of this Form 10-K - "Exhibits and Financial Statement Schedules."</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Selected Quarterly Financial Data</u> (Unaudited)&nbsp;<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following presents a summary of the unaudited quarterly consolidated financial information for the years ended March 31, 2009 and 2008.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">12</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="44%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="7%">
                    <p align="right"><font face="Times New Roman" size="2">First</font></p>
                </td>

                <td align="left" width="3%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="7%">
                    <p align="right"><font face="Times New Roman" size="2">Second</font></p>
                </td>

                <td align="left" width="3%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="7%">
                    <p align="right"><font face="Times New Roman" size="2">Third</font></p>
                </td>

                <td align="left" width="3%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="7%">
                    <p align="right"><font face="Times New Roman" size="2">Fourth</font></p>
                </td>

                <td align="left" width="3%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="7%">
                </td>

                <td align="left" width="2%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Total</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td colspan="13">
                    <p align="center"><font size="2">&nbsp;(In thousands, except per share amounts)</font></p>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman" size="2"><u>2009</u></font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,471</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 10,183</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">--</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(48</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">10,762</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">42</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">10,756</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in unrealized</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation of investments</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(257</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(30,970</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(67,136</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(60,884</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(159,247</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">328</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(30,589</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(46,903</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(61,143</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(138,307</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations per share</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">.08</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(8.18</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(12.53</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(16.34</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(36.97</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2">First</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2">Second</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2">Third</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2">Fourth</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Quarter</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font face="Times New Roman" size="2"><u>Total</u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td colspan="13">
                    <p align="center"><font size="2">&nbsp;(In thousands, except per share amounts)</font></p>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2"><u>2008</u></font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,211</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 1,806</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,715</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">326</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">403</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(489</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">--</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">240</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation of investments</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">17,148</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(138,129</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(64,798</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">42,809</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(142,970</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">18,115</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(136,515</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(63,481</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">42,866</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(139,015</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations per share</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">4.66</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(35.10</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(16.32</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">11.02</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">(35.74</font></td>

                <td align="left"><font face="Times New Roman" size="2">)</font></td>
            </tr>
        </table>
        <br>

        <p></p>
        <b><font size="2">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</font></b>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 9A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluation of Disclosure Controls and Procedures&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp; As of March 31, 2009, an evaluation was performed under the supervision and with the participation of our management, including the Chairman of the Board and President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and
        procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "1934 Act")). Disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported, within time periods specified in the SEC's rules and forms, and that such information is accumulated
        and communicated to the issuer's management, as appropriate, to allow timely decisions regarding required disclosures. Based on this evaluation of our disclosure controls and procedures, our Chairman of the Board and President and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2009.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal Control Over Financial Reporting&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b><i>(a)</i></b><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management&rsquo;s report on internal control over financial reporting&nbsp;</i></b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp; The Company's management report on internal control over financial reporting is set forth in our 2009 Annual Report and is incorporated herein by reference.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">13</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b><i>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attestation report of the registered public accounting firm&nbsp;</i></b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp; Our independent registered public accountants, Grant Thornton&nbsp;LLP, audited the consolidated financial statements and have issued an attestation report on the effectiveness of our internal control over financial reporting as of March 31, 2009, which is set forth in our 2009 Annual
        Report and is incorporated herein by reference.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b><i>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in internal control over financial reporting&nbsp;</i></b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has been no changes in our internal control over financial reporting ("ICOFR") &nbsp;(as defined in Rule 13a-15(f) of the SEC Act of 1934) that occurred during our most recently completed fiscal quarter, that have materially affected, or are reasonably likely to
        materially affect our ICOFR.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>Item 9B. Other Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">None.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>PART III</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors, Executive Officers and Corporate Governance</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section of our 2009 Proxy Statement captioned "Nominees for Director" under "Proposal 1. Election of Directors" identifies members of our board of directors and nominees, and is incorporated in this Item 10 by reference.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> The names and ages of our executive officers as of June 2, 2009, together with certain biographical information, are as follows:</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR Hang Ind Lev 0" align="justify">William M. Ashbaugh, age 54, has served as Senior Vice President since 2005 and Vice President since 2001. He previously served as Managing Director in the corporate finance departments of Hoak Breedlove Wesneski &amp; Co. from 1998 to 2001, Principal Financial Securities from 1997 to 1998
        and Southwest Securities from 1995 to 1997.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR Hang Ind Lev 0" align="justify">Gary L. Martin, age 62, was named Chairman of the Board in July 2008 and has served as President since July 2007, has been a director since July 1988 and has served as Vice President since 1984. He previously served as Vice President from 1978 to 1980. From 1979 to 2007, Mr. Martin served
        as President and Chief Executive Officer of The Whitmore Manufacturing Company, a wholly-owned portfolio company.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR Hang Ind Lev 0" align="justify">Jeffrey G. Peterson, age 35, was named Secretary and Compliance Officer in August 2007, has served as Vice President since 2005 and was an Investment Associate since 2001. He previously held positions with the investment banking division of Scott &amp; Stringfellow, Inc. and the corporate
        lending division of Bank One.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR Hang Ind Lev 0" align="justify">Tracy L. Morris, age 43, was named Chief Financial Officer in July 2008, has served as Controller since 2007. She previously served as Controller of Best Merchant Partners, LP and Silverleaf Resorts, Inc.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR Hang Ind Lev 0" align="justify">William R. Thomas III, age 38, was named Assistant Vice President in July 2008, has served as Investment Associate since 2006. He previously served as a U.S. Air Force officer in varied positions including chief pilot of an airlift group, director of logistics operations and chief of
        aircraft development contracts. He has also served as a consultant for Investor Group Services, where he analyzed potential investments in mid-market companies.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sections of our 2009 Proxy Statement captioned "Meetings and Committees of the Board of Directors under "Proposal 1. Election of Directors" and "Report of the Audit Committee" identifies members of our audit committee of our board of directors and our audit committee
        financial expert, and are incorporated in this Item 10 by reference.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">14</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section of our 2009 Proxy Statement captioned "Section 16(a) Beneficial Ownership Reporting Compliance" is incorporated in this Item 10 by reference.<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        <br>
         Code of Ethics</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that applies to all our directors, officers and employees. We have made the Code of Conduct and Ethics available on our website at
        <u><font color="#0000cc">www.capitalsouthwest.com</font></u>. Shareholders may request a free copy of the Code of Conduct and Ethics from: Jeffrey G. Peterson, Corporate Secretary.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Compensation</b><b><br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information in the section of our 2009 Proxy Statement captioned "Compensation Discussion and Analysis" is incorporated in this Item 11 by reference.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> The information in the sections of our 2009 Proxy Statement captioned "Stock Ownership of Certain Beneficial Owners" is incorporated in this Item 12 by reference.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The table below sets forth certain information as of March 31, 2009 regarding the shares of our common stock available for grant or granted under stock option plans that (i) were approved by our shareholders, and (ii) were not approved by our shareholders.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Equity Compensation Plan Information</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="21%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="19%">
                    <p align="center"><font face="Times New Roman" size="2"><strong>Number of Securities</strong></font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left" width="25%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left" width="27%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>To Be Issued Upon</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Weighted-Average Exercise</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Number of Securities</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Exercise of</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Price Of Outstanding</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Remaining Available For</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Outstanding Options,</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Options,</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><strong>Future Issuance Under Equity</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman" size="2"><u><strong>Plan Category</strong></u></font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><u><strong>Warrants And Rights</strong></u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><u><strong>Warrants And Rights</strong></u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2"><u><strong>Compensation Plans</strong></u></font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">Equity</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">107,900</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">$114.767</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">0</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">compensation plans</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">approved by security</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">holders <sup>(1)</sup></font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" height="16">
                <td align="left"><font face="Times New Roman" size="2">Equity</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">0</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman" size="2">compensation plans</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" height="10">
                <td align="left"><font face="Times New Roman" size="2">not approved by</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman" size="2">security holders <sup>(2)</sup></font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center">______</p>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                    <p align="center">______</p>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                    <p align="center">______</p>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">107,900</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">$114.767</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">0</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><u><font style="FONT-SIZE: 10.5pt">______</font></u></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="2">
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2"><sup>(1)</sup>&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="left" width="1">
                </td>

                <td align="left" width="895"><font face="Times New Roman" size="2">Includes the 1999 Stock Option Plan. For a description of this plan, please refer to Footnote 5 contained in our consolidated financial statements.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" height="23">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2"><sup>(2)</sup>&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="left" width="1">
                </td>

                <td align="left" width="895"><font face="Times New Roman" size="2">We have no equity compensation plans that were not approved by security holders.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Relationships and Related Transactions, and Director Independence</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in the sections of our 2009 Proxy Statement captioned "Meetings and Committees of the Board of Directors" &ndash; "Committee Member Independence" and "Certain Relationships and Related Party Transactions" are incorporated in this Item 13 by
        reference.&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">15</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 14. Principal Accountant Fees and Services</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> The information in the sections of our 2009 Proxy Statement captioned "Proposal 2: Ratification of Appointment of Independent Registered Accounting Firm" and "Audit and Other Fees" are incorporated in this Item 14 by reference.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>PART IV<br>
        &nbsp;</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="7"><font face="Times New Roman" size="2">(a)(1)&nbsp; The following information included in Exhibit 13.1 is herein incorporated by reference:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff" height="21">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(A)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Portfolio of Investments &ndash; March 31, 2009</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="29">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Consolidated Statements of Financial Condition - March 31, 2009 and 2008</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Consolidated Statements of Operations - Years Ended March 31, 2009, 2008 and 2007</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Consolidated Statements of Changes in Net Assets - Years Ended March 31, 2009, 2008 and 2007</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Consolidated Statements of Cash Flows - Years Ended March 31, 2009, 2008 and 2007</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="20">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(B)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Notes to Consolidated Financial Statements</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff" height="19">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(C)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Notes to Portfolio of Investments</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="20">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(D)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Selected Per Share Data and Ratios</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff" height="19">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(E)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Management&rsquo;s Report on Internal Control over Financial Reporting</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="19">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(F)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Reports of Independent Registered Public Accounting Firm</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff" height="20">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">(G)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">Portfolio Changes During the Year</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="22">
                <td align="left" colspan="7"><font face="Times New Roman" size="2">(a)(2)&nbsp; All schedules are omitted because they are not applicable or not required, or the information is otherwise supplied.&nbsp;&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff" height="22">
                <td align="left" colspan="7"><font face="Times New Roman" size="2">(a)(3)&nbsp; See the Exhibit Index.&nbsp;&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p></p>

        <p></p>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">16</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>SIGNATURES</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="24%">
                </td>

                <td align="left" width="207"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="315">
                    <p align="center"><font face="Times New Roman" size="2"><strong>CAPITAL SOUTHWEST CORPORATION</strong></font></p>
                </td>

                <td align="left" width="162"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left" width="207"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">By: </font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2"><u>/s/ Gary L. Martin</u>&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left" width="207"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">Gary L. Martin, Chairman of the Board and President&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman" size="2">Date: May 29, 2009</font></td>

                <td align="left" width="207"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                </td>
            </tr>
        </table>
        &nbsp;<br>
        <br>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">POWER OF ATTORNEY</font></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS that each of Capital Southwest Corporation and its Subsidiaries undersigned directors hereby constitutes and appoints Gary L. Martin, its or his true and lawful attorney-in-fact and agent, for it or him and in its or his name, place and stead,
        in any and all capacities, with full power to act alone, to sign any and all amendments to this Report, and to file each such amendment to the Report, with all exhibits thereto, and any and all other documents in connection therewith, with the Securities and Exchange Commission, hereby granting unto said attorney-in-fact and agent full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises as fully to all intents
        and purposes as it or he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirement of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:</p>

        <p align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2"><u>Signature</u></font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2"><u>Title</u></font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="14%">
                    <p align="center"><font face="Times New Roman" size="2"><u>Date</u></font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gary L. Martin</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Chairman of the Board and President</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary L. Martin</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">(chief executive officer)</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald W. Burton</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Director</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald W. Burton</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Graeme W. Henderson</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Director</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graeme W. Henderson</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Samuel B. Ligon</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Director</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samuel B. Ligon</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gary L. Martin</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Director</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary L. Martin</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ John H. Wilson</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Director</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John H. Wilson</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td width="243">&nbsp;</td>

                <td align="left" width="54">
                </td>

                <td align="left" width="26">
                </td>

                <td width="449">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Tracy L. Morris</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">Chief Financial Officer</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">May 29, 2009</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="243">
                    <p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tracy L. Morris</font></p>
                </td>

                <td align="left" width="54"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="449">
                    <p align="center"><font face="Times New Roman" size="2">(chief financial/accounting officer)</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">17</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <p style="MARGIN-TOP: 16pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>EXHIBIT INDEX</b></p>

            <p style="MARGIN-TOP: 8pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">The following exhibits are filed with this report or are incorporated herein by reference to a prior filing, in accordance with Rule 12b-32 under the Securities Exchange Act of 1934. Asterisk denotes exhibits filed with this report. Double asterick denotes exhibits furnished with this report.&nbsp;&nbsp;&nbsp;&nbsp;</p>

            <p style="MARGIN-TOP: 8pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td align="left" width="3">
                    </td>

                    <td align="left" colspan="5"><font size="2"><u>Exhibit No.</u></font>&nbsp;</td>

                    <td width="822">
                        <p align="center"><font size="2"><u>Description</u></font></p>
                    </td>

                    <td align="left" width="1%">
                    </td>

                    <td align="left" width="1%">
                    </td>
                </tr>

                <tr>
                    <td align="left" width="3">
                    </td>

                    <td align="left" width="1%">
                    </td>

                    <td align="left" width="1%">
                    </td>

                    <td align="right" width="1%">
                    </td>

                    <td valign="top" width="1%">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left" width="1%">
                    </td>

                    <td align="left" width="1%">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left" width="3">
                    </td>

                    <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top" width="1%">
                        <p align="left"><font face="Times New Roman" size="2">3.1(a)</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Articles of Incorporation and Articles of Amendment to Articles of Incorporation, dated June 25, 1969 (filed as Exhibit 1(a) and 1(b) to Amendment No. 3 to Form N-2 for the fiscal year ended March 31, 1979).</font></p>
                    </td>

                    <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">3.1(b)</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Articles of Amendment to Articles of Incorporation, dated July 20, 1987 (filed as an exhibit to Form N-SAR for the six month period ended September 30, 1987).</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">3.2</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">By-Laws of the Company, as amended (filed as Exhibit 3.2 to form 10-K for the fiscal year ended March 31, 2007).</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">4.1</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Specimen of Common Stock certificate (filed as Exhibit 4.1 to Form 10-K for the fiscal year ended March 31, 2002).</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.1</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">The RectorSeal Corporation and Jet-Lube, Inc. Employee Stock Ownership Plan as revised and restated effective April 1, 2007 (filed as Exhibit 10.1 to form 10-K for the fiscal year ended March 31, 2007).</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.2</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Retirement Plan for Employees of Capital Southwest Corporation and Its Affiliates as amended and restated effective April 1, 2006 (filed as Exhibit 10.2 to form 10-K for the fiscal year ended March 31, 2007).</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.3*</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Capital Southwest Corporation and Its Affiliates Restoration of Retirement Income Plan as amended and restated effective January 1, 2008.</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.6</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Form of Indemnification Agreement which has been established with all directors and executive officers of the Company (filed as Exhibit 10.9 to Form 8-K dated February 10, 1994).</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.7</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Capital Southwest Corporation 1999 Stock Option Plan (filed as Exhibit 10.10 to Form 10-K for the fiscal year ended March 31, 2000).</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.8</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Severance Pay Agreement with William M. Ashbaugh (filed as Exhibit 10.1 to Form 8-K dated July 18, 2005).</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.10</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Severance Pay Agreement with Jeffrey G. Peterson (filed as Exhibit 10.4 to Form 8-K dated July 18, 2005).</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">10.11</font></p>
                    </td>

                    <td align="left" width="74"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Amendment One to Retirement Plan for Employees of Capital Southwest Corporation and its Affiliates as amended and restated effective April 1, 2006 (filed as Exhibit 10.11 to form 10-K for the fiscal year ended March 31, 2008).</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">13.1*</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Selected Consolidated Financial Data.</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">21.1*</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">List of subsidiaries of the Company.</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">23.1*</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Consent of Independent Registered Public Accounting Firm &ndash; Grant Thornton LLP.</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">31.1*</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Certification of Chairman of the Board and President required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), filed herewith.</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">31.2*</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td align="left" width="822"><font face="Times New Roman" size="2">Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, filed herewith.</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">32.1**</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Certification of Chairman of the Board and President required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.</font></p>
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
                </tr>

                <tr bgcolor="#ffffff">
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="right">
                    </td>

                    <td valign="top">
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom" bgcolor="#ccdbe3">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman" size="2">32.2**</font></p>
                    </td>

                    <td align="left" width="74">
                    </td>

                    <td width="822">
                        <p align="justify"><font face="Times New Roman" size="2">Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.</font></p>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>
                </tr>
            </table>
        </div>
        <br>
        <br>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>cswc10kex103033109.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt" align="right"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2">Exhibit 10.3</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">CAPITAL SOUTHWEST CORPORATION AND ITS AFFILIATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">2009 RESTORATION OF RETIREMENT INCOME PLAN </font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p align="center"><font size="2">First effective April 1, 1993</font></p>

        <p align="center"><font size="2">Restatement Effective January 1, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right"><font size="2">122908</font></p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">CAPITAL SOUTHWEST CORPORATION AND ITS AFFILIATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">2009 RESTORATION OF RETIREMENT INCOME PLAN </font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">TABLE OF CONTENTS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font size="2"><strong>SECTION 1 INTRODUCTION</strong></font></td>

                <td width="1%">
                    <p align="left"><font size="2">1</font></p>
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font size="2">&nbsp;1.1</font></td>

                <td align="left" colspan="2"><font size="2">Introduction</font></td>

                <td width="1%">
                    <p align="left"><font size="2">1</font></p>
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;1.2</font></td>

                <td align="left" colspan="2"><font size="2">Definitions</font></td>

                <td width="1%">
                    <p align="left"><font face="Times New Roman" size="2">1</font></p>
                </td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.1</font></td>

                <td width="766"><font size="2">Accrued Benefit</font></td>

                <td align="left" width="1%"><font size="2">1</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.2</font></td>

                <td width="766"><font size="2">Actuarial Equivalent</font></td>

                <td align="left" width="1%"><font size="2">1</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.3</font></td>

                <td width="766"><font size="2">Affiliate</font></td>

                <td align="left" width="1%"><font size="2">1</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.4</font></td>

                <td width="766"><font size="2">Beneficiary</font></td>

                <td align="left" width="1%"><font size="2">1</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.5</font></td>

                <td width="766"><font size="2">Benefit Commencement Date</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.6</font></td>

                <td width="766"><font size="2">Code</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.7</font></td>

                <td width="766"><font size="2">Company</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.8</font></td>

                <td width="766"><font size="2">Compensation</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.9</font></td>

                <td width="766"><font size="2">Credited Service</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.10</font></td>

                <td width="766"><font size="2">Effective Date</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.11</font></td>

                <td width="766"><font size="2">Eligible Employee</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.12</font></td>

                <td width="766"><font size="2">Employer</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.13</font></td>

                <td width="766"><font size="2">ERISA</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.14</font></td>

                <td width="766"><font size="2">Final Average Monthly Compensation</font></td>

                <td align="left" width="1%"><font size="2">2</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.15</font></td>

                <td width="766"><font size="2">Monthly Covered Compensation</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.16</font></td>

                <td width="766"><font size="2">Participant</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.17</font></td>

                <td width="766"><font size="2">Participation Date</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.18</font></td>

                <td width="766"><font size="2">Plan</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.19</font></td>

                <td width="766"><font size="2">Plan Year</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.20</font></td>

                <td width="766"><font size="2">Qualified Plan</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.21</font></td>

                <td width="766"><font size="2">Separation</font></td>

                <td align="left" width="1%"><font size="2">3</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.22</font></td>

                <td width="766"><font size="2">Spouse</font></td>

                <td align="left" width="1%"><font size="2">4</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.23</font></td>

                <td width="766"><font size="2">Trust</font></td>

                <td align="left" width="1%"><font size="2">4</font></td>

                <td align="left" width="0%">
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"></p>
        <br>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.24&nbsp;&nbsp;</font></td>

                <td width="766"><font size="2">Trust Fund</font></td>

                <td width="1%"><font size="2">4</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">1.2.25</font></td>

                <td width="766"><font size="2">Trustee</font></td>

                <td width="1%"><font size="2">4</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font size="2">&nbsp;1.3</font></td>

                <td align="left" colspan="2"><font size="2">Rules of Interpretation</font></td>

                <td width="1%"><font size="2">4</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" colspan="8">&nbsp;</td>

                <td width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="9"><strong><font size="2">SECTION 2 PARTICIPATION</font></strong></td>

                <td width="1%"><font size="2"><strong>5</strong></font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;2.1</font></td>

                <td align="left" colspan="2"><font size="2">Participation</font></td>

                <td width="1%">
                    <p align="left"><font face="Times New Roman" size="2">&nbsp;5</font></p>
                </td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;2.2</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Cessation of Eligibility</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;5</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" colspan="8">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font size="2"><font face="Times New Roman"><strong>SECTION 3 BENEFIT</strong></font></font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;<strong>5</strong></font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="13">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;3.1</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Accrued Benefit</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;5</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;3.2</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">No Duplication of Benefits</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;6</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" colspan="8">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman" size="2"><strong>SECTION 4 PAYMENT OF BENEFITS</strong></font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;<strong>6</strong></font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;4.1</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Payment</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;6</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">4.1.1</font></td>

                <td width="766"><font size="2">Small Amounts</font></td>

                <td align="left" width="1%"><font size="2">6</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">4.1.2</font></td>

                <td width="766"><font size="2">Death</font></td>

                <td align="left" width="1%"><font size="2">6</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;4.2</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Form of Payment</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;7</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;4.3</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Withholding of Taxes</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;7</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;<font size="2">4.4</font></td>

                <td align="left" colspan="2">&nbsp;<font size="2">Acceleration of Benefit Payments</font></td>

                <td align="left" width="1%"><font size="2">7</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">&nbsp;</td>

                <td width="766">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">4.4.1</font></td>

                <td width="766"><font size="2">Payment upon Income Inclusion under Code &sect;409A.</font></td>

                <td align="left" width="1%"><font size="2">7</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="766">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1"><font size="2">4.4.2</font></td>

                <td width="766"><font size="2">Conflicts of Interest</font></td>

                <td align="left" width="1%"><font size="2">7</font></td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;4.5</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Delay of Payments</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;7</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;4.6</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Forfeiture of Benefits</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;8</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" colspan="8">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman" size="2">&nbsp;<strong>SECTION 5 BENEFICIARIES</strong>&nbsp;&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;<strong>8</strong></font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;5.1</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Designation</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;8</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;5.2</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Application of Payment</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;9</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;5.3</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Facility of Payment</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;9</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" colspan="8">&nbsp;</td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman" size="2">&nbsp;<strong>SECTION 6 UNFUNDED PLAN</strong>&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;<strong>9</strong></font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;6.1</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Establishment of Trust</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;9</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;6.2</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Funding and Location of Trust</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;9</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;6.3</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Interrelationship of the Plan and the Trust</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;9</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">&nbsp;</td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;&nbsp;6.4</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Distrbutions from the Trust</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;9</font></td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3"><font size="2">6.5</font></td>

                <td align="left" colspan="2"><font size="2">Spendthrift Provision</font></td>

                <td width="19">
                    <p align="center"><font size="2">9</font></p>
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="8"><font size="2"><strong>SECTION 7 AMENDMENT AND TERMINATION</strong></font></td>

                <td align="left" width="19"><strong><font size="2">10</font></strong></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3"><font size="2">7.1</font></td>

                <td align="left" colspan="2"><font size="2">Amendment</font></td>

                <td align="left" width="19"><font size="2">10</font></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3"><font size="2">7.2</font></td>

                <td align="left" colspan="2"><font size="2">Termination</font></td>

                <td align="left" width="19"><font size="2">10</font></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="8"><font size="2"><strong>SECTION 8 DETERMINATIONS - RULES AND REGULATIONS</strong></font></td>

                <td align="left" width="19"><font size="2"><strong>10</strong></font></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr height="1">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3"><font size="2">8.1</font></td>

                <td align="left" colspan="2"><font size="2">Determinations</font></td>

                <td align="left" width="19"><font size="2">10</font></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3"><font size="2">8.2</font></td>

                <td align="left" colspan="2"><font size="2">Rules and Regulations</font></td>

                <td align="left" width="19"><font size="2">10</font></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3"><font size="2">8.3</font></td>

                <td align="left" colspan="2"><font size="2">Method of Executing Instruments</font></td>

                <td align="left" width="19"><font size="2">10</font></td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.4&nbsp;&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Claims and Review Procedure</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;10</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58">
                </td>

                <td width="759">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58"><font face="Times New Roman" size="2">8.4.1</font></td>

                <td width="759"><font size="2">Initial Claim</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;11</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1">
                </td>

                <td width="759">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1"><font face="Times New Roman" size="2">8.4.2</font></td>

                <td width="759"><font size="2">Notice of Initial Adverse Determination</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;11</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1">
                </td>

                <td width="759">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1"><font face="Times New Roman" size="2">8.4.3</font></td>

                <td width="759"><font size="2">Request for Review</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;11</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1">
                </td>

                <td width="759">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1"><font face="Times New Roman" size="2">8.4.4</font></td>

                <td width="759"><font size="2">Claim on Review</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;11</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1">
                </td>

                <td width="759">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3">
                </td>

                <td align="left" width="58" colspan="1"><font face="Times New Roman" size="2">8.4.5</font></td>

                <td width="759"><font size="2">Notice of Adverse Determination for Claim on Review</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;12</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.5</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Deadline to File Claim</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;12</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.6</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Exhaustion of Administrative Remedies</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;12</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.7</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Deadline to File Legal Action</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;12</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="0">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.8</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Knowledge of Fact by Particiapnt Imputed to Benficiary</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;13</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.9</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Information Furnished by Participants</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;13</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.10</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Errors in Benefit Statement or Distributions</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;13</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.11</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Inability to Locate Participant</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;13</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">8.12</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Overpayments</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;13</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" colspan="8">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="8"><font face="Times New Roman" size="2"><strong>SECTION 9 ADMINISTRATION</strong></font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;<strong>13</strong></font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">9.1</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Administration</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;13</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">9.2</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Actuary</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;14</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">9.3</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Service of Process</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;14</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="22">
                </td>

                <td align="left" colspan="3">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td align="left" width="19">
                </td>

                <td align="left" width="6">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman" size="2">9.4</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Administrative Expense</font></td>

                <td align="left" width="19"><font face="Times New Roman" size="2">&nbsp;14</font></td>

                <td align="left" width="6"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font size="2"><strong>SECTION 10 DISCLAIMERS</strong></font></td>

                <td width="16">
                    <p align="left"><font size="2"><strong>14</strong></font></p>
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td width="16">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font size="2">&nbsp;10.1</font></td>

                <td align="left" colspan="2"><font size="2">Term of Employment</font></td>

                <td width="16">
                    <p align="left"><font size="2">14</font></p>
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" colspan="2">&nbsp;</td>

                <td width="16">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font face="Times New Roman" size="2">&nbsp;10.2</font></td>

                <td align="left" colspan="2"><font size="2">Source of Payment</font></td>

                <td width="16">
                    <p align="left"><font face="Times New Roman" size="2">14</font></p>
                </td>

                <td align="left" width="0%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5">
                </td>

                <td align="left" width="53" colspan="1">
                </td>

                <td width="769"><font size="2">&nbsp;</font></td>

                <td align="left" width="16">
                </td>

                <td align="left" width="0%">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="37">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="3" colspan="5"><font size="2">&nbsp;10.3</font></td>

                <td align="left" colspan="2"><font size="2">&nbsp;Delegation</font></td>

                <td align="left" width="16"><font size="2">14</font></td>

                <td align="left" width="0%">
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p>&nbsp;</p>
        <br>
        <br>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">&nbsp;&nbsp;&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">CAPITAL SOUTHWEST CORPORATION AND ITS AFFILIATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">2009 RESTORATION OF RETIREMENT INCOME PLAN</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 1</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">INTRODUCTION</font></b></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.1</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Introduction. </font></b><font size="2">As of April 1, 1993, Capital Southwest Corporation (the &ldquo;Company&rdquo;), along with Capital Southwest Management Corporation, Jet-Lube, Inc., The RectorSeal Corporation, and The Whitmore Manufacturing Company, established the Capital Southwest Corporation and its Affiliates Restoration of Retirement Income
                    Plan for Certain Highly Compensated Superseded Plan Participants, (&ldquo;1993 Restoration Plan&rdquo;) to provide each Participant with an additional restoration benefit to the benefit the Participant would have received under the <font size="2">Retirement Plan for Employees of Capital Southwest Corporation and its Affiliates (&ldquo;Qualified Plan&rdquo;) and the First Supplement to the Retirement Plan for Employees of Capital Southwest Corporation and its Affiliates
                    (&ldquo;First Supplement&rdquo;) as in effect at that time and subsequently amended. </font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Effective January 1, 2005, &sect;409A was added to the Code as part of the American Jobs Creation Act of 2004, effective as to deferred compensation earned on and after January 1, 2005. </font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Effective January 1, 2008, the Company fully amends, restates and renames the 1993 Restoration Plan as this Capital Southwest Corporation and its Affiliates 2009 Restoration of Retirement Income Plan (&ldquo;Plan&rdquo;) for the purpose of providing each Participant with a restoration benefit equal to the additional benefit the Participant would have
                    received under the Qualified Plan, if the limits on such benefits imposed by Code &sect;401(a)(17) and &sect;415 did not apply, and as such restoration benefits may be modified under this Plan. </font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Definitions. </font></b><font size="2">When the following terms are used herein with initial capital letters, they shall have the following meanings:</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Accrued Benefit</font></b> <font size="2">&ndash; means the benefit of a Participant determined under the provisions of Section 3. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Actuarial Equivalent</font></b> <font size="2">&ndash; means a benefit of equivalent value determined by the using the actuarial factors used under the Qualified Plan from time to time. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Affiliate</font></b> <font size="2">&ndash; means any entity included with the Company in a controlled group of corporations or trades or businesses under common control within the meaning of Code &sect;414(b) or &sect;414(c), an affiliated service group within the meaning of Code &sect;414(m), or any other entity required to be aggregated with the
                    Company under Code &sect;414(o). For all purposes under this Plan, in applying Code &sect;1563(a)(1), (2) and (3) for purposes of determining the Company&rsquo;s Affiliates under Code &sect;414(b), the language &ldquo;at least 80%&rdquo; shall be applied as it appears in those sections, and in applying Treas. Reg. &sect;1.414(c)-2 for purposes of determining trades or business (whether or not incorporated) that are under common control for purposes of Code &sect;414(c), the
                    language &ldquo;at least 80%&rdquo; shall be used as it appears in such regulation.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Beneficiary</font></b> <font size="2">&ndash; means the person(s) designated to receive the benefits which may be payable under the Plan in the event of the Participant&rsquo;s death as provided by Section 5. </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-1-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.5</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Benefit Commencement Date</font></b> <font size="2">&ndash; the first day of the seventh month that follows the occurrence of a payment event described in Section 4.1 with respect to a Participant. A Plan benefit will be treated as made upon the Participant&rsquo;s Benefit Commencement Date if the payment is made at such date or a later date within the
                    same calendar year or, if later, by the 15th day of the third calendar month following such Benefit Commencement Date. If calculation of the amount of the Plan benefit is not administratively practicable due to events beyond the control of the Company, the payment will be treated as made upon such Benefit Commencement Date if the benefit is paid during the first calendar year in which calculation of such benefit is administratively practicable.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.6</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Code</font></b> <font size="2">&ndash; means the Internal Revenue Code of 1986, including applicable regulations for the specified section of the Code. Any reference herein to a section of the Code, including the applicable regulations, shall be considered also to mean and refer to any subsequent amendment or replacement of that section or
                    regulation.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.7</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Company</font></b> <font size="2">&ndash; means Capital Southwest Corporation, and its successor or successors.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.8</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Compensation</font></b> <font size="2">&ndash; means the Participant&rsquo;s compensation as defined under the Qualified Plan, except that for purposes of this Plan, Compensation shall not be limited by the provisions of Code &sect;401(a)(17) and &sect;415 as in effect from time to time. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.9</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Credited Service </font></b><font size="2">&ndash; means the same as that term is defined in the Qualified Plan, as in effect on December 31, 2008, including any subsequent adjustments described therein.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.10</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Effective Date</font></b> <font size="2">&ndash; means April 1, 1993 for the original 1993 Restoration Plan. The effective date of this restatement is January 1, 2008.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.11</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Eligible Employee</font></b> <font size="2">&ndash; means, for any Plan Year, the Presidents of Jet-Lube, Inc.; The RectorSeal Corporation; The Whitmore Manufacturing Company; Smoke Guard, Inc.; and Blue Magic, Inc.; as well any active employee of the Capital Southwest Management Company whose compensation is greater than the Code &sect;401(a)(17)
                    compensation limit, as indexed and applicable for that year. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.12</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Employer</font></b> <font size="2">&ndash; means the Company, any business entity that is an Affiliate, and any business unit or division of the Company or an Affiliate that is designated by the Company as employing employees that are eligible to participate in this Plan. Any successor to an Employer shall also be an Employer for purposes of this Plan
                    unless otherwise designated by the Company. An Employer shall cease to be such effective as of the date the entity, business unit or division ceases to be an Affiliate (or part of an Affiliate). </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.13</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">ERISA</font></b> <font size="2">&ndash; means the Employee Retirement Income Security Act of 1974, including regulations for the specified section of ERISA. Any reference herein to a section of ERISA, including applicable regulations, shall be considered also to mean and refer to any subsequent amendment or replacement of that section or
                    regulations.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.14</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Final Average Monthly Compensation </font></b><font size="2">&ndash; means the same as that term is defined in the Qualified Plan, as in effect on December 31, 2008, including any subsequent adjustments described therein.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-2-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.15</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Monthly Covered Compensation </font></b><font size="2">&ndash; means the same as that term is defined in the Qualified Plan, as in effect on December 31, 2008, including any subsequent adjustments described therein.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.16</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Participant</font></b> <font size="2">&ndash; means anyone who is or has been an Eligible Employee and who has an Accrued Benefit under the Plan. An individual shall remain a Participant until the earlier of the Participant&rsquo;s death or the date as of which the Participant&rsquo;s entire Accrued Benefit shall have been distributed. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.17</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Participation Date</font></b> <font size="2">&ndash; means the date as of which an Eligible Employee first becomes a Participant pursuant to the provisions of Section 2.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.18</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Plan</font></b> <font size="2">&ndash; means this nonqualified defined benefit pension program maintained by the Company and established for the benefit of Participants eligible to participate therein, as set forth in this document as amended from time to time.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.19</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Plan Year</font></b> <font size="2">&ndash; means each 12-month period commencing each April 1 and ending the next following March 31.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.20</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Qualified Plan </font></b><font size="2">&ndash; means the Retirement Plan for Employees of Capital Southwest Corporation and its Affiliates, as amended from time to time.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.21</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Separation</font> <font size="2">from Service</font></b> <font size="2">&ndash; means:</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">A Participant&rsquo;s death, retirement or other termination of employment, from the Company and all Affiliates. A Separation from Service shall not be considered to have occurred and the Participant&rsquo;s employment relationship is treated as continuing while the Participant is on military leave, sick leave, or other bona fide leave of absence if such
                    period of leave does not exceed 6 months or, if longer, so long as the Participant&rsquo;s right to reemployment is provided by statute or by contract. If the period of leave exceeds 6 months and such reemployment rights are not provided, then the Participant is deemed to have a termination of employment on the first date immediately following such 6-month period. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">A termination of employment will occur as of a specified date if the facts and circumstances indicate that (1) the Employer and the Participant reasonably anticipated that no further services would be performed after that date or (2) the level of bona fide services the Participant would perform after that date (whether as an employee or an independent
                    contractor) would permanently decrease to 20% or less of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of such services, if less than 36 months).</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(c)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">A Participant is presumed to (1) have incurred a termination of employment from the Company and all Affiliates where the level of bona fide services the Participant performs after such date decreases to a level equal to 20% or less of the average level of services performed by the Participant over the immediately preceding 36-month period (on the full period
                    of such services, if less than 36 months); and (2) not to have incurred a termination of employment from the Company and all Affiliates where the level of bona fide services the Participant performs after such date continues at a level equal to 50% or more of the average level of services performed by the Participant over the immediately preceding <font size="2">36-month period (or the full period of such services, if less than 36 months). These presumptions can be rebutted
                    by showing that the Employer and the Participant reasonably anticipated that there either would or would not have been a Separation from Service in accordance with paragraph (b). </font></font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 23.08%; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-3-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(d)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">In the case of a Participant who is an independent contractor, Separation from Service means the expiration of the contract (or, as applicable, all contracts) under which services are performed for the Company or any of its Affiliates if the expiration constitutes a good-faith and complete termination of the contractual relationship.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.22</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Spouse</font></b> <font size="2">&ndash; means a Participant&rsquo;s &ldquo;spouse,&rdquo; if any, as determined under the Qualified Plan. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.23</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Trust</font></b> <font size="2">&ndash; means a grantor trust agreement for the Plan, if any, established by the Company pursuant to Section 6.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.24</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Trust Fund</font></b> <font size="2">&ndash; means the fund or funds, if any, held under the Trust established by the Company pursuant to Section 6.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.2.25</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Trustee</font></b> <font size="2">&ndash; means that person or entity, if any, which shall have been appointed by the Company to hold the assets of any Trust created pursuant to Section 6.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="2%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="1"><font size="2">1.3</font></font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="46">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="888">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Rules of Interpretation</font></b><font size="2">. The following rules shall apply for purposes of interpreting this Plan: </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="65">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="67">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="821">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">An individual shall be considered to have attained a given age on such individual&rsquo;s birthday for that age (and not on the day before). Individuals born on February 29 in a leap year shall be considered to have their birthdays on February 28 in each year that is not a leap year. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="67">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="822">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Whenever appropriate, words used herein in the singular may be read in the plural, or words used herein in the plural may be read in the singular; the masculine may include the feminine; and the words &ldquo;hereof,&rdquo; &ldquo;herein&rdquo; or &ldquo;hereunder&rdquo; or other similar compounds of the word &ldquo;here&rdquo; shall mean and refer to this
                    entire Plan document and not to any particular paragraph or section of this Plan document unless the context clearly indicates to the contrary.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="66">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="823">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">If, under the rules of this Plan, an election, form or other document (whether in written or electronic form) must be filed with or received by the Company, it must be actually received by the Company or its agent to be effective. The determination of whether or when an election, form or other document has been received by the Company shall be made by the
                    Company on the basis of what documents are acknowledged by the Company to be in its actual possession without regard to any &ldquo;mailbox rule&rdquo; or similar rule of evidence. The absence of a document in the Company&rsquo;s records and files shall be conclusive and binding proof that the document was not received. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="63">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="65">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="825">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The titles given to the various sections of this Plan document are inserted for convenience of reference only and are not part of this Plan document, and they shall not be considered in determining the purpose, meaning or intent of any provision hereof.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="61">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="67">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.5</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="825">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">This Plan shall be construed and this Plan shall be administered to create an unfunded plan providing deferred compensation to a select group of management or highly compensated employees so that it is exempt from the requirements of Parts 2, 3 and 4 of&nbsp;<font size="2">Title I of ERISA and qualifies for a form of simplified, alternative compliance with
                    the reporting and disclosure requirements of Part 1 of Title I of ERISA. It is further intended that this Plan shall satisfy the conditions for a deferral of income pursuant to the provisions of Code &sect;409A. If any provision of this Plan may be susceptible to more than one interpretation or to an interpretation that may result in the Plan&rsquo;s failing to satisfy Code &sect;409A, such provision shall be applied as construed in a manner that is consistent with the
                    provisions of such Code section.</font></font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 16.62%; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-4-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="60">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="66">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.6</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="827">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">This Plan shall be binding upon and inure to the benefit of the Company and its Affiliates, and its successors and assigns, and to the benefit of the Participants, their Spouses, Beneficiaries, assigns, successors, heirs, executors, and administrators.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="58">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" width="67">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.3.7</font></p>
                </td>

                <td valign="top" width="828">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">This document has been executed and delivered in the State of Texas and has been drawn in conformity to the laws of that State and shall, subject to the foregoing, be construed and enforced in accordance with the laws of the State of Texas.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 16.62%; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 2</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">PARTICIPATION</font></b></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">2.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Participation. </font></b><font size="2">The Participation Date of each Eligible Employee shall be the first date he accrues a benefit under Section 3 of this Plan. If an Eligible Employee dies or incurs a Separation from Service before his Participation Date, such individual shall have no benefit entitlement under this Plan. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">2.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Cessation of Eligibility. </font></b><font size="2">If during a Plan Year, a Participant has a Separation from Service, his accruals shall cease on the date of such separation. If during a Plan Year, a Participant continues in employment but ceases to satisfy the criteria that qualified him as an Eligible Employee (including, for this purpose, the
                    requirement that such individual be member of a select group of management or highly compensated employees (as that expression is used in ERISA)), his accruals under the Plan shall continue for the rest of such Plan Year and shall then cease. The Company may from time to time amend this Plan such that the accruals of any Participant shall cease as to Plan Years after the Plan Year of such Company decision. Such employee shall, however, remain a Participant in this Plan until
                    his Plan benefit has been distributed.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 3</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">BENEFIT</font></b></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">3.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Accrued Benefit. </font></b><font size="2">If, at any time any benefit that would otherwise be accrued and become payable under the provisions of the Qualified Plan to a Participant, including any benefit payable to the Participant&rsquo;s Spouse or other Beneficiary, shall be reduced by reason of the limitations on maximum benefits under Code &sect;415
                    (as adjusted under the Code) and/or the limitation on the amount of Compensation of a Participant that may be considered under Code &sect;401(a)(17) (as adjusted under the Code), the Participant or his Spouse or other Beneficiary shall be entitled to receive a benefit under this Plan, equal to excess, if any, of &ndash; </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-5-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 189%; TEXT-ALIGN: left">&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">amount equal to the sum of:</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 102.6%; TEXT-ALIGN: left">&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(1)</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">1.20% of his Final Average Monthly Compensation multiplied by his number of years of Credited Service that are not in excess of 40 years, calculated without regard to the limitations imposed by Code &sect;415(b) (as adjusted under the Code) and /or the limitation on the amount of Compensation of a Participant that may be considered under Code
                    &sect;401(a)(17);</font></p>
                </td>
            </tr>
        </table>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
                <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
                    <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
                        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">&nbsp;&nbsp; plus</font></p>
                        </blockquote>
                    </blockquote>
                </blockquote>
            </blockquote>
        </blockquote>
        &nbsp;

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 102.6%; TEXT-ALIGN: left">&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(2)</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">0.65% of that portion, if any, of his Final Average Monthly Compensation that is in excess of the Monthly Covered Compensation that applies to him multiplied by his number of years of Credited Service that are not in excess of 40 years, calculated without regard to the limitations imposed by Code &sect;415(b) (as adjusted under the Code) and /or the limitation
                    on the amount of Compensation of a Participant that may be considered under Code &sect;401(a)(17); </font></p>
                </td>
            </tr>
        </table>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
                <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
                    <p>&nbsp;&nbsp;&nbsp; <font size="2">over</font></p>
                </blockquote>
            </blockquote>
        </blockquote>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the amount of the Participant&rsquo;s actual benefit under the Qualified Plan as limited by Code &sect;401(a)(17) and/or &sect;415.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: justify"><font size="2">The net amount so determined shall be multiplied by a percentage that is the Participant&rsquo;s Vested Percentage, as that term is defined and determined under the Qualified Plan, and the product shall be the Participant&rsquo;s Accrued Benefit under this Plan. </font></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">3.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">No Duplication of Benefits</font></b><font size="2">. This Plan shall supplement, but not duplicate, the benefits provided to Participants under the Qualified Plan, or any other, similar plan or contract or other arrangement.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 4</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">PAYMENT OF BENEFITS</font></b></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Payment. </font></b><font size="2">Subject to the following provisions of this Section 4, a Participant&rsquo;s Accrued Benefit shall be paid as an annuity in accordance with Section 4.2 and the Participant&rsquo;s Benefit Commencement Date shall follow the later to occur of the Participant&rsquo;s attainment of age 55 or Separation from Service.
                    Notwithstanding the foregoing:</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.1.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Small Amounts. </font></b><font size="2">If the lump sum present value of the Participant&rsquo;s Accrued Benefit (determined using the factors for actuarial equivalencies under the Qualified Plan) at the time of such Participant&rsquo;s Separation from Service is less than $10,000, such Participant&rsquo;s benefit under this Plan shall be paid as a
                    single lump sum payment and the Participant&rsquo;s Benefit Commencement Date shall be determined based upon such Participant&rsquo;s Separation from Service and such payment shall be deemed to satisfy and terminate fully the Participant&rsquo;s interest in this Plan. Any such payment shall be made on or before the later of December 31 of the calendar year of such Separation from Service, or the 15<sup>th</sup> day of the third month following such Separation from
                    Service.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.1.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Death. </font></b><font size="2">A Participant who dies before his Separation from Service shall have a Benefit Commencement Date determined based upon the date of his death and such Participant&rsquo;s benefit under this Plan shall be paid as a single lump sum payment.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-6-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Form of Payment. </font></b><font size="2">The form of payment of the Participant&rsquo;s Accrued Benefit, except in the case of a small amount as described in Section 4.1.1 or upon the Participant&rsquo;s death before his Separation from Service, shall be as elected by the Participant from among the actuarially equivalent life annuity optional forms of
                    benefit under the Qualified Plan at the time such election is made. Such election must be made in the manner prescribed by the Company from time to time and must be made by the Participant before the earlier of the Participant&rsquo;s Benefit Commencement Date or the date the Participant&rsquo;s benefit payments actually commence. If the Participant fails to file an election or if such election is void, the Participant&rsquo;s benefit shall be paid in the form of a single
                    life annuity if the Participant is unmarried or a 100% qualified joint and survivor benefit if the Participant is married. For purposes of the foregoing, a determination whether a Qualified Plan optional benefit form is an &ldquo;actuarially equivalent life annuity&rdquo; shall be made pursuant to the provisions of Code &sect;409A, and shall not include any installment payments and shall not include a lump sum payment option except as provided under Section 4.1.1 or 4.1.2,
                    above.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Withholding of Taxes. </font></b><font size="2">The benefits payable under this Plan shall be subject to the deduction of any federal, state, or local income taxes, FICA, FUTA or other taxes that are required to be withheld from such payments by applicable laws and regulations. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Acceleration of Benefit Payments. </font></b><font size="2">Notwithstanding the preceding provisions of this Section 4, the Company, in its sole discretion, may decide to make payments under the Plan under this Section 4.4 prior to the Participant&rsquo;s Benefit Commencement Date in accordance with Treas. Reg. Section 1.409A-3(j)(4). If payments are made
                    to or on behalf of a Participant in accordance with this Section 4.4 then any payments that would otherwise be made under this Plan at any later date shall be reduced by the payments so made. Payments that may be made in accordance with this Section 4.4 shall be paid as of the &ldquo;Benefit Commencement Date&rdquo; that would apply if the payment event under this Section 4.4 were substituted for the payment event otherwise applicable under Section 4.1. Payment events under
                    this Section 4.4 shall include, but shall not be limited to, payments made under the following circumstances:</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.4.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Payment upon Income Inclusion under Code &sect;409A. </font></b><font size="2">If this Plan fails to meet the requirements of Code &sect;409A, the amount of a Participant&rsquo;s Accrued Benefit that is required to be included in the income of the affected Participant due to such failure shall be paid to such Participant in a single lump sum. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.4.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Conflicts of Interest. </font></b><font size="2">Each Participant&rsquo;s Accrued Benefit shall be paid at such time and to the extent permitted by Treas. Reg. &sect;1.409A-3(j)(4)(iii) in connection with ethics agreements with the Federal government and applicable Federal, state, local or foreign ethics or conflicts of interest laws. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.5</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2"><strong>Delay of Payments.</strong> Notwithstanding any provision of this Plan to the contrary, the payment of any benefit under this Plan may be postponed until after the Participant&rsquo;s Benefit Commencement Date to the extent permitted under the provisions of Code &sect;409A and related regulations, but if such payment is described in 4.5.1 or 4.5.2
                    below then all payments to similarly situated Participants shall be treated in the same manner. The types of delays that are permitted include, but are not limited to, the following:</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.5.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">If the Company reasonably determines that if a payment were made as scheduled the Employer&rsquo;s deduction with respect to such payment would not be permitted under Code &sect;162(m), then the Company may unilaterally delay the payment of such benefit provided such payment is made either during the first calendar year in which the Employer reasonably
                    anticipates that such deduction will not be barred by application of Code &sect;162(m), or, if later, during the period beginning on the date of the Participant&rsquo;s Separation from Service and ending on the later of the last day of the calendar in year in which such Separation from Service occurred or the first day of the seventh month following the Participant&rsquo;s Separation from Service.&nbsp; </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 15.38%; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-7-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 15.38%; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.5.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">If the Company reasonably anticipates that the payment of a benefit would violate Federal securities laws or other applicable law, the Company may cause the Plan to delay payment of a Participant&rsquo;s benefit until such time as the Company reasonably anticipates that the payment of such benefit will not cause such violation.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.5.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">A payment may be delayed to the extent that the Company reasonably determines that payment will jeopardize the Company&rsquo;s ability to continue as a going concern, provided that payment is made during the first calendar year in the payment would not have such effect. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.5.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">A payment may be delayed to the extent that the Company reasonably determines that due to circumstances beyond the control of the Participant the calculation of the amount of the Participant&rsquo;s payment is not administratively practicable, provided that payment is made during the first calendar year in which the calculation of the payment amount is
                    administratively practicable. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">4.6</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Forfeiture of Benefits. </font></b><font size="2">If a Participant&rsquo;s Separation from Service is a result of dishonest conduct injurious to an Employer, or if dishonest conduct injurious to an Employer committed by a Participant is determined by the Company during the lifetime of the Participant and within one year after his Separation from Service
                    or within one year after his retirement under the Qualified Plan, the Company may terminate such Participant&rsquo;s benefits rights and interest under this Plan. The dishonest conduct injurious to the Employer committed by a Participant shall be determined and decided by the Company only after a full investigation of such alleged dishonest conduct and an opportunity has been given the Participant or his representative to appear before the Company to present his case in
                    accordance with the rules and regulations provided under Section 8. The decision made by the Company in such cases shall be final and binding on all Participants and any other person claiming any benefit forfeited as a result of such decision or otherwise affected by such decision.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 5</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">BENEFICIARIES</font></b></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 2pt" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">5.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 2pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Designation. </font></b><font size="2">Each Participant may, from time to time during his or her lifetime and prior to the Participant&rsquo;s Benefit Commencement Date, designate the Beneficiary(s) to receive the benefits which may be payable under the Plan in the event of the Participant&rsquo;s death. Each such designation will revoke all prior
                    designations by such Participant and shall be in writing on a form provided for that purpose and filed with the Company. A Participant&rsquo;s Spouse must consent in writing to the designation and form of benefit if the Spouse is not the primary beneficiary. Such consent shall be made in the time and form specified by the Company from time to time. The designated Beneficiary may be changed by a Participant from time to time before the Participant&rsquo;s Accrued Benefit is
                    paid or payment commences, pursuant to rules established by the Administrator. The designation last made by the Participant before his death shall control. In the event a Participant fails to make a Beneficiary designation under this Plan, the Participant&rsquo;s Beneficiary shall be the same as his Beneficiary under the Qualified Plan. </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-8-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 2pt" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">5.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 2pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Application for Payment. </font></b><font size="2">No distribution shall be made to any Participant or Beneficiary of a deceased Participant until such Participant or Beneficiary has provided to the Company such information as the Company may from time to time prescribe and the Company has approved the information so provided. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 2pt" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">5.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 2pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Facility of Payment. </font></b><font size="2">If a Participant is under a legal disability or, by reason of illness or mental or physical disability, is, in the opinion of the Company, unable to attend to the Participant&rsquo;s personal financial matters, the Company may make such payments in such of the following ways as the Company shall determine:
                    (i) directly to such Participant or Beneficiary, (ii) to the legal representative of such Participant or Beneficiary, or (iii) to a custodian for the benefit of such Participant or Beneficiary, which custodian may be any person eligible to act for such person (including but not limited to a relative by blood or marriage, or a friend) under the applicable Uniform Custodial Trust Act. Any payment made pursuant to these provisions shall be a complete discharge of the
                    obligations to the Participant under the Plan.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 6</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">UNFUNDED PLAN</font></b></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">6.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Establishment of Trust. </font></b><font size="2">The obligation of the Employer to make payments under this Plan constitutes only the unsecured (but legally enforceable) and unfunded promise of the Employer to make such payments. A Participant shall have no lien, prior claim or other security interest in any property of the Employer. The Employer is not
                    required to establish or maintain any fund, trust or account (other than a bookkeeping account or reserve) for the purpose of funding or paying the benefits promised under this Plan. If such a fund is established, the property therein shall remain the sole and exclusive property of the Employer.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">6.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Funding and Location of Trust. </font></b><font size="2">Any trust established by the Company for purposes of paying benefits under this Plan, and the taxation of any assets held in such trust on behalf of Participants, shall be subject to the requirements of Code &sect;409A, including (a) the rules pertaining to offshore funding set forth in Code
                    &sect;409A(b)(1), (b) the transfers of assets for the benefit of covered employees (as defined in Code &sect;409A(b)(3)(d)(ii)) when a defined benefit plan of the Company defined benefit pension plan is in a restricted period, and (c) the restriction of assets in connection with a change in the Company&rsquo;s financial health under Code &sect;409A(b)(2).</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">6.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Interrelationship of the Plan and the Trust. </font></b><font size="2">The provisions of the Plan shall govern the rights of a Participant or Beneficiary to receive distributions pursuant to the Plan. The provisions of the Trust (if any) shall govern the rights of the Employer, the Participants, and the creditors of the Employer relative to any property
                    of the Employer set aside therein. The Employer shall at all times prior to the Plan&rsquo;s termination remain liable to carry out its responsibilities under the Plan.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">6.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Distributions from the Trust. </font></b><font size="2">The Employers&rsquo; obligations under the Plan may be satisfied with assets of the Trust, if any, distributed pursuant to the terms thereof, and any such distribution shall reduce the Employers&rsquo; obligations under the Plan.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">6.5</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Spendthrift Provision. </font></b><font size="2">No Participant or Beneficiary shall have any interest in any account or Trust which can be transferred nor shall any Participant or Beneficiary have any power to anticipate, alienate, dispose of, pledge or encumber the same while in the possession or control of the Employer or the Trustee, if any, nor shall
                    any Accrued Benefit or the Trust, if any, be subject to attachment, garnishment, execution following judgment or other legal process while in the possession or control of the Employer or any Trustee.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-9-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 7</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">AMENDMENT AND TERMINATION</font></b></p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">7.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Amendment. </font></b><font size="2">The Plan may be amended consistent with Code &sect;409A from time to time in any respect whatever by the Company without the consent of Participants or Beneficiaries. Any such amendment may be retroactive, prospective or both. No such amendment of the Plan, however, shall reduce a Participant&rsquo;s Accrued Benefit
                    earned as of the date of such amendment unless the Participant so affected consents in writing to the amendment. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">7.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Termination. </font></b><font size="2">The Company reserves the right at any time to discontinue benefit accruals and terminate this Plan; provided, however, if this Plan should be terminated, the Employer shall be liable for any benefits accrued under this Plan as of the date of such action for Participants who are or have been employed by the Employer,
                    where such accrued benefits shall be the actuarially determined benefits as of such date of amendment or termination which each Participant, Spouse or Beneficiary is receiving under this Plan or, with respect to a Participant who is in the employment of the Employer on such date, which such Participant would have received as of such date under this Plan if his employment had terminated for a reason other than death as of the date of such amendment or termination. No
                    amendment or discontinuance shall accelerate the time for the payment of the benefits accrued under this Plan. Such benefits shall be paid in accordance with the terms of Section 4 of this Plan, which shall survive the termination of the Plan and remain in full force and effect until all Participants have received full payment of their benefits under this Plan.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 8</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">DETERMINATIONS &mdash; RULES AND REGULATIONS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Determinations. </font></b><font size="2">The Company shall make such determinations as may be required from time to time in the administration of the Plan. The Company shall have the sole discretion, authority and responsibility to interpret and construe this Plan document and to determine all factual and legal questions under the Plan, including but not
                    limited to the entitlement of any persons to benefits and the amounts of their benefits. The actuary, the Trustee and other interested parties may act and rely upon all information reported to them hereunder and need not inquire into the accuracy thereof nor be charged with any notice to the contrary.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Rules and Regulations. </font></b><font size="2">Any rule not in conflict or at variance with the provisions hereof may be adopted by the Company.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Method of Executing Instruments. </font></b><font size="2">Information to be supplied or written notices to be made or consents to be given by the Company pursuant to any provision of this Plan document may be signed in the name of the Company by any committee appointed by the Company or by any officer who has been authorized to make such certification or
                    to give such notices or consents.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Claims and Review Procedure. </font></b><font size="2">Until modified by the Company, the claims and review procedure set forth in this Section 8.4 shall be the mandatory claims and review procedure for the resolution of disputes and disposition of claims filed under the Plan. An application for benefits shall be considered as a claim for the purposes of
                    this Section 8.4.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-10-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.4.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Initial Claim. </font></b><font size="2">An individual may, subject to any applicable deadline, file with the Company a written claim for benefits under the Plan in a form and manner prescribed by the Company.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">If the claim is denied in whole or in part, the Company shall notify the claimant of the adverse benefit determination within ninety (90) days after receipt of the claim.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The ninety (90)-day period for making the claim determination may be extended for ninety (90) days if the Company determines that special circumstances require an extension of time for determination of the claim, provided that the Company notifies the claimant, prior to the expiration of the initial ninety (90)-day period, of the special circumstances
                    requiring an extension and the date by which a claim determination is expected to be made.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.4.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Notice of Initial Adverse Determination. </font></b><font size="2">A notice of an adverse determination shall set forth in a manner calculated to be understood by the claimant:</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the specific reasons for the adverse determination;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">references to the specific provisions of the Plan document (or other applicable Plan document) on which the adverse determination is based;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(c)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(d)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">a description of the claims review procedure, including the time limits applicable to such procedure, and a statement of the claimant&rsquo;s right to bring a civil action under ERISA &sect;502(a) following an adverse determination on review.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.4.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Request for Review</font></b><font size="2">. Within sixty (60) days after receipt of an initial adverse benefit determination notice, the claimant may file with the Company a written request for a review of the adverse determination and may, in connection therewith submit written comments, documents, records and other information relating to the claim
                    benefits. Any request for review of the initial adverse determination not filed within sixty (60) days after receipt of the initial adverse determination notice shall be untimely.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.4.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Claim on Review. </font></b><font size="2">If the claim, upon review, is denied in whole or in part, the Company shall notify the claimant of the adverse benefit determination within sixty (60) days after receipt of such a request for review.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The sixty (60)-day period for deciding the claim on review may be extended for sixty (60) days if the Company determines that special circumstances require an extension of time for determination of the claim, provided that the Company notifies the claimant, prior to the expiration of the initial sixty (60)-day period, of the special circumstances requiring
                    an extension and the date by which a claim determination is expected to be made.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">In the event that the time period is extended due to a claimant&rsquo;s failure to submit information necessary to decide a claim on review, the claimant shall have sixty (60) days within which to provide the necessary information and the period for making the claim determination on review shall be tolled from the date on which <font size="2">the
                    notification of the extension is sent to the claimant until the date on which the claimant responds to the request for additional information or, if earlier, the expiration of sixty (60) days.</font></font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 23.08%; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-11-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(c)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The Company&rsquo;s review of a denied claim shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.4.5</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Notice of Adverse Determination for Claim on Review. </font></b><font size="2">A notice of an adverse determination for a claim on review shall set forth in a manner calculated to be understood by the claimant:</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the specific reasons for the denial;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">references to the specific provisions of the Plan document (or other applicable Plan document) on which the adverse determination is based;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(c)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant&rsquo;s claim for benefits;</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(d)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">a statement describing any voluntary appeal procedures offered by the Plan and the claimant&rsquo;s right to obtain information about such procedures; and </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="15%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(e)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">a statement of the claimant&rsquo;s right to bring an action under ERISA &sect;502(a).</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.5</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Deadline to File Claim. </font></b><font size="2">To be considered timely under the Plan&rsquo;s claim and review procedure, a claim must be filed with the Company within one (1) year after the claimant knew or reasonably should have known of the principal facts upon which the claim is based. </font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.6</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Exhaustion of Administrative Remedies. </font></b><font size="2">The exhaustion of the claim and review procedure is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes:</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">no claimant shall be permitted to commence any legal action to recover Plan benefits or to enforce or clarify rights under the Plan under ERISA &sect;502 or &sect;510 or under any other provision of law, whether or not statutory, until the claim and review procedure set forth herein have been exhausted in their entirety; and</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">in any such legal action all explicit and all implicit determinations by the Company (including, but not limited to, determinations as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.7</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Deadline to File Legal Action. </font></b><font size="2">No legal action to recover Plan benefits or to enforce or clarify rights under the Plan under ERISA &sect;502 or &sect;510 or under any other provision of law, whether or not statutory, may be brought by any claimant on any matter pertaining to the Plan unless the legal action is commenced in the
                    proper forum before the earlier of:</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(a)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">thirty (36) months after the claimant knew or reasonably should have known of the principal facts on which the claim is based, or</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-12-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">(b)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">twelve (12) months after the claimant has exhausted the claim and review procedure.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.8</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Knowledge of Fact by Participant Imputed to Beneficiary. </font></b><font size="2">Knowledge of all facts that a Participant knew or reasonably should have known shall be imputed to every claimant who is or claims to be a Beneficiary of the Participant or otherwise claims to derive an entitlement by reference to the Participant.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.9</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Information Furnished by Participants. </font></b><font size="2">The Company shall not be liable or responsible for any error in the computation of the Accrued Benefit of a Participant resulting from any misstatement of fact made directly or indirectly by the Participant and used by the Company in determining the Participant&rsquo;s Accrued Benefit. The
                    Company shall not be obligated or required to increase the Accrued Benefit of such Participant which, on discovery of the misstatement, is found to be understated as a result of such misstatement of the Participant. However, the Accrued Benefit of any Participant which is overstated by reason of any such misstatement shall be reduced to the amount appropriate in view of accurate facts. </font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.10</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Errors in Benefit Statement or Distributions. </font></b><font size="2">If an error is made in any benefit statement, such error shall be corrected on the next benefit statement following the date such error is discovered. In the event of an error in a distribution, the Participant&rsquo;s remaining benefit payments shall promptly be adjusted to correct
                    such error and such adjustment shall to the extent practicable be done in a manner that complies with Code &sect;409A.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.11</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Inability to Locate Participant. </font></b><font size="2">Each person entitled to benefits under the Plan shall also furnish the Company with such documents, evidence, data, or information as the Company considers necessary or desirable for the purposes of administering the Plan. It is the responsibility of a Participant or his Beneficiary to notify the
                    Company of any change in address of the Participant or his Beneficiary. In the event that the Company is unable to locate a Participant or Beneficiary within two years following the date distributions from this Plan to a Participant or a Beneficiary are scheduled to commence then such amounts shall be forfeited. If, after such forfeiture, the Participant or Beneficiary later claims such benefit, then subject to the requirements of Code &sect;409A, such benefit shall be
                    reinstated as of the date of forfeiture without deemed earnings or losses being credited after the date of forfeiture thereon.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">8.12</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Overpayments. </font></b><font size="2">If a payment or series of payments made from this Plan is found to be greater than the Accrued Benefit to which a Participant or Beneficiary is entitled due to factual errors, mathematical errors or otherwise, the Company may, in its discretion and to the extent consistent with Code &sect;409A and in addition to or
                    in lieu of any other legal remedies it may have, suspend or reduce future benefits to such Participant or Beneficiary as it deems appropriate to correct the overpayment.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 9</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">ADMINISTRATION</font></b></p>
        &nbsp;

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">9.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Administration. </font></b><font size="2">Except as hereinafter provided, administrative functions generally assigned to the Company shall be discharged by the Company&rsquo;s Board of Directors. The Board of Directors shall have the authority to make such rules and regulations and to take such action as may be necessary to carry out the provisions of the
                    Plan and shall, subject to the provisions of the Plan, decide any questions arising in the administration, interpretation and application of the Plan, which decisions shall be conclusive and binding on all parties. The Board of Directors may allocate or delegate any part of its authority and duties as it deems expedient. To the extent so delegated, any references to the Company or the Board of Directors as to administrative matters shall be treated as references to the Board
                    of Director&rsquo;s delegate.</font></p>
                </td>
            </tr>
        </table>
        &nbsp;

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-13-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 7.69%; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">9.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Actuary. </font></b><font size="2">The actuary will do such technical and advisory work as the Company may request. The actuary shall be appointed by the Board of Directors to serve as long as it is agreeable to the Company and the actuary.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">9.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Service of Process. </font></b><font size="2">In the absence of any designation to the contrary by the Company, the Secretary of the Company is designated as the appropriate and exclusive agent for the receipt of service of process directed to the Plan in any legal proceeding, including arbitration, involving the Plan.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">9.4</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Administrative Expenses. </font></b><font size="2">The reasonable expenses of administering the Plan shall be payable out of the Trust Fund, if any, except to the extent that the Employer, in its discretion, directly pays the expenses.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SECTION 10</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">DISCLAIMERS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">10.1</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Term of Employment. </font></b><font size="2">Neither the terms of this Plan document nor the benefits hereunder nor the continuance thereof shall be a term of the employment of any employee. The Employer shall not be obliged to continue the Plan. The terms of this Plan document shall not give any employee the right to be retained in the employment of the
                    Employer.</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">10.2</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font size="2">Source of Payment. </font></b><font size="2">Each Participant, Spouse, Beneficiary or any other person entitled at any time to payments hereunder shall look solely to the assets of the Employer for such payments. In each case where benefits shall have been distributed to a former Participant (or any Spouse, Beneficiary or any other person claiming
                    benefits under such Participant) and which purports to cover in full the Accrued Benefit payable by the Plan, such former Participant (or any Spouse, Beneficiary or any other person claiming benefits under such Participant) shall have no further right or interest in the Plan or in other assets of the Employer. Neither the Employer nor any of its officers, nor the Board of Directors nor any member of such Board shall be under any liability or responsibility for failure to
                    affect any of the objectives or purposes of the Plan by reason of the insolvency of the Employer.</font></p>
                </td>
            </tr>
        </table>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">10.3</font></p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">Delegation. </font></b><font size="2">The Employer, and its officers and the members of its Board of Directors shall not be liable for an act or omission of another person with regard to a responsibility that has been allocated to or delegated to such other person pursuant to the terms of this Plan document or pursuant to procedures set forth in this Plan
                    document.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">[NEXT PAGE IS PAGE 15]</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-14-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 8.62%; TEXT-ALIGN: justify"><font size="2">IN WITNESS WHEREOF, CAPITAL SOUTHWEST CORPORATION, CAPITAL SOUTHWEST MANAGEMENT CORPORATION, JET-LUBE, INC., THE RECTORSEAL CORPORATION, THE WHITMORE MANUFACTURING COMPANY, SMOKE GUARD, INC. and BLUE MAGIC, INC. have caused this instrument to be executed by their duly authorized officers on this _____ day of _________________, 20____, effective as of April&nbsp;1, 2008.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">CAPITAL SOUTHWEST CORPORATION</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">CAPITAL SOUTHWEST MANAGEMENT CORPORATION</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 53.85%; TEXT-INDENT: -53.85%; TEXT-ALIGN: justify"></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">JET-LUBE, INC.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">THE RECTORSEAL CORPORATION</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">THE WHITMORE MANUFACTURING COMPANY</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">SMOKE GUARD, INC.</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 53.85%; TEXT-INDENT: -53.85%; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="307">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">BLUE MAGIC, INC.</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="307">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="307">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">By</font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="307">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="307">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: </font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">-15-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

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    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>cswc10kex131033109.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
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    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td colspan="2">
                    <p align="center"><strong><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></strong></p>
                </td>

                <td width="621">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelve Largest Investments &ndash; March 31,
                    2009</strong>&nbsp;<strong>&nbsp;</strong></p>
                </td>

                <td width="252">
                    <p align="right"><strong><font size="2">Exhibit</font> <font style="FONT-SIZE: 10pt">13.1</font></strong></p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">
                    <p align="left"><strong><font size="2">The RectorSeal Corporation</font></strong><strong><font size="2">&nbsp;&nbsp;&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="252">
                    <p align="right"><strong><font size="2">$107,200,000</font></strong></p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; The RectorSeal Corporation, Houston, Texas, with facilities in Texas, New York and Idaho, manufactures specialty chemical products including pipe thread sealants, firestop sealants, plastic cements and other formulations for plumbing, HVAC, electrical and industrial applications. The company also makes
                    special tools for plumbers and systems for containing smoke from building fires. RectorSeal&rsquo;s subsidiary, Jet-Lube, Inc., with plants in Texas, England and Canada, produces anti-seize compounds, specialty lubricants and other products used in industrial and oil field applications. Another subsidiary produces and sells automotive chemical products. RectorSeal also owns a 20% equity interest in The Whitmore Manufacturing Company (described on page 5).&nbsp;&nbsp;<br>
                    <br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended March 31, 2009, RectorSeal earned $10,170,000 on revenues of $111,792,000, compared with earnings of $11,649,000 on revenues of $112,029,000 in the previous year. RectorSeal&rsquo;s earnings do not reflect its 20% equity in The Whitmore Manufacturing Company.<strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                    <br>
                    </strong> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, Capital Southwest owned 100% of RectorSeal&rsquo;s common stock having a cost of $52,600 and a value of $107,200,000.</p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">
                    <p align="left"><strong><font size="2">Lifemark Group&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="252">
                    <p align="right"><strong><font size="2">$71,000,000</font></strong></p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Lifemark Group, Hayward, California, owns and operates cemeteries, funeral homes, mausoleums and mortuaries. Lifemark&rsquo;s operations, all of which are in California, include a major cemetery and funeral home in San Mateo, a mausoleum and an adjacent mortuary in Oakland and cemeteries, mausoleums and
                    mortuaries in Hayward and Sacramento. The company also owns a funeral home in San Bruno. Its funeral and cemetery trusts enable Lifemark&rsquo;s clients to make pre-need arrangements. The company&rsquo;s assets also include excess real estate holdings.&nbsp;&nbsp;<br>
                    <br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended March 31, 2009, Lifemark reported earnings of $635,000 on revenues of $28,193,000, compared with earnings of $529,000 on revenues of $29,682,000 in the previous year.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, Capital Southwest owned 100% of Lifemark Group&rsquo;s common stock, which had a cost of $4,510,400 and was valued at $71,000,000.</p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">
                    <p align="left"><strong><font size="2">Encore Wire Corporation&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="252">
                    <p align="right"><strong><font size="2">$65,388,000</font></strong></p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;Encore Wire Corporation, McKinney, Texas, manufactures a broad line of copper electrical building wire and cable including non-metallic sheathed, underground feeder and THHN wire and cable as well as armored cable for residential, commercial and industrial construction. Encore&rsquo;s products are sold through
                    distributors and building materials retailers.&nbsp;&nbsp;<br>
                    <br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2008, Encore reported net income of $39,771,000 ($1.72 per share) on net sales of $1,081,132,000, compared with net income of $30,796,000 ($1.32 per share) on net sales of $1,184,786,000 in the previous year. The March 31, 2009 closing Nasdaq bid price of Encore&rsquo;s common stock was $21.41 per share.&nbsp;&nbsp;<br>
                    <br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the $5,800,000 investment in 4,086,750 shares of Encore&rsquo;s restricted common stock by Capital Southwest and its subsidiary was valued at $65,388,000 ($16.00 per share), representing a fully-diluted equity interest of 17.2%.</p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">
                    <p align="left"><font size="2"><strong><font size="2">The Whitmore Manufacturing Company&nbsp;</font></strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="252">
                    <p align="right"><strong><font size="2">$36,000,000</font></strong></p>
                </td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">&nbsp;</td>

                <td width="0%">
                </td>
            </tr>

            <tr>
                <td colspan="4">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; The Whitmore Manufacturing Company, Rockwall, Texas, manufactures specialty lubricants for heavy equipment used in surface mining, railroads and other industries, and produces water-based coatings for the automotive and primary metals industries. Whitmore&rsquo;s Air Sentry division manufactures fluid
                    contamination control devices. The company&rsquo;s assets also include several commercial real estate interests.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended March 31, 2009, Whitmore reported net income of $3,209,000 on net sales of $28,163,000, compared with net income of $2,879,000 on net sales of $23,148,000 in the previous year. The company is owned 80% by Capital Southwest and 20% by Capital Southwest&rsquo;s subsidiary, The
                    RectorSeal Corporation (described on page 5).</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the direct investment in 80% of Whitmore by Capital Southwest was valued at $36,000,000 and had a cost of $1,600,000.&nbsp;&nbsp;&nbsp;&nbsp;</p>
                </td>

                <td width="0%">
                </td>
            </tr>
        </table>

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        </div>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="19">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%" colspan="1">
                    <p align="left"><strong><font size="2">Alamo Group Inc.</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$22,642,400</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Alamo Group Inc., Seguin, Texas, is a leading designer, manufacturer and distributor of heavy-duty, tractor and truck mounted mowing and other vegetation maintenance equipment, mobile excavators, street-sweeping and snow removal equipment and replacement parts. Founded in 1969, Alamo Group operates 16
                    manufacturing facilities and serves governmental, industrial and agricultural markets in North America, Europe, and Australia.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2008, Alamo reported net income of $10,999,000 ($1.11 per share) on net sales of $557,135,000, compared with net income of $12,365,000 ($1.24 per share) on net sales of $504,386,000 in the previous year. The March 31, 2009 closing NYSE market price of Alamo&rsquo;s common
                    stock was $10.66 per share.<br>
                    &nbsp;<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the $2,190,937 investment in Alamo by Capital Southwest and its subsidiary was valued at $22,642,400 ($8.00 per share), consisting of 2,830,300 restricted shares of common stock, representing a fully-diluted equity interest of 26.0%.&nbsp;&nbsp;&nbsp;&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="19">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%" colspan="1">
                    <p align="left"><strong><font size="2">Media Recovery, Inc.&nbsp;&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$14,800,000</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Media Recovery, Inc. (MRI) is a holding company of three operating divisions, Media Recovery, ShockWatch and Damage Prevention Company. Its Media Recovery division provides datacenter supplies and services to corporate customers through its direct sales force. Its ShockWatch division manufactures monitoring
                    devices used to detect mishandled shipments and devices for monitoring material handling equipment. Media Recovery&rsquo;s subsidiary, The Damage Prevention Company, Denver, Colorado, manufactures dunnage products used to prevent damage in trucking, rail and export container shipments.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; During the year ended September 30, 2008, Media Recovery reported net income of $4,354,000 on net sales of $132,864,000, compared with net income of $4,744,000 on net sales of $134,180,000 in the previous year.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31, 2009, the $5,415,000 investment in Media Recovery by Capital Southwest and its subsidiary was valued at $14,800,000, consisting of 800,000 shares of Series A convertible preferred stock and 4,000,002 shares of common stock, representing a fully-diluted equity interest of
                    97.1%.&nbsp;&nbsp;&nbsp;&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="21">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%" colspan="1">
                    <p align="left"><strong><font size="2">Heelys, Inc.&nbsp;&nbsp;&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$13,975,965</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Heelys, Inc., Carrollton, Texas, markets and distributes specialty stealth skate footwear, equipment and apparel under the brand name Heelys. The company manufactures its products in China and Korea and distributes them through domestic and international sporting goods chains, department and lifestyle stores
                    and specialty footwear retailers.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2008, Heelys reported net loss of $5,924,000 (-$0.22 per share) on net sales of $70,741,000, compared with net income of $22,317,000 ($0.79 per share) on net sales of $183,472,000 in the previous year. The March 31, 2009 closing Nasdaq bid price of Heely&rsquo;s common
                    stock was $1.70 per share.&nbsp;</p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2008, the $102,490 investment in Heelys by Capital Southwest&rsquo;s subsidiary was valued at $13,975,965 ($1.50 per share), consisting of 9,317,310 restricted shares of common stock, representing a fully-diluted equity interest of 31.1%.</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="20">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="left"><strong><font size="2">Palm Harbor Homes, Inc.&nbsp;&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$9,818,901</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Palm Harbor Homes, Dallas, Texas, is an integrated manufacturer and retailer of manufactured and modular housing produced in 9 plants and sold in 29 states by 86 company-owned retail stores and builder locations and approximately 150 independent dealers, builders and developers.&nbsp;&nbsp;&nbsp;<br>
                    <br>
                    &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;During the year ended March 27, 2009, Palm Harbor reported a net loss of $26,304,000 (-$1.15 per share) on net sales of $409,274,000, compared with net loss of 124,262,000&nbsp;(-$5.44 per share) on net sales of 555,096,000 for the year ended March 28, 2008. The March 31, 2009 closing Nasdaq bid price of Palm Harbor&rsquo;s common stock was $2.21 per share.&nbsp;</p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the $10,931,955 investment in Palm Harbor by Capital Southwest and its subsidiary was valued at $9,818,901 ($1.25 per share), consisting of 7,855,121 restricted shares of common stock, representing a fully-diluted equity interest of 31.5%.&nbsp;&nbsp;&nbsp;&nbsp;</p>
                </td>
            </tr>
        </table>

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        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="22">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%" colspan="1">
                    <p align="left"><strong><font size="2">Hologic, Inc.&nbsp;</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$8,277,286</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc., Bedford, Massachusetts, is a leading developer, manufacturer and supplier of bone densitometers, mammography and breast biopsy devices, direct-to-digital x-ray systems and other x-ray based imaging systems. These products are generally targeted to address women&rsquo;s healthcare and general
                    radiographic applications.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended September 27, 2008, Hologic reported net loss of $385,617,000 (-$1.57 per share) on net sales of $1,674,499,000, compared with net income of $94,578,000 ($0.86 per share) on net sales of $738,368,000 in the previous year. The March 31, 2009 closing Nasdaq bid price of Hologic&rsquo;s
                    common stock was $13.08 per share.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, Capital Southwest and its subsidiary owned 632,820 unrestricted shares of common stock, having a cost of $220,000 and a market value of $8,277,288 ($13.08 per share).&nbsp;&nbsp;&nbsp;&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="20">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%" colspan="1">
                    <p align="left"><strong><font size="2">Balco, Inc.</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$6,600,000</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Balco, Inc., Wichita, Kansas, designs and manufactures innovative architectural products used in the construction and remodeling of educational facilities, commercial and industrial buildings, airports, hotels, hospitals, parking garages and high-end residential condominiums. Company products include an
                    extensive line of high quality, standard or custom-engineered expansion joint covers, floor grids and mats, stair nosings, grates and frames and trench and access covers.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; During the year ended May 31, 2008, Balco reported net income of $841,000 on net sales of $14,035,000, compared with net income of $920,000 on net sales of $15,237,000 in the previous year.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the $624,920 investment in Balco by Capital Southwest was valued at $6,600,000 consisting of 445,000 shares of common stock and 60,920 shares of Class B non-voting common stock, representing a fully-diluted equity interest of 90.9%.&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="21">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%" colspan="1">
                    <p align="left"><strong><font size="2">Extreme International, Inc.</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">&nbsp;$6,600,000</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Extreme International, Inc., Sugar Land, Texas, owns Bill Young Productions, Texas Video and Post, and Extreme Communications, which produce radio and television commercials and corporate communications videos.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended September 30, 2008, Extreme reported net income of $1,435,000 on net sales of $11,545,000, compared with net income of $1,688,000 on net sales of $12,470,000 in the previous year.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, Capital Southwest and its subsidiary owned 39,359 shares of Series C Convertible Preferred Stock, 3,750 shares of 8% Series A Convertible Preferred Stock and 13,035 shares of common stock, having a cost of $3,325,875 and a market value of $6,600,000, representing a fully-diluted equity
                    interest of 53.6%.&nbsp;&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 3pt solid" width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr height="20">
                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="left"><strong><font size="2">Texas Capital Bancshares, Inc.</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50%">
                    <p align="right"><strong><font size="2">$5,508,630</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. of Dallas, Texas, formed in 1998, has total assets of approximately $4.3 billion. With branch banks in Austin, Dallas, Fort Worth, Houston, Plano and San Antonio, Texas Capital Bancshares conducts its business through its subsidiary, Texas Capital Bank, N.A., which targets
                    middle market commercial and wealthy private client customers in Texas.</p>

                    <p></p>

                    <p></p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2008, Texas Capital reported net income of $24,266,000 ($0.87 per share), compared with net income of $29,422,000 ($1.10 per share) in the previous year. The March 31, 2009 closing Nasdaq bid price of Texas Capital&rsquo;s common stock was $11.25 per share</p>

                    <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; At March 31, 2009, Capital Southwest owned 489,656 unrestricted shares of common stock, having a cost of $3,550,006 and a market value of $5,508,630 ($11.25 per share).</p>
                </td>
            </tr>
        </table>
        <br>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">3</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'HELVETICA'" align="center"><b>Consolidated Statement of Investments &ndash; March 31, 2009</b></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="77">
                    <p align="center"><font size="2">&nbsp;<strong>Equity (a)</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="429">
                    <p align="center"><strong><font size="2">Investment (b)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="3"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="center"><strong><font size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="81">
                    <p align="center"><strong><font size="2">Value (c)</font></strong></p>
                </td>
            </tr>

            <tr valign="bottom" height="19">
                <td align="left" width="272"><font size="2"><strong>&dagger;ALAMO GROUP INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;26.0%</font></p>
                </td>

                <td align="left" width="429"><font size="2">2,830,300 shares common stock (acquired 4-1-73 thru 5-25-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">$&nbsp; 2,190,937</font></p>
                </td>

                <td align="right" width="7">
                </td>

                <td align="right" width="81"><font size="2">$ 22,642,400</font></td>
            </tr>

            <tr valign="bottom" height="14">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Seguin, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;Tractor-mounted mowing and mobile</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;excavation equipment for governmental,</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;industrial and agricultural markets; street-</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" valign="middle" align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;sweeping equipment for municipalities.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2"><strong>ALL COMPONENTS, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;80.0%</font></p>
                </td>

                <td align="left" width="429"><font size="2">8.25% subordinated note due 2012 (acquired 6-27-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;6,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">3,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Austin, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">150,000 shares Series A Convertible Preferred Stock, convertible into</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;Electronics contract manufacturing;</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 600,000 shares of common stock at $0.25 per share (acquired 9-16-94)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;150,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">1</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;distribution and production of memory</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">Warrants to purchase 350,000 shares of common stock at $11.00 per</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;and other components for computer</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; share, expiring 2017 (acquired 6-27-07)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;manufacturers, retailers and value-added</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">6,150,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">3,000,001</font></p>
                </td>
            </tr>

            <tr valign="middle" height="14">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;resellers.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2"><strong>ATLANTIC CAPITAL BANCSHARES, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;2.0%</font></p>
                </td>

                <td align="left" width="429"><font size="2">300,000 shares common stock (acquired 4-10-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;3,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">3,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Atlanta, Georgia</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;Holding company of Atlantic Capital Bank,</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom" height="13">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;a full service commercial bank.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2"><strong>BALCO, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;90.9%</font></p>
                </td>

                <td align="left" width="429"><font size="2">445,000 shares common stock and 60,920 shares Class B non-voting</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Wichita, Kansas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; common stock (acquired 10-25-83 and 5-30-02)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;624,920</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">6,600,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;Specialty architectural products used in</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;the construction and remodeling of</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;commercial and institutional buildings.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2"><strong>BOXX TECHNOLOGIES, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;15.2%</font></p>
                </td>

                <td align="left" width="429"><font size="2">3,125,354 shares Series B Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Austin, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 3,125,354 shares of common stock at $0.50 per share</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;Workstations for computer graphic</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 8-20-99 thru 8-8-01)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;1,500,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">2</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;imaging and design.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2"><strong>CMI HOLDING COMPANY, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;15.3%</font></p>
                </td>

                <td align="left" width="429"><font size="2">10% convertible subordinated note, due 2009&nbsp;(acquired 7-2-07</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<strong>Richardson, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; thru 10-9-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;2,363,347</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">1,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;Owns Chase Medical, which develops</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">2,327,658 shares Series A Convertible Preferred Stock,</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;and sells devices used in cardiac surgery</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; convertible into 2,327,658 shares of common stock at $1.72</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;to relieve congestive heart failure; develops</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; per share (acquired 8-21-02 and 6-4-03)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;4,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">2</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;and supports cardiac imaging systems.</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">Warrants to purchase 109,012 shares of common stock at $1.72 per</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; share, expiring 2012 (acquired 4-7-04)</font></td>

                <td width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429"><font size="2">Warrant to purchase 431,982 shares of Series A-1 Convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock at $1.72 per share, expiring 2017 (acquired 7-2-07)</font></td>

                <td width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">6,363,347</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">1,000,002</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">&dagger;</font><font style="FONT-SIZE: 7pt">Publicly-owned company</font></p>
                </td>

                <td align="left" width="77">
                </td>

                <td width="429">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="1"><font style="FONT-SIZE: 7pt; FONT-FAMILY: 'Times New Roman'">&Dagger;</font>Unrestricted securities as defined in Note (b)</font></p>
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>
        </table>
        <br>
        <br>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">4</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="77">
                    <p align="center"><font size="2">&nbsp;<strong>Equity (a)</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="429">
                    <p align="center"><strong><font size="2">Investment (b)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="3"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="center"><strong><font size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80">
                    <p align="center"><strong><font size="2">Value (c)</font></strong></p>
                </td>
            </tr>

            <tr valign="bottom" height="18">
                <td align="left" width="271"><font size="2"><strong>CINATRA CLEAN TECHNOLOGIES, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;59.2%</font></p>
                </td>

                <td align="left" width="429"><font size="2">10% subordinated secured promissory note (acquired 7-14-08</font></td>

                <td align="right" width="3">
                </td>

                <td align="left" width="81">
                </td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>
            </tr>

            <tr valign="bottom" height="2">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Houston, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; thru 12/08/08)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;$&nbsp;&nbsp;&nbsp; 4,263,000</font></p>
                </td>

                <td width="7">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="80">
                    <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp; 4,263,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Cleans above ground oil storage tanks</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">1,128,649 shares Series A Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;with a patented, automated system.</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 1,128,649 shares common stock at $1.00 per share</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 7-14-08 and 11-19-08)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">1,128,649</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">1,128,649</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271"><font size="2">&nbsp;</font>&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="429"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">5,391,649</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">5,391,649</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font size="2">DENNIS TOOL COMPANY</font></b></p>
                </td>

                <td width="77">
                    <p align="center"><font size="2">67.4%</font></p>
                </td>

                <td align="left" width="429">
                    <p align="left"><font size="2">20,725 shares 5% Convertible Preferred Stock, convertible into</font></p>
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Houston, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 20,725 shares of common stock at $48.25 per share (acquired 8-10-98)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;999,981</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">999,981</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Polycrystalline diamond compacts (PDCs)</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">140,137 shares common stock (acquired 3-7-94 and 8-10-98)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&nbsp;2,329,963</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">2,868,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;used in oil field drill bits and in mining</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">3,329,944</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">3,867,981</font></p>
                </td>
            </tr>

            <tr valign="bottom" height="18">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;and industrial applications.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2"><strong>&dagger;ENCORE WIRE CORPORATION</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;17.2%</font></p>
                </td>

                <td align="left" width="429"><font size="2">4,086,750 shares common stock (acquired 7-16-92 thru 10-7-98)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;5,800,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">65,388,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>McKinney, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Electric wire and cable for residential,</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;commercial and industrial construction use.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2"><strong>EXTREME INTERNATIONAL, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;53.6%</font></p>
                </td>

                <td align="left" width="429"><font size="2">13,035 shares Series A common stock (acquired 9-26-08 and</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Sugar Land, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 12-18-08)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;325,875</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">463,850</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Owns Bill Young Productions, Texas</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">39,359.18 shares Series C Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Video and Post, and Extreme</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 157,436.72 shares of common stock at $25.00 per share</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Communications, which produce radio</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 9-30-03)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;2,625,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">5,602,376</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;and television commercials and</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">3,750 shares 8% Series A Convertible Preferred Stock, convertible into</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;corporate communications videos.</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td align="left" width="429"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 15,000 shares of common stock at $25.00 per share (acquired 9-30-03)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&nbsp;375,000</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">533,774</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp;&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="429"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">3,325,875</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">6,600,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2"><strong>&dagger;HEELYS, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;31.1%</font></p>
                </td>

                <td align="left" width="429"><font size="2">9,317,310 shares common stock (acquired 5-26-00)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;102,490</font></p>
                </td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">13,975,965</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Carrollton, Texas</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Heelys stealth skate shoes, equipment</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;and apparel sold through sporting goods</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;chains, department stores and footwear</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="top">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;retailers.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2"><strong>&dagger;HOLOGIC, INC.</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;&lt;1%</font></p>
                </td>

                <td align="left" width="429"><font size="2">&Dagger;632,820 shares common stock (acquired 8-27-99)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;220,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">8,277,286</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Bedford, Massachusetts</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Medical instruments including bone</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;densitometers, mammography devices</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;and digital radiography systems.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2"><strong>LIFEMARK GROUP</strong></font></td>

                <td width="77">
                    <p align="center"><font size="2">&nbsp;100.0%</font></p>
                </td>

                <td align="left" width="429"><font size="2">1,449,026 shares common stock (acquired 7-16-69)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;4,510,400</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font size="2">71,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Hayward, California</strong></font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom" height="15">
                <td valign="bottom" align="left" width="271"><font size="2">&nbsp;&nbsp;&nbsp;Cemeteries, mausoleums and mortuaries</font></td>

                <td align="left" width="77"><font size="2">&nbsp;</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" valign="top" align="left" width="271">&nbsp;&nbsp; <font size="2">located in northern California.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="77">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="429">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="271"><font style="FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">&dagger;</font><font style="FONT-SIZE: 7pt">Publicly-owned company</font></td>

                <td align="left" width="77">
                </td>

                <td width="429">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="1"><font style="FONT-SIZE: 7pt; FONT-FAMILY: 'Times New Roman'">&Dagger;</font>Unrestricted securities as defined in Note (b)</font></p>
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </font></font></font><br>
        <br>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">5</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8pt; COLOR: #000000">&nbsp;</font><strong>&nbsp;</strong> </font></font></font></font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="73">
                    <p align="center"><font size="2">&nbsp;<strong>Equity (a)</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="433">
                    <p align="center"><strong><font size="2">Investment (b)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><strong><font size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="81">
                    <p align="center"><strong><font size="2">Value (c)</font></strong></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><strong><font size="2">MEDIA RECOVERY, INC.&nbsp;</font></strong></td>

                <td width="73">
                    <p align="center"><font size="2">97.1%</font></p>
                </td>

                <td width="433"><font size="2">800,000 shares Series A Convertible Preferred Stock,</font> </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="7">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="81">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr valign="bottom" height="13">
                <td align="left" width="272"><strong><font size="2">&nbsp;&nbsp; Dallas, Texas</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; convertible into 800,000 shares of common stock at</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="top" height="13">
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Computer datacenter and office automation</font></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; $1.00 per share (acquired 11-4-97)</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp; 800,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp; 2,500,000</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">supplies and accessories; impact, tilt&nbsp;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">4,000,002 shares common stock (acquired 11-4-97)</font></td>

                <td width="4">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">4,615,000</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">12,300,000</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">monitoring and temperature sensing</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">5,415,000&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">14,800,000</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">devices to detect mishandling shipments;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="top">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">dunnage for protecting shipments.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font size="2">PALLETONE, INC.&nbsp;&nbsp;</font></strong></td>

                <td width="73">
                    <p align="center"><font size="2">8.5%</font></p>
                </td>

                <td width="433"><font size="2">12.3% senior subordinated notes due 2012 (acquired 9-25-06)</font>&nbsp;</td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">1,553,150</font><font style="FONT-SIZE: 8.5pt">&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <strong><font size="2">Bartow, Florida</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">150,000 shares common stock (acquired 10-18-01)</font>&nbsp;&nbsp;</td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">150,000&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Manufacturer of wooden pallets and</font><font style="FONT-SIZE: 8.5pt">&nbsp;&nbsp;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">Warrant to purchase 15,294 shares of common stock at $1.00</font> </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">pressure-treated lumber.&nbsp;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; per share, expiring 2011 (acquired 2-17-06)&nbsp;</font></td>

                <td width="4">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">45,746</font><font style="FONT-SIZE: 8.5pt">&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr height="15">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">1,748,896</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">4</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 7pt; COLOR: #000000" size="2">&dagger;</font><b><font size="2">PALM HARBOR HOMES, INC.</font>&nbsp;</b> &nbsp;</p>
                </td>

                <td width="73">
                    <p align="center"><font size="2">31.5%</font></p>
                </td>

                <td width="433">
                    <p align="left"><font size="2">7,855,121 shares common stock (acquired 1-3-85 thru 7-31-95)</font></p>
                </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">10,931,955</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">&nbsp;9,818,902</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <strong><font size="2">Dallas, Texas</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Integrated manufacturing, retailing,</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr height="19">
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">financing and insuring of manufactured</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">housing and modular homes.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font size="2">THE RECTORSEAL CORPORATION&nbsp;&nbsp;</font></strong></td>

                <td width="73">
                    <p align="center"><font size="2">100.00%</font></p>
                </td>

                <td width="433"><font size="2">27,907 shares common stock (acquired 1-5-73 and 3-31-73)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">52,600</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">107,200,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font size="2">&nbsp;&nbsp; Houston, Texas</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Specialty chemicals for plumbing, HVAC,</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">electrical, construction, industrial, oil field</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">and automotive applications; smoke contain-</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">ment systems for building fires; also owns 20%</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">of The Whitmore Manuacturing Company.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font size="2">TCI HOLDINGS, INC.</font></strong></td>

                <td width="73">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="433"><font size="2">21 shares 12% Series C Cumulative Compounding Preferred&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">677,250</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <strong><font size="2">Denver, Colorado</font></strong><font style="FONT-SIZE: 8.5pt">&nbsp;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">stock (acquired 1-30-90)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr height="25">
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Cable television systems and microwave</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">relay systems.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272"><font size="2">&dagger;<b>TEXAS CAPITAL BANCSHARES, INC.</b></font><font style="FONT-SIZE: 8.5pt">&nbsp;</font></td>

                <td width="73">
                    <p align="center"><font size="2">1.6%</font></p>
                </td>

                <td width="433"><font size="2">&Dagger;489,656 shares common stock (acquired 5-1-00)</font>&nbsp;</td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">3,550,006&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">5,508,630</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <strong><font size="2">Dallas, Texas</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Regional bank holding company with</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">banking operations in six Texas cities.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font size="2">TRAX HOLDINGS, INC.&nbsp;</font></strong></td>

                <td width="73">
                    <p align="center"><font size="2">32.5%</font></p>
                </td>

                <td width="433"><font size="2">1,061,279&nbsp;shares Series A Convertible Preferred Stock, convertible</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">5,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">5,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <strong><font size="2">Scottsdale, Arizona&nbsp;</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 1,061,279 common stock at $4.71 per share (acquired 12-08-08</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Provides a comprehensive set of solutions&nbsp;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; and 2-17-09)</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">to improve the transportation validation,</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">accounting, payment and information</font> </td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">management process.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font size="2">VIA HOLDINGS, INC.&nbsp;</font></strong></td>

                <td width="73">
                    <p align="center"><font size="2">28.1%</font></p>
                </td>

                <td width="433"><font size="2">9,118 shares Series B Preferred Stock (acquired 9-19-05)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">4,559,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <strong><font size="2">Sparks, Nevada&nbsp;</font></strong></td>

                <td align="left" width="73">
                </td>

                <td width="433"><font size="2">1,118 shares Series C Preferred Stock (acquired 11-01-07)</font>&nbsp;</td>

                <td width="4">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font size="2">281,523</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font size="2">2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;&nbsp; <font size="2">Designer, manufacturer and distributor&nbsp;</font></td>

                <td align="left" width="73">
                </td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font size="2">4,840,523</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font size="2">4</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">&nbsp;&nbsp; <font size="2">of high-quality office seating.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="73">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="433">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="4">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="272">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">&dagger;</font><font style="FONT-SIZE: 7pt">Publicly-owned company</font>&nbsp;</p>
                </td>

                <td align="left" width="73">
                </td>

                <td width="433">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="1"><font style="FONT-SIZE: 7pt; FONT-FAMILY: 'Times New Roman'">&Dagger;</font>Unrestricted securities as defined in Note (b)</font></p>
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;</font> </font></font></font><br>
        <br>

        <p></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">6</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><strong>&nbsp;</strong> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></font></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="72">
                    <p align="center"><font size="2">&nbsp;<strong>Equity (a)</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="434">
                    <p align="center"><strong><font size="2">Investment (b)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="6"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="center"><strong><font size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="8"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82">
                    <p align="center"><strong><font size="2">Value (c)</font></strong></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><strong><font size="2">WELLOGIX, INC.</font></strong><font style="FONT-SIZE: 8.5pt">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">19.9%</font></p>
                </td>

                <td width="434"><font size="2">4,788,371 shares Series A-1 Convertible Participating Preferred&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr height="13">
                <td align="left" width="271">&nbsp;&nbsp; <strong><font size="2">Houston, Texas&nbsp;</font></strong></td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Stock, convertible into 4,788,371 shares of common stock at</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;&nbsp; <font size="2">Developer and supporter of software</font></td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; $1.0441 per share (acquired 8-19-05 thru 6-15-08)</font> </td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">$&nbsp;&nbsp;5,000,000</font></p>
                </td>

                <td width="8">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="82">
                    <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">&nbsp;&nbsp; <font size="2">used by the oil and gas industry</font>.</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="72">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="434">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="6">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">&nbsp;</td>
            </tr>

            <tr height="19">
                <td align="left" width="271"><strong><font size="2">THE WHITMORE MANUFACTURING</font></strong> </td>

                <td width="72">
                    <p align="center"><font size="2">80.0%</font></p>
                </td>

                <td width="434"><font size="2">80 shares common stock (acquired 8-31-79)</font> </td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">1,600,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">36,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><strong><font size="2">COMPANY</font></strong></td>

                <td align="left" width="72">
                </td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;&nbsp; <strong><font size="2">Rockwall, Texas</font></strong></td>

                <td align="left" width="72">
                </td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;&nbsp; <font size="2">Specialized surface mining, railroad and</font></td>

                <td align="left" width="72">
                </td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;&nbsp; <font size="2">industrial lubricants; coatings for automobiles</font></td>

                <td align="left" width="72">
                </td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;&nbsp; <font size="2">and primary metals; fluid contamination</font></td>

                <td align="left" width="72">
                </td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">&nbsp;&nbsp; <font size="2">control devices.</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="72">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="434">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="6">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="271"><font size="2"><strong>MISCELLANEOUS</strong></font></td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">Ballast Point Ventures II, L.P. &ndash; 2.6% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 8-4-08 thru 10-24-08)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">375,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">375,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">BankCap Partners Fund I, L.P. &ndash; 6.0% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 7-14-06 thru 10-10-08)&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">3,766,681</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">3,766,681</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">CapitalSouth Partners Fund III, L.P. &ndash; 2.8% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 1-22-08 and 2-12-09)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">831,256</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">831,256</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">Diamond State Ventures, L.P. &ndash; 1.9% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 10-12-99 thru 8-26-05)&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">111,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">111,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">Discovery Alliance, LLC &ndash; 90.0% limited liability company&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 9-12-08 thru 3-01-09)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">450,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">450,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">First Capital Group of Texas III, L.P. &ndash; 3.0% limited partnership</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; interest (acquired 12-26-00 thru 8-12-05)</font>&nbsp;&nbsp;</td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">964,604</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">840,260</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="72">
                    <p align="center"><font size="2">100.0%</font></p>
                </td>

                <td width="434"><font size="2">Humac Company &ndash; 1,041,000 shares common stock (acquired 1-31-75</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; and 12-31-75)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">&ndash;&nbsp;</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">133,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">STARTech Seed Fund I &ndash; 12.1% limited partnership interest (acquired</font> </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 4-17-98 thru 1-5-00)</font> </td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">178,066</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">1</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">STARTech Seed Fund II &ndash; 3.2% limited partnership interest (acquired</font> </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                </td>

                <td width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 4-28-00 thru 2-23-05)&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font size="2">950,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font size="2">1</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="72">
                    <p align="center"><font size="2">&ndash;</font></p>
                </td>

                <td width="434"><font size="2">Sterling Group Partners I, L.P. &ndash; 1.7% limited partnership interest</font> </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="72">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="434"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 4-20-01 thru 1-24-05)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="6">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="right"><font size="2">1,064,042</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">
                    <p align="right"><font size="2">379,746</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271"><font size="2"><strong>TOTAL INVESTMENTS</strong>&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="72">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="434">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" width="6">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="79">
                    <p align="right"><font size="2">$89,339,191</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="82">
                    <p align="right"><font size="2">&nbsp;$396,635,023</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2"><font style="FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">&dagger;</font><font style="FONT-SIZE: 7pt">Publicly-owned company</font>&nbsp;&nbsp;&nbsp;</font></p>
                </td>

                <td align="left" width="72"><font size="2">&nbsp;</font></td>

                <td width="434">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="1"><font style="FONT-SIZE: 7pt; FONT-FAMILY: 'Times New Roman'">&Dagger;</font>Unrestricted securities as defined in Note (b)</font></p>
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>
        </table>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">7</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="center"><font size="2"><strong>Notes to Consolidated Statement of Investments</strong></font></p>

        <p align="justify"><font size="2">(a)&nbsp; The percentages in the &ldquo;Equity&rdquo; column express the potential equity interests held by Capital Southwest Corporation and Capital Southwest Venture Corporation (together, the &ldquo;Company&rdquo;) in each issuer. Each percentage represents the amount of the issuer&rsquo;s common stock the Company owns or can acquire as a percentage of the issuer&rsquo;s total outstanding common stock, plus stock reserved for all warrants,
        convertible securities and employee stock options. The symbol &ldquo;&lt;1%&rdquo; indicates that the Company holds a potential equity interest of less than 1%.</font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font size="2"><b>(b)&nbsp; Unrestricted securities</b> (indicated by &Dagger;) are freely marketable securities having readily available market quotations. All other securities are <b>restricted securities</b> which are
        subject to one or more restrictions on resale and are not freely marketable. At March 31, 2009, restricted securities represented approximately 96.5% of the value of the consolidated investment portfolio.</font></font></font></font></font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">(c)&nbsp; Under the valuation policy of the Company, unrestricted securities are valued at the closing sale price for NYSE listed securities and at the lower of the closing bid price or the last sale price for Nasdaq securities on the valuation date. Restricted securities, including securities of publicly-owned companies which are subject to
        restrictions on resale, are valued at fair value as determined by the Board of Directors. Fair value is considered to be the amount which the Company may reasonably expect to receive for portfolio securities if such securities were sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the factors considered by the Board of Directors in determining the fair value of restricted securities are the logic and methodology of SFAS 157, the financial condition and operating results of the issuer, the long-term potential of the business of the issuer, the market for and recent sales prices of the
        issuer&rsquo;s securities, the values of similar securities issued by companies in similar businesses, the proportion of the issuer&rsquo;s securities owned by the Company, the nature and duration of resale restrictions and the nature of any rights enabling the Company to require the issuer to register restricted securities under applicable securities laws. In determining the fair value of restricted securities, the Board of Directors considers the inherent value of such securities
        without regard to the restrictive feature and adjusts for any diminution in value resulting from restrictions on resale. Our Board of Directors retained Duff &amp; Phelps to provide limited scope third party valuation services on eight investments comprising 85.9% of our net asset value at March 31, 2009. Please refer to our Form 10-K for full disclosure of Duff &amp; Phelps&rsquo; services.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">(d)&nbsp;&nbsp;Agreements between certain issuers and the Company provide that the issuers will bear substantially all costs in connection with the disposition of common stock, including those costs involved in registration under the Securities Act of 1933 but excluding underwriting discounts and commissions. These agreements cover common stock
        owned at March 31, 2009 and common stock which may be acquired thereafter through the exercise of warrants and conversion of debentures and preferred stock. They apply to restricted securities of all issuers in the investment portfolio of the Company except securities of the following issuers, which are not obligated to bear registration costs: Humac Company, Lifemark Group and The Whitmore Manufacturing Company.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">(e)&nbsp;&nbsp;The descriptions of the companies and ownership percentages shown in the portfolio of investments were obtained from published reports and other sources believed to be reliable, are supplemental and are not covered by the report of our independent registered public accounting firm. Acquisition dates indicated are the dates
        specific securities were acquired, which may differ from the original investment dates. Certain securities were received in exchange for or upon conversion or exercise of other securities previously acquired.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">8</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="center"><strong>Portfolio Changes During the Year</strong></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="70%"><strong><font size="2">New Investments and Additions to Previous Investments</font></strong></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="5%">
                </td>

                <td align="right" width="141">
                </td>

                <td width="69">
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr>
                <td align="left" width="70%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="5%">
                </td>

                <td align="right" width="141">
                </td>

                <td width="69">
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr>
                <td align="left" width="70%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="5%">
                </td>

                <td align="right" width="141">
                </td>

                <td width="69">
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="70%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="5%"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="69">
                    <p align="center"><font size="2">Amount</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="10">
                <td align="left"><font size="2">Ballast Point Ventures II, L.P.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141">
                </td>

                <td align="right" width="69"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 375,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">BankCap Partners Fund I, L.P.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">1,309,541</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">CapitalSouth Partners Fund III, L.P.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">130,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Cinatra Clean Technologies, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">5,391,649</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Discovery Alliance, LLC</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">450,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Extreme International, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">325,876</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Trax Holdings, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">5,000,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Miscellaneous</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="69"><font size="2">48,041</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="141">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="69"><font size="2">$13,030,107</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="56%"><font size="2"><strong>Dispositions</strong> </font></td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="192">
                </td>

                <td align="right" width="65">
                </td>

                <td align="left" width="22">
                </td>

                <td align="right" width="13">
                </td>

                <td width="70">
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr>
                <td align="left" width="56%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="192">
                </td>

                <td align="right" width="65">
                </td>

                <td align="left" width="22">
                </td>

                <td align="right" width="13">
                </td>

                <td width="70">
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr>
                <td align="left" width="56%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="192">
                </td>

                <td align="right" width="65">
                </td>

                <td align="left" width="22">
                </td>

                <td align="right" width="13">
                </td>

                <td width="70">
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="56%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65">
                </td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="70">
                    <p align="center"><font size="2">Amount</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="65">
                    <p align="center"><font size="2">Cost</font></p>
                </td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="70">
                    <p align="center"><font size="2">Received</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Ascent Media Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192">
                </td>

                <td align="right" width="65"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="70"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,318</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">AT&amp;T, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">12</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">569,426</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Comcast Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">21</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">1,109,725</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Discovery Communications, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">20,262</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">889,201</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Embarq Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">46,532</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">151,182</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Exopack, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">--</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">20,252</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">FMC Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">66,727</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">486,097</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">FMC Technologies, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">57,051</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">852,673</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">John Bean Technologies Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">--</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">45,360</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Kimberly-Clark Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">2,358,518</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">4,349,773</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Liberty Global, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">207,423</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">1,524,611</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Liberty Media Capital Group</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">7,833</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">275,117</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Liberty Media Entertainment</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">43,996</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">2,531,015</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Liberty Media Interactive Group</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">66,423</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">1,137,907</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">PETsMART, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">1,318,771</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">6,299,194</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Sprint Nextel Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">457,113</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">284,367</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Sterling Group Partners I, L.P.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">--</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">12,687</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Windstream Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">19,656</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="70"><font size="2">80,742</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Miscellaneous</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="65"><font size="2">48,043</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="70"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="65"><font size="2">$ 4,718,381</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="70"><font size="2">&nbsp;$20,697,647</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="192">
                </td>

                <td align="right" width="65">
                </td>

                <td align="left" width="22">
                </td>

                <td align="right" width="13">
                </td>

                <td align="right" width="70">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Repayments Received</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="192"><font size="2">&nbsp;</font></td>

                <td align="right" width="65">
                </td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="70"><font size="2">$0</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></font></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">9</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><!-- CONTINUOUS SECTION BREAK --></font></font></font></font></p>

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><b><font style="FONT-SIZE: 13pt">Capital Southwest Corporation and Subsidiaries</font></b></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 11pt">Consolidated Statements of Financial Condition</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="54%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="4"><font size="2">&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2"><strong>Assets</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="72">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="74">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Investments at market or fair value</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Companies more than 25% owned</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: 2009 &ndash; $29,208,246,</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 - $28,758,246)</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201">
                </td>

                <td align="right" width="72"><font size="2">$286,488,248</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11">
                </td>

                <td align="right" width="74"><font size="2">$410,026,178</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Companies 5% to 25% owned</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: 2009 &ndash; $20,412,243,</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 - $20,412,243)</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">66,388,010</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="74"><font size="2">54,895,381</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="18">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Companies less than 5% owned</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: 2009 &ndash; $39,718,702,</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 - $31,856,977)</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72"><font size="2">43,758,765</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="74"><font size="2">82,648,943</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Total investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: 2009 &ndash; $89,339,191,</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="201">
                </td>

                <td width="72">
                </td>

                <td width="23">
                </td>

                <td width="11">
                </td>

                <td width="74">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 &ndash; $81,027,466)</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">396,635,023</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="74"><font size="2">547,570,502</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Cash and cash equivalents</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">14,721,730</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="74"><font size="2">31,327,758</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Receivables</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">515,212</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="74"><font size="2">156,322</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Other assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72"><font size="2">5,671,174</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="74"><font size="2">7,630,486</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff" height="40">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Totals</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="201">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="72"><font size="2">$417,543,139</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="11">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="74"><font size="2">$586,685,068</font></td>

                <td align="left">
                    <p>&nbsp;</p>

                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="61%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="4">
                    <p align="center"><font size="2">&nbsp;&nbsp;March 31</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2"><strong>Liabilities and Shareholders&rsquo; Equity</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="75">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Other liabilities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142">
                </td>

                <td align="right" width="72"><font size="2">$&nbsp;&nbsp; 1,187,721</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="75"><font size="2">$&nbsp;&nbsp; 1,187,796</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Deferred income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72"><font size="2">1,092,427</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75"><font size="2">1,797,058</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72"><font size="2">2,280,148</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75"><font size="2">2,984,854</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Shareholders&rsquo; equity</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Common stock, $1 par value: authorized,</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 shares; issued, 4,326,516</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares at March 31, 2009 and</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">4,326,516</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="75"><font size="2">4,326,516</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Additional capital</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">124,571,029</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="75"><font size="2">115,687,153</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Undistributed net investment income</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">2,963,640</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="75"><font size="2">7,036,929</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Undistributed net realized gain (loss) on</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">42,622</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="75"><font size="2">(2,860,118</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Unrealized appreciation of investments..</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td align="right" width="72"><font size="2">307,295,832</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="75"><font size="2">466,543,036</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Treasury stock &ndash; at cost 584,878 shares</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at March 31, 2009 and 437,365 shares</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at March 31, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72"><font size="2">(23,936,648</font></td>

                <td align="left" width="22"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75"><font size="2">(7,033,302</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Net assets at market or fair value, equivalent</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to $110.98 per share at March 31, 2009 on</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the 3,741,638 shares outstanding and</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150.09 per share at March 31, 2008 on the</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="142">
                </td>

                <td width="72">
                </td>

                <td width="22">
                </td>

                <td width="13">
                </td>

                <td width="75">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,889,151 shares outstanding</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="72"><font size="2">415,262,991</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75"><font size="2">583,700,214</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="59">
                <td align="left"><font size="2">&nbsp; Totals</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="142">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="72"><font size="2">$417,543,139</font></td>

                <td align="left" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="75"><font size="2">$586,685,068</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p align="center"><em><font size="2">The accompanying Notes are an integral part of these Consolidated Financial Statements</font></em></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">10</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><b><font style="FONT-SIZE: 13pt">Capital Southwest Corporation and Subsidiaries</font></b></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 11pt">Consolidated Statements of Operations</font></font></font></font></font></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="57%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="88">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="88">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="87">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Investment income (see note 10):</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="57">
                </td>

                <td width="88">
                </td>

                <td width="24">
                </td>

                <td width="4">
                </td>

                <td width="88">
                </td>

                <td width="20">
                </td>

                <td width="4">
                </td>

                <td width="87">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Interest</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 1,375,215</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,255,550</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,308,660</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Dividends</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">11,533,878</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">3,656,833</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">3,954,875</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Management and directors&rsquo; fees</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">1,076,039</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">882,300</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">708,900</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp; </font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">13,985,132</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">6,794,683</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">6,972,435</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Operating expenses:</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="57">
                </td>

                <td width="88">
                </td>

                <td width="24">
                </td>

                <td width="4">
                </td>

                <td width="88">
                </td>

                <td width="20">
                </td>

                <td width="4">
                </td>

                <td width="87">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Salaries</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">2,294,187</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">1,619,008</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">1,356,062</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Net pension benefit</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">(253,229</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">(327,345</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">(144,945</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;Other operating expenses</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">1,624,543</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">1,676,660</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">1,014,255</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp; </font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">3,665,501</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">2,968,323</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">2,225,372</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Income before interest expense and income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">10,319,631</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">3,826,360</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">4,747,063</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Interest expense</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">--</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">460,399</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Income before income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">10,319,631</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">3,826,360</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">4,286,664</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Income tax expense</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">136,176</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">111,160</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">53,324</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="24">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2"><strong>Net investment income</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$&nbsp;&nbsp;&nbsp; 10,183,455</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,715,200</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="87"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 4,233,340</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="24">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Proceeds from disposition of investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88"><font size="2">$&nbsp;&nbsp;&nbsp; 20,697,647</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,433,891</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87"><font size="2">$&nbsp;&nbsp;&nbsp;42,919,988</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Cost of investments sold</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">4,718,381</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">1,193,867</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">16,872,993</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Realized gain on investments before income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">15,979,266</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">240,024</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">26,046,995</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Income tax expense</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">5,222,964</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">11,080,699</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="24">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2"><strong>Net realized gain on investments</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">10,756,302</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">240,024</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">14,966,296</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="24">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2"><strong>Net increase (decrease) in unrealized appreciation of investments</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">(159,247,203</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">(142,969,698</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="4"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">147,681,609</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="24">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2"><strong>Net realized and unrealized gain (loss) on investments</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$ (148,490,901</font></td>

                <td valign="middle" align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="4">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$ (142,729,674</font></td>

                <td valign="middle" align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="4">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="87"><font size="2">$&nbsp;162,647,905</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="57">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="24">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="88">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="4">
                </td>

                <td align="right" width="87">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2"><strong>Increase (decrease) in net assets from operations</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="57">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$ (138,307,446</font></td>

                <td valign="middle" align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="4">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$ (139,014,474</font></td>

                <td valign="middle" align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="4">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="87"><font size="2">$&nbsp;166,881,245</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><i>&nbsp;</i> </font></font></font></font><br>
        <br>

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><i><font size="2">The accompanying Notes are an integral part of these Consolidated Financial Statements</font></i></font></font></font></font></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">11</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><i>&nbsp;</i> </font></font></font></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><b><font style="FONT-SIZE: 13pt">Capital Southwest Corporation and Subsidiaries</font></b></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 11pt">Consolidated Statements of Changes in Net Assets</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="553"><font size="2">&nbsp;</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="553"><font size="2">&nbsp;</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="83">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="77">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="78">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="553"><font size="2">Operations:</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="47">
                </td>

                <td width="83">
                </td>

                <td width="23">
                </td>

                <td width="14">
                </td>

                <td width="77">
                </td>

                <td width="20">
                </td>

                <td width="8">
                </td>

                <td width="78">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Net investment income</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47">
                </td>

                <td align="right" width="83"><font size="2">$&nbsp;&nbsp; 10,183,455</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14">
                </td>

                <td align="right" width="77"><font size="2">$&nbsp;&nbsp;&nbsp; 3,715,200</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8">
                </td>

                <td align="right" width="78"><font size="2">$&nbsp;&nbsp;&nbsp; 4,233,340</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Net realized gain on investments</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">10,756,302</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">240,024</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">14,966,296</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation of investments</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="83"><font size="2">(159,247,203</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="77"><font size="2">(142,969,698</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="78"><font size="2">147,681,609</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Increase (decrease) in net assets from operations</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">(138,307,446</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">(139,014,474</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">166,881,245</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="553">&nbsp;</td>

                <td align="left" width="12">
                </td>

                <td align="left">
                </td>

                <td width="47">
                </td>

                <td width="83">
                </td>

                <td width="23">
                </td>

                <td width="14">
                </td>

                <td width="77">
                </td>

                <td width="20">
                </td>

                <td width="8">
                </td>

                <td width="78">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">Distributions from:</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="47">
                </td>

                <td width="83">
                </td>

                <td width="23">
                </td>

                <td width="14">
                </td>

                <td width="77">
                </td>

                <td width="20">
                </td>

                <td width="8">
                </td>

                <td width="78">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Undistributed net investment income</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">(12,256,745</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">(2,333,291</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">(2,323,150</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Deemed distribution to shareholders</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">(8,646,560</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">(11,417,283</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="553">&nbsp;</td>

                <td align="left" width="12">
                </td>

                <td align="left">
                </td>

                <td width="47">
                </td>

                <td width="83">
                </td>

                <td width="23">
                </td>

                <td width="14">
                </td>

                <td width="77">
                </td>

                <td width="20">
                </td>

                <td width="8">
                </td>

                <td width="78">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">Capital share transactions:</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="47">
                </td>

                <td width="83">
                </td>

                <td width="23">
                </td>

                <td width="14">
                </td>

                <td width="77">
                </td>

                <td width="20">
                </td>

                <td width="8">
                </td>

                <td width="78">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Allocated increase in share value for deemed distribution</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">8,646,560</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">11,417,283</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Exercise of employee stock options</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">--</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">231,390</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">1,794,850</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Adjustment to initially apply FASB No. 158, net of tax</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">--</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">1,173,751</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Change in pension plan funded status</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">(1,473,329</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">(1,178,764</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Stock option expense</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">503,645</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">263,664</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">169,003</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="83"><font size="2">(16,903,346</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="77"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="78"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">&nbsp;&nbsp;Increase (decrease) in net assets</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td align="right" width="83"><font size="2">(168,437,221</font></td>

                <td align="left" width="23"><font size="2">)</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="77"><font size="2">(142,031,475</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">167,695,699</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="553">&nbsp;</td>

                <td align="left" width="12">
                </td>

                <td align="left">
                </td>

                <td align="right" width="47">
                </td>

                <td align="right" width="83">
                </td>

                <td align="left" width="23">
                </td>

                <td align="right" width="14">
                </td>

                <td align="right" width="77">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="8">
                </td>

                <td align="right" width="78">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2">Net assets, beginning of year</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="83"><font size="2">583,700,212</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="77"><font size="2">725,731,689</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="78"><font size="2">558,035,990</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="553"><font size="2"><strong>Net assets, end of year</strong></font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="47">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="83"><font size="2">$415,262,991</font></td>

                <td align="left" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="14">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="77"><font size="2">$583,700,214</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="8">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="78"><font size="2">$725,731,689</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        &nbsp;&nbsp;&nbsp;<br>
        <br>

        <p></p>

        <p align="center"><font size="2"><em>The accompanying Notes are an integral part of these Consolidated Financial Statements</em></font></p>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">12</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><b><sup><font style="FONT-SIZE: 13pt">Capital Southwest Corporation and
        Subsidia</font></sup><sup><font style="FONT-SIZE: 13pt">r</font></sup><sup><font style="FONT-SIZE: 13pt">ies</font></sup></b></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 11pt">Consolidated Statements of Cash Flows</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" colspan="2">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="2">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2"><strong>Cash flows from operating activities</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">Increase (decrease) in net assets from operations</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39">
                </td>

                <td align="right" width="79"><font size="2">$(138,307,446</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="79"><font size="2">$(139,014,474</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9">
                </td>

                <td align="right" width="82"><font size="2">$ 166,881,245</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">Adjustments to reconcile increase (decrease) in net assets from operations</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;to net cash provided by (used in) operating activities:</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">20,697,647</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">1,433,891</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">42,919,988</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(13,030,107</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(10,733,536</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(803,269</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of securities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">--</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">154,500</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">884,935</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">40,478</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">32,756</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">16,808</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net pension benefit</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(253,229</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(327,345</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(144,945</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(10,756,302</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(240,024</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(14,966,296</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in unrealized appreciation of investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">159,247,203</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">142,969,698</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(147,681,609</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option expense</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">503,645</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">263,664</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">169,003</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivables</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(358,890</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">181,570</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(202,005</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(33,358</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(80,195</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(39,982</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other liabilities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">7,620</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(33,281</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">8,934</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued pension liability</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(68,934</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(135,768</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(144,171</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">88,700</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">114,000</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82"><font size="2">50,700</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">Net cash provided by (used in) operating activities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">17,777,027</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">(5,414,544</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82"><font size="2">46,949,336</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="2">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2"><strong>Cash flows from financing activities</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">Decrease in note payable to bank</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">--</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(8,000,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">Distributions from undistributed net investment income</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(12,256,745</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(2,333,291</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(2,323,150</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">Proceeds from exercise of employee stock options</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">--</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">231,390</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">1,794,850</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">Purchase of treasury stock</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(16,903,346</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">Payment of federal income tax for deemed capital gains distribution</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">(5,222,964</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82"><font size="2">(11,080,699</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">Net cash used in financing activities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">(34,383,055</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">(2,101,901</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82"><font size="2">(19,608,999</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">Net increase (decrease) in cash and cash equivalents</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(16,606,028</font></td>

                <td align="left" width="24"><font size="2">)</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(7,516,445</font></td>

                <td align="left" width="20"><font size="2">)</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">27,340,337</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="2"><font size="2">Cash and cash equivalents at beginning of year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">31,327,758</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">38,844,203</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82"><font size="2">11,503,866</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2">Cash and cash equivalents at end of year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="79"><font size="2">$&nbsp;&nbsp; 14,721,730</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="79"><font size="2">$&nbsp;&nbsp; 31,327,758</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="82"><font size="2">$&nbsp;&nbsp; 38,844,203</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" colspan="2">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="2"><font size="2"><strong>Supplemental disclosure of cash flow information:</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="39">
                </td>

                <td width="79">
                </td>

                <td width="24">
                </td>

                <td width="13">
                </td>

                <td width="79">
                </td>

                <td width="20">
                </td>

                <td width="9">
                </td>

                <td width="82">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="194"><font size="2">Cash paid during the year for:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>

                <td width="375"><font size="2">Interest</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39">
                </td>

                <td align="right" width="79"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="79"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9">
                </td>

                <td align="right" width="82"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460,399</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="194" colspan="1"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td width="375"><font size="2">Income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="39">
                </td>

                <td align="right" width="79"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,576</font></td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="79"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="9">
                </td>

                <td align="right" width="82"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></font></font><br>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <p align="center"><font size="2"><em>The accompanying Notes are an integral part of these Consolidated Financial Statements</em></font></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
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        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify">&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Notes to Consolidated Financial Statements</b><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><b><font style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><!-- CONTINUOUS SECTION BREAK --></font></font></font></font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies</b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Southwest Corporation (&ldquo;CSC&rdquo;) is a business development company subject to regulation under the Investment Company Act of 1940. Capital Southwest Venture Corporation (&ldquo;CSVC&rdquo;), a wholly-owned subsidiary of CSC, is a Federal licensee under the Small Business Investment Act of 1958.
        Capital Southwest Management Corporation (&ldquo;CSMC&rdquo;), a wholly-owned subsidiary of CSC, is the management company for CSC and CSVC. The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSC, CSVC and CSMC (together, the &ldquo;Company&rdquo;):</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Principles of Consolidation.</u> The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for investment companies. Under rules and regulations applicable to investment companies, we are precluded from consolidating any
        entity other than another investment company. An exception to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Our consolidated financial statements include our management company, CSMC.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Fair Value Measurements.</u> The Company adopted SFAS No. 157, <i>Fair Value Measurements</i> (&ldquo;SFAS 157&rdquo;), on April 1, 2008. SFAS 157 (1) creates a single definition of fair value, (2) establishes a framework for measuring fair value, and (3) expands disclosure requirements about items measured at
        fair value. The Statement applies to both items recognized and reported at fair value in the financial statements and items disclosed at fair value in the notes to the financial statements. The Statement does not change existing accounting rules governing what can or what must be recognized and reported at fair value in the Company&rsquo;s financial statements, or disclosed at fair value in the Company&rsquo;s notes to the financial statements. Additionally, SFAS 157 does not eliminate
        practicability exceptions that exist in accounting pronouncements amended by this Statement when measuring fair value. As a result, the Company will not be required to recognize any new assets or liabilities at fair value.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to SFAS 157, certain measurements of fair value were based on the price that would be paid to acquire an asset, or received to assume a liability (an entry price). SFAS 157 clarifies the definition of fair value as the price that would be received from the sale of an asset, or paid to transfer a liability, in
        an orderly transaction between market participants at the measurement date (that is, an exit price). The exit price is based on the amount that the holder of the asset or liability would receive or need to pay in an actual transaction (or in a hypothetical transaction if an actual transaction does not exist) at the measurement date. In some circumstances, the entry and exit price may be the same; however, they are conceptually different.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value is generally determined based on quoted market prices in the active markets for identical assets or liabilities. If quoted market prices are not available, the Company uses valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. In measuring fair
        value, the Company may make adjustments for risks and uncertainties, if a market participant would include such an adjustment in its pricing.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash and Cash Equivalents.</u> All temporary cash investments having a maturity of three months or less when purchased are considered to be cash equivalents.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments.</u> Investments are stated at market or fair value determined by the Board of Directors as described in the Notes to Portfolio of Investments and Note 2 below. The average cost method is used in determining cost of investments sold. Investments are recorded on a trade date basis. Dividends are
        recognized on the ex-dividend date and interest income is accrued daily.</p>
        <!-- PAGE BREAK  -->

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        </div>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Segment Information.</u> The Company operates and manages its business in a singular segment. As an investment company, the Company invests in portfolio companies in various industries and geographic areas as presented in the portfolio of investments.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Estimates.</u> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could
        differ from those estimates.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Federal Income Taxes.</u> CSC and CSVC intend to comply with the requirements of the Internal Revenue Code (IRC) necessary to qualify as regulated investment companies (RICs). By meeting these requirements, they will not be subject to corporate federal income taxes on ordinary income distributed to shareholders.
        The Company&rsquo;s policy is to retain and pay the 35% corporate tax on realized long-term capital gains. For investment companies that qualify as RICs under the IRC, federal income taxes payable on security gains that the company elects to retain are accrued only on the last day of the tax year, December 31. Therefore, CSC and CSVC made no provision for federal income taxes on such gains and net investment income in their financial statements.&nbsp;&nbsp;&nbsp;<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC, a wholly owned subsidiary of CSC, is not a RIC and is required to pay taxes at the current corporate rate.&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2006, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued Interpretation No. 48 (&ldquo;FIN 48&rdquo;), which clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements in accordance with FASB Statement 109, "Accounting for Income Taxes". FIN 48
        prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company adopted FIN 48 on April 1, 2007, which had no effect on the Company&rsquo;s financial statements.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Deferred Taxes.</u> The Company sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its controlled affiliates. Deferred taxes related to the qualified defined benefit pension plan are recorded as incurred.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock-Based Compensation.</u> In December 2004, the Financial Accounting Standards Board (FASB) issued SFAS No. 123 (revised 2004), <i>Share-Based Payment</i> (SFAS 123R), which revised SFAS 123. SFAS 123R also supersedes APB 25 and amends SFAS No. 95, Statement of Cash Flows. SFAS 123R eliminates the alternative
        to account for employee stock options under APB 25 and requires that the fair value of all share-based payments to employees, including the fair value of grants of employee stock options, be recognized in the income statement, generally over the vesting period.<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2005, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) No. 107, which provides additional implementation guidance for SFAS 123R. Among other things, SAB 107 provides guidance on share-based payment valuations, income statement classification and presentation, capitalization of costs and related income tax accounting.<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April 1, 2006, the Company adopted SFAS 123R using the modified prospective transition method. The Company recognizes compensation cost over the straight-line method for all share-based payments granted on or after that date and for all awards granted to employees prior to April 1, 2006 that remain unvested on that date. The fair value of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over
        the vesting period of the related stock options. Accordingly, for the years ended March 31, 2009 and March 31, 2008, the Company recognized compensation expense of $503,645 and $263,664, respectively.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">15</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 2009, the total remaining unrecognized compensation cost related to non-vested stock options was $2,362,927 which will be amortized over the weighted-average service period of approximately 4.69 years.&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Defined Pension Benefits and Other Postretirement Plans<br>
        <br>
        </u></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective March 31, 2007, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 158, <i>Employers&rsquo; Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements Nos. 87, 88, 106 and 132R</i> (SFAS 158). SFAS 158 is required to be adopted on a
        prospective basis and prior year financial statements and related disclosures are not permitted to be restated. SFAS 158 requires an employer that sponsors one or more postretirement defined benefit plan(s) to:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="4">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td valign="top" align="left" width="2%"><font size="2">&bull;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font size="2">Recognize the funded status of postretirement defined benefit plans &ndash; measured as the difference between the fair value of plan assets and the benefit obligations &ndash; in its balance sheet.&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font size="2">&bull;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font size="2">Recognize changes in the funded status of postretirement defined benefit plans in shareholder&rsquo;s equity in the year in which the changes occur.&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font size="2">&bull;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font size="2">Measure postretirement defined benefit plan assets and obligations as of the date of the employer&rsquo;s fiscal year-end. The Company presently uses March 31 as the measurement date for all of its postretirement defined benefit plans.&nbsp;&nbsp;</font></p>
                </td>
            </tr>
        </table>

        <p></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Concentration of Credit Risk<br>
        <br>
        </u>&nbsp;&nbsp;&nbsp;&nbsp;The Company places its idle cash with financial institutions in various money market accounts, which routinely exceed the Federal Deposit Insurance Corporation insured limit. As of March 31, 2009, the Company&rsquo;s money market account balances exceeded the Federal Deposit Insurance Corporation&rsquo;s limits by $13.8 million.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><u>Recent Accounting Pronouncements</u></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company adopted FASB Statement No. 157, <i>"</i><i>Fair Value Mea</i><i>s</i><i>urements</i><i>"</i> (&ldquo;SFAS 157&rdquo;), on a prospective basis on April 1, 2008. SFAS 157 requires that the Company assume that the portfolio investment is to be sold in a principal market to market participants, or in the
        absence of a principal market, the most advantageous market, which may be a hypothetical market.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2008, FASB Staff Position 157-3, <i>&ldquo;Determining the Fair Value of a Financial Asset When the Market for that Asset is not A</i><i>c</i><i>tive&rdquo;</i> (&ldquo;FSP 157-3&rdquo;) was issued. FSP 157-3 reiterated that an entity should utilize its own assumptions, information and techniques to
        estimate fair value when relevant observable inputs are not available, including the use of risk-adjusted factors for non-performance risk or liquidity risk.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April 2009, the FASB issued FASB Staff Position FAS 157-4, <i>"D</i><i>e</i><i>termining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transa</i><i>c</i><i>tions That Are Not Orderly"</i> ("FSP 157-4"). FSP 157-4 indicates that if an
        entity determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. FSP 157-4 is effective for interim and annual periods ending after June 15, 2009, with early adoption permitted. FSP 157-4 must be applied
        prospectively. The Company does not believe the adoption of FSP 157-4 will have a material impact on the consolidated financial statements.&nbsp;&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">16</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April 2009, the FASB issued FASB Staff Position FAS 107-1 and APB 28-1, "Interim Disclosures about Fair Value of Financial Instruments" ("FSP 107-1"). FSP 107-1 relates to fair value disclosures in public entity financial statements for financial instruments that are within the scope of Statement of Financial
        Accounting Standards No. 107, "Disclosures about Fair Value of Financial Instruments" ("SFAS 107"). This guidance increases the frequency of those disclosures, requiring public entities to provide the disclosures on a quarterly basis (rather than just annually). The quarterly disclosures are intended to provide financial statement users with more timely information about the effects of current market conditions on an entity's financial instruments that are not otherwise reported at fair
        value. FSP 107-1 is effective for interim and annual periods ending after June 15, 2009. FSP 107-1 must be applied prospectively. The Company does not believe the adoption of FSP 107-1 will have a material impact on the consolidated financial statements.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>2</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We fair value our investments in accordance with GAAP as determined in good faith by our Board of Directors. When available, we base the fair value of our investments on directly observable market prices or on market data derived for comparable assets. For all other investments, inputs used to measure fair value
        reflect management&rsquo;s best estimate of assumptions that would be used by market participants in pricing the investments in a hypothetical transaction.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The levels of fair value inputs used to measure our investments are characterized in accordance with the fair value hierarchy established by SFAS No. 157, <i>Fair Value Measurements</i> (&ldquo;SFAS 157&rdquo;). Where inputs for an asset or liability fall in more than one level in the fair value hierarchy, the
        investment is classified in its entirety based on the lowest level input that is significant to that investment&rsquo;s fair value measurement. We use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement. The three levels of the fair value hierarchy and investments that fall into each of the levels are described below:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="6">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td valign="top" align="left" width="2%"><font size="2">&bull;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font size="2"><em>Level 1:</em> Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We use Level 1 inputs for publicly traded unrestricted securities for which we do not have a controlling interest. Such investments are valued at the closing price for listed securities and at the lower of the closing bid price or the closing sale price for
                    over-the-counter (NASDAQ) securities on the valuation date.&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font size="2">&bull;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font size="2"><em>Level 2:</em> Level 2 inputs are inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We did not value any of our investments using level 2 inputs as of March 31, 2009.&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font size="2">&bull;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font size="2"><em>Level 3:</em> Level 3 inputs are unobservable and cannot be corroborated by observable market data. We use Level 3 inputs for measuring the fair value of substantially all of our investments. See &ldquo;Notes to Portfolio of Investments&rdquo; (c) on page 12 for the investment policy used to determine the fair value of these investments.&nbsp;&nbsp;</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following fair value hierarchy table sets forth our investment portfolio by level as of March 31, 2009 (in millions):</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="75%" align="center" border="0">
            <tr valign="bottom">
                <td align="left" width="267">
                </td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50">
                    <p align="center"><font size="2">Level 1</font></p>
                </td>

                <td align="left" width="4%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50">
                    <p align="center"><font size="2">Level 2</font></p>
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50">
                    <p align="center"><font size="2">Level 3</font></p>
                </td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50">
                    <p align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="267"><font size="2">Debt</font></td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="50"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; --</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="50">
                    <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; --</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="50"><font size="2">$&nbsp;&nbsp;&nbsp; 8.3</font></td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7">
                </td>

                <td align="right" width="50"><font size="2">$&nbsp;&nbsp;&nbsp; 8.3</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="267"><font size="2">Partnership Interests</font></td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="50">
                    <p align="right"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">6.7</font></td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">6.7</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="267"><font size="2">Preferred Equity</font></td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="50">
                    <p align="right"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">15.8</font></td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">15.8</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="267"><font size="2">Common Equity</font></td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">13.8</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="50">
                    <p align="right"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">352.1</font></td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">365.9</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="267"><font size="2">Equity Warrants</font></td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="50">
                    <p align="right"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="267"><font size="2">Total Investments</font></td>

                <td align="left" width="84"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="50"><font size="2">$ 13.8</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="50">
                    <p align="right"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; --</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="50"><font size="2">$382.9</font></td>

                <td align="left" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="7">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="50"><font size="2">$396.7</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth a summary of changes in the fair value of investment assets and liabilities measured using Level 3 inputs during the quarter ended March 31, 2009 (in millions):</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">17</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="75%" align="center" border="0">
            <tr valign="bottom">
                <td align="left" width="25%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="134"><font size="2">&nbsp;</font></td>

                <td align="right" width="65">
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="74">
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">Purchases</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="67">
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134"><font size="2">&nbsp;</font></td>

                <td width="65">
                    <p align="center"><font size="2">Beginning</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td width="74">
                    <p align="center"><font size="2">Unrealized</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">Sales, Issuance</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="67">
                    <p align="center"><font size="2">Ending</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="65">
                    <p align="center"><font size="2">Balance</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="74">
                    <p align="center"><font size="2">gain (loss)</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="94">
                    <p align="center"><font size="2">&amp; Settlement</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="67">
                    <p align="center"><font size="2">Balance</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Debt</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134">
                </td>

                <td align="right" width="65"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 9.2</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td align="right" width="74"><font size="2">$&nbsp;&nbsp; (0.9</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12">
                </td>

                <td align="right" width="94"><font size="2">$&nbsp;&nbsp; --</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="67"><font size="2">$&nbsp;&nbsp;&nbsp; 8.3</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Partnership Interests</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">6.8</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="74"><font size="2">(0.4</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">0.3</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="67"><font size="2">6.7</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Preferred Equity</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134"><font size="2">&nbsp;</font></td>

                <td align="right" width="65"><font size="2">17.0</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="74"><font size="2">(2.2</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">1.0</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="67">
                    <p align="right"><font size="2">15.8</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Common Equity</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="65"><font size="2">408.4</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="74"><font size="2">(56.3</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="94"><font size="2">--</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="67"><font size="2">352.1</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total Investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="134">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="65"><font size="2">$ 441.4</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="74"><font size="2">$ (59.8</font></td>

                <td valign="middle" align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="94"><font size="2">$ 1.3</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="67"><font size="2">$ 382.9</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">The following table sets forth a summary of changes in the fair value of investment assets and liabilities measured using Level 3 inputs during the year ended March 31, 2009 <font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">(in millions):</font><br>
        </p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="75%" align="center" border="0">
            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td align="right" width="67">
                </td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="76">
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">Purchases</font></p>
                </td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="69">
                </td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td width="67">
                    <p align="center"><font size="2">Beginning</font></p>
                </td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td width="76">
                    <p align="center"><font size="2">Unrealized</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">Sales, Issuance</font></p>
                </td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="69">
                    <p align="center"><font size="2">Ending</font></p>
                </td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="67">
                    <p align="center"><font size="2">Balance</font></p>
                </td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="76">
                    <p align="center"><font size="2">gain (loss)</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="94">
                    <p align="center"><font size="2">&amp; Settlement</font></p>
                </td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="69">
                    <p align="center"><font size="2">Balance</font></p>
                </td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Debt</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120">
                </td>

                <td align="right" width="67"><font size="2">$&nbsp;&nbsp;&nbsp; 9.0</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td align="right" width="76"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; (5.0</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12">
                </td>

                <td align="right" width="94"><font size="2">$&nbsp;&nbsp; 4.3</font></td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="69"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 8.3</font></td>

                <td align="left" width="13" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Partnership Interests</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td align="right" width="67"><font size="2">5.3</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="76"><font size="2">(0.9</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">2.3</font></td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">6.7</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Preferred Equity</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td align="right" width="67"><font size="2">21.8</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="76"><font size="2">(12.2</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">6.1</font></td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">15.8</font></td>

                <td align="left" width="13" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Common Equity</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td align="right" width="67"><font size="2">458.3</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="76"><font size="2">(106.5</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">0.3</font></td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="69"><font size="2">352.1</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Equity Warrants</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="67"><font size="2">0.4</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="76"><font size="2">(0.4</font></td>

                <td align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="94"><font size="2">--</font></td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="69"><font size="2">--</font></td>

                <td align="left" width="13" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total Investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="120">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="67"><font size="2">$ 494.8</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="76"><font size="2">$ (124.9</font></td>

                <td valign="middle" align="left" width="11"><font size="2">)</font></td>

                <td align="right" width="12">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="94"><font size="2">$ 13.0</font></td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="69"><font size="2">$ 382.9</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="FONT-SIZE: 7.5pt; FONT-FAMILY: 'Times New Roman'">&nbsp;&nbsp;</font></font></font></font></font><br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>
        <font size="2"><b>3</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</b></font>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC and CSVC operate to qualify as a RIC under Subchapter M of the Code. In order to qualify as a RIC, we must annually distribute at least 90% of our taxable ordinary income, based on our tax year, to our shareholders in a timely manner. Ordinary income includes net short-term capital gains but excludes net
        long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and long-term capital gains that are distributed to its shareholders, including &ldquo;deemed distributions&rdquo; discussed below. As permitted by the IRC, a RIC can designate dividends paid in the subsequent tax year as dividends of current year ordinary income and net long-term gains if those dividends are both declared by the extended due date of the RIC&rsquo;s federal income
        tax return and paid to shareholders by the last day of the subsequent tax year. We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax fiscal years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in such year on all of our taxable income, regardless of whether we made any distributions to our shareholders. For the tax years ended December
        31, 2008 and 2007, CSC and CSVC qualified to be taxed as RICs. We intend to meet the applicable qualifications to be taxed as a RIC in future years; management feels it is probable that we will maintain our RIC status for a period longer than one year. However, either company&rsquo;s ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by such company.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp; A RIC may elect to retain its long-term capital gains by designating them as a &ldquo;deemed distribution&rdquo; to its shareholders and paying a federal tax of 35% on the long-term capital gains for the benefit of its shareholders. Shareholders would then report their share of the retained capital gains on their income tax
        returns as if it had been received and report a tax credit for the tax paid on their behalf by the RIC. Shareholders then add the amount of the &ldquo;deemed distribution,&rdquo; net of such tax, to the basis of their shares.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the IRC, a RIC can designate dividends paid in the subsequent tax year as dividends of the current year ordinary taxable income and long-term capital gains if those dividends are both declared by the extended due date of the RIC&rsquo;s federal income tax return and paid to shareholders by the last day of
        the subsequent tax year. For the tax years ended December 31, 2008 and 2007 we declared and paid dividends in the amounts of $12,256,745 and $2,333,291, respectively.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, we are also subject to a nondeductible federal excise tax of 4% if we do not distribute at least 98% of our investment company ordinary taxable income before the end of our tax year. For the tax year ended December 31, 2008 we distributed 100% of our investment company ordinary taxable income. As a
        result we have made no provision for income taxes on ordinary taxable income for the tax year ended December 31, 2008. For the tax year ended December 31, 2007, we distributed 100% of our investment company ordinary taxable income, however only 70% was distributed by the end of the tax year. As a result, we incurred and an excise tax of 4% of the undistributed income or $41,543, which was paid in 2008 and is included in income tax expense on the accompanying consolidated statements of
        operation.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">18</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC, a wholly owned subsidiary of CSC, is not a RIC and is required to pay taxes at the current corporate rate. The Company sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its wholly owned portfolio companies. Deferred taxes related to the qualified defined
        pension plan are recorded as incurred.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>4</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed Net Realized Gains (Losses) on Investments</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> Distributions made by RICs often differ from aggregate GAAP-basis undistributed net investment income and accumulated net realized gains (total GAAP-basis net realized gains). The principal cause is that required minimum fund distributions are based on income and gain amounts determined in accordance with
        federal income tax regulations, rather than GAAP. The differences created can be temporary, meaning that they will reverse in the future, or they can be permanent. In subsequent periods, when all or a portion of a temporary difference becomes a permanent difference, the amount of the permanent difference will be reclassified to &ldquo;additional capital.&rdquo;&nbsp;&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the tax year ended December 31, 2008, we have estimated net long-term capital gains of $14,922,751 for tax purposes and $15,936,644 for book purposes, which we elected to retain and treat as deemed distributions to our shareholders. For the tax year ended December 31, 2007, we had net long-term capital losses of
        $944,872 for tax purposes and $860,118 for book purposes, which we carried forward and offset by future net long-term capital gains. In order to make the election to retain capital gains, we incurred a federal tax on behalf of our shareholders of $5,222,964 for the tax year ended December 31, 2008. As of December&nbsp;31, 2008, we did not have any undistributed long-term capital gains since they are treated as being distributed through the &ldquo;deemed distribution.&rdquo;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 2009 and 2008, our undistributed net realized gains (losses) on investments determined in accordance with GAAP as reflected on our consolidated statement of financial condition were comprised of the following:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="75%" align="center" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="288"><font size="2">As of March 31,</font></td>

                <td align="left" width="3"><font size="2">&nbsp;</font></td>

                <td align="left" width="224"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="84">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="74">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="288"><font size="2">Undistributed net realized gains</font></td>

                <td align="left" width="3"><font size="2">&nbsp;</font></td>

                <td align="left" width="224"><font size="2">&nbsp;</font></td>

                <td width="84">
                </td>

                <td width="14">
                </td>

                <td width="12">
                </td>

                <td width="74">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="288"><font size="2">(losses) on investments</font></td>

                <td align="left" width="3"><font size="2">&nbsp;</font></td>

                <td align="left" width="224"><font size="2">&nbsp;</font></td>

                <td width="84">
                    <p align="center"><font size="2">$42,622</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td width="74">
                    <p align="center"><font size="2">($2,860,118)</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></font></font><br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>
        <font size="2"><b>5</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> <b>Share Repurchase Plan</b></font>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June 12, 2008, CSC announced that its Board of Directors authorized a share repurchase plan, which allowed for the repurchase of up to 10% (or 388,915 shares) of its Common Stock at prices not above the lower of the net asset value per share of its Common Stock, or prices prevailing in the over-the-counter market
        at the time of such purchases. The repurchase program remained in effect through December 10, 2008. CSC did not make purchases under the plan during the quarter ended March 31, 2009. In total CSC purchased 147,513 shares of Common Stock for $16,903,346 at an average price of $114.59 per share, on the open market, while the plan was in effect.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>6</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Stock Option Plan</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b> On July 19, 1999, shareholders approved the 1999 Stock Option Plan (&ldquo;Plan&rdquo;), which provides for the granting of stock options to employees and officers of the Company and authorizes the issuance of common stock upon exercise of such options for up to 140,000 shares. All options are granted at or above
        market price, generally expire 10 years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in 5 to 10 annual installments.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">19</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, there were no shares available for grant under the Plan. The following table summarizes the price per option at grant date using the Black-Scholes Pricing Model:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="103">
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td align="left" width="100">
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="10">
                    <p align="center"><font size="2">Black-Scholes Pricing&nbsp;&nbsp;Model&nbsp;&nbsp;Assumptions&nbsp;&nbsp;</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="103">
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">Weighted</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">Expected</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">Risk-Free</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="71">
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">Expected</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td width="103">
                    <p align="center"><font size="2">Date of</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">Average</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">Dividend</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">Interest</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td width="71">
                    <p align="center"><font size="2">Expected</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">Life</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" width="103">
                    <p align="center"><font size="2">Issuance</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="100">
                    <p align="center"><font size="2">Fair Value</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">Yield</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="78">
                    <p align="center"><font size="2">Rate</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="71">
                    <p align="center"><font size="2">Volatility</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="78">
                    <p align="center"><font size="2">(in years)</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="103">&nbsp;</td>

                <td align="left" width="87">
                </td>

                <td align="left" width="221">
                </td>

                <td align="left" width="100">
                </td>

                <td align="left" width="17">
                </td>

                <td align="right" width="14">
                </td>

                <td align="right" width="85">
                </td>

                <td align="left" width="14">
                </td>

                <td align="right" width="14">
                </td>

                <td align="right" width="78">
                </td>

                <td align="left" width="11">
                </td>

                <td align="right" width="11">
                </td>

                <td align="right" width="71">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="13">
                </td>

                <td align="right" width="78">
                </td>

                <td align="left" width="24">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td width="103">
                    <p align="center"><font size="2">May 15, 2006</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">$31.28</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">0.64%</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">5.08%</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td width="71">
                    <p align="center"><font size="2">21.1%</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">7</font></p>
                </td>

                <td align="left" width="24" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td width="103">
                    <p align="center"><font size="2">July 17, 2006</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">$33.05</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">0.61%</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">5.04%</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td width="71">
                    <p align="center"><font size="2">21.2%</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">7</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td width="103">
                    <p align="center"><font size="2">July 16, 2007</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">$41.78</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">0.39%</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">4.95%</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td width="71">
                    <p align="center"><font size="2">19.9%</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">5</font></p>
                </td>

                <td align="left" width="24" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td width="103">
                    <p align="center"><font size="2">July 21, 2008</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">$27.35</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">0.67%</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">3.41%</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td width="71">
                    <p align="center"><font size="2">20.2%</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">5</font></p>
                </td>

                <td align="left" width="24"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td width="103">
                    <p align="center"><font size="2">July 30, 2008</font></p>
                </td>

                <td align="left" width="87"><font size="2">&nbsp;</font></td>

                <td align="left" width="221"><font size="2">&nbsp;</font></td>

                <td width="100">
                    <p align="center"><font size="2">$29.93</font></p>
                </td>

                <td align="left" width="17"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="center"><font size="2">0.62%</font></p>
                </td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td align="right" width="14"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">3.36%</font></p>
                </td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="11"><font size="2">&nbsp;</font></td>

                <td width="71">
                    <p align="center"><font size="2">20.2%</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="13"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">5</font></p>
                </td>

                <td align="left" width="24" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes activity in the stock option plans for the years ended March 31, 2009, 2008 and 2007:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="75%" border="0">
            <tr valign="bottom">
                <td align="left" width="43%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Number</font></p>
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="center"><font size="2">Weighted Average</font></p>
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="90">
                    <p align="center"><font size="2">of shares</font></p>
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="116">
                    <p align="center"><font size="2">Exercise Price</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Balance at March 31, 2007</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">52,500</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="right"><font size="2">$&nbsp;&nbsp;68.411</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">25,000</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="right"><font size="2">94.136</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">(3,100</font></td>

                <td align="left" width="18"><font size="2">)</font></td>

                <td width="116">
                    <p align="right"><font size="2">69.568</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90"><font size="2">(4,000</font></td>

                <td align="left" width="18"><font size="2">)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="116">
                    <p align="right"><font size="2">89.482</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Balance at March 31, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">70,400</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="right"><font size="2">109.998</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">37,500</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="right"><font size="2">123.721</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">--</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="right"><font size="2">--</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90"><font size="2">--</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="116">
                    <p align="right"><font size="2">--</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Balance at March 31, 2009</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="139"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="90"><font size="2">107,900</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="116">
                    <p align="right"><font size="2">$114.767</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="139">
                </td>

                <td align="right" width="90">
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="139">
                </td>

                <td align="right" width="90">
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" colspan="2">
                    <p align="center"><font size="2">Weighted Average Aggregate Intrinsic</font></p>
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="2">
                    <p align="center"><font size="2">Remaining Contractual Term</font></p>
                </td>

                <td align="left" width="18">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="116">
                    <p align="center"><font size="2">Value</font></p>
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="139">&nbsp;</td>

                <td align="right" width="90">
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left"><font size="2">March 31, 2009</font></td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td align="right" width="139">
                </td>

                <td align="right" width="90">
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Outstanding</font></td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td colspan="2">
                    <p align="center"><font size="2">4.7 years</font></p>
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                    <p align="center"><font size="2">$3,255,618</font></p>
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Exercisable</font></td>

                <td align="left">
                </td>

                <td align="left" width="20">
                </td>

                <td colspan="2">
                    <p align="center"><font size="2">4.4 years</font></p>
                </td>

                <td align="left" width="18">
                </td>

                <td width="116">
                    <p align="center"><font size="2">$&nbsp;&nbsp;&nbsp;608,339</font></p>
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the range of exercise prices and weighted-average remaining contractual life of outstanding options was $65.00 to $152.98 and 4.69 years, respectively. There were no options exercised during the year ended March 31, 2009. The total intrinsic value of options exercised during the years ended March
        31, 2008 and 2007 were $75,129 and $571,565, respectively. The exercise prices ranged from $65.00 to $93.49 per share for the each of the years ended March 31, 2008 and 2007. New shares were issued for, $0, $231,390 and $1,794,850 cash received from option exercises for the years ended March 31, 2009, 2008 and 2007, respectively.&nbsp;&nbsp;<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, 2008 and 2007, the number of options exercisable was 21,445, 9,930 and 8,515, respectively and the weighted-average exercise price of those options was $97.00, $79.01 and $69.15, respectively.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>7</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Stock Ownership Plan</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC and one of its controlled affiliates sponsor a qualified employee stock ownership plan (&ldquo;ESOP&rdquo;) in which certain employees participate. Contributions to the plan, which are invested in CSC stock, are made at the discretion of the Board of Directors. A participant&rsquo;s interest in contributions to
        the ESOP fully vests after five years of active service.&nbsp;&nbsp;&nbsp;<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April 1, 2007, the vesting period for the ESOP is three years. During the 3 years ended March 31, 2009, the Company made contributions to the ESOP, which were charged against net investment income, of $0 in 2009, $94,210 in 2008 and $84,488 in 2007.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>8</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement</b> <b>Plans</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its controlled affiliates. The following information about the plan represents amounts and information related to CSC&rsquo;s participation in the plan and is presented as though CSC sponsored a
        single-employer plan. Benefits are based on years of service and an average of the highest five consecutive years of compensation during the last 10 years of employment. The funding policy of the plan is to contribute annual amounts that are currently deductible for tax reporting purposes. No contribution was made to the plan during the three years ended March 31, 2009.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font size="2">20</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the qualified plan&rsquo;s benefit obligations and fair value of plan assets at March 31, 2009, 2008 and 2007:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="530">
                </td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="530">
                </td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2"><strong>Change in benefit obligation</strong></font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2">Benefit obligation at beginning</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="530"><font size="2">&nbsp;&nbsp;&nbsp;of year</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="85"><font size="2">$&nbsp; 3,699,285</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="85"><font size="2">$&nbsp; 3,965,100</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="85"><font size="2">$&nbsp; 4,004,017</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2">Service cost</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">67,340</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">67,514</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">103,342</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2">Interest cost</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">290,310</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">222,895</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">230,711</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2">Actuarial loss</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(916,874</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(160,840</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">68,854</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2">Benefits paid</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(259,810</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(395,384</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(386,982</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2">Plan change</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">34,262</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">(54,842</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2">Benefit obligation at end of year</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$&nbsp; 2,914,513</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$&nbsp; 3,699,285</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$&nbsp; 3,965,100</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="530">&nbsp;</td>

                <td align="left" width="15">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2"><strong>Change in plan assets</strong></font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2">Fair value of plan assets at beginning</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2">&nbsp;&nbsp;&nbsp;of year</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="85"><font size="2">$11,120,337</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="85"><font size="2">$12,973,292</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="85"><font size="2">$11,640,693</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2">Actual return on plan assets</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(2,477,154</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(1,457,571</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">1,719,581</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="530"><font size="2">Benefits paid</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">(259,810</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">(395,384</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">(386,982</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="530"><font size="2">Fair value of plan assets at end of</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td width="85">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="530"><font size="2">&nbsp;&nbsp;&nbsp;year</font></td>

                <td align="left" width="15"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$&nbsp; 8,383,373</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$11,120,337</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$12,973,292</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;The following table sets forth the qualified plan&rsquo;s funded status and amounts recognized in CSC&rsquo;s consolidated statements of financial condition:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="63%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="4"><font size="2">&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="89">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Actuarial present value of benefit obligations:</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="81">
                </td>

                <td width="89">
                </td>

                <td width="28">
                </td>

                <td width="22">
                </td>

                <td width="85">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated benefit obligation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="89"><font size="2">$(2,630,743</font></td>

                <td align="left" width="28"><font size="2">)</font></td>

                <td align="right" width="22">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$ (3,387,397</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Projected benefit obligation for service rendered to</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="81">
                </td>

                <td width="89">
                </td>

                <td width="28">
                </td>

                <td width="22">
                </td>

                <td width="85">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;date</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81">
                </td>

                <td align="right" width="89"><font size="2">$(2,914,513</font></td>

                <td align="left" width="28"><font size="2">)</font></td>

                <td align="right" width="22">
                </td>

                <td align="right" width="85"><font size="2">$ (3,699,285</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Plan assets at fair value*</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="89"><font size="2">8,383,373</font></td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">11,120,337</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Funded status</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td align="right" width="89"><font size="2">5,468,860</font></td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">7,421,052</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Unrecognized net (gain) loss from past experience</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="81">
                </td>

                <td width="89">
                </td>

                <td width="28">
                </td>

                <td width="22">
                </td>

                <td width="85">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;different from that assumed and effects of</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="81">
                </td>

                <td width="89">
                </td>

                <td width="28">
                </td>

                <td width="22">
                </td>

                <td width="85">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes in assumptions</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td align="right" width="89"><font size="2">2,502,161</font></td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">209,044</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Unrecognized prior service costs</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td align="right" width="89"><font size="2">159,716</font></td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">129,179</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Additional asset, FAS 158</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="89"><font size="2">(2,661,877</font></td>

                <td align="left" width="28"><font size="2">)</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">(338,223</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Prepaid pension cost included in other assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="81">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="89"><font size="2">$&nbsp; 5,468,860</font></td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$&nbsp; 7,421,052</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'">_____________</font></font></font></font></font><br>
        <br>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">*Primarily equities and bonds including approximately 25,000 shares of CSC Common Stock.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Components of net pension benefit related to the qualified plan include the following:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="52%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="51"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="51"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="86">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="89">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Service cost &ndash; benefits earned during</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="51">
                </td>

                <td width="86">
                </td>

                <td width="30">
                </td>

                <td width="21">
                </td>

                <td width="89">
                </td>

                <td width="29">
                </td>

                <td width="20">
                </td>

                <td width="85">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="51">
                </td>

                <td align="right" width="86"><font size="2">$&nbsp;&nbsp;&nbsp; 67,340</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="21">
                </td>

                <td align="right" width="89"><font size="2">$&nbsp;&nbsp;&nbsp; 67,514</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20">
                </td>

                <td align="right" width="85"><font size="2">$&nbsp; 103,342</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Interest cost on projected benefit</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="51">
                </td>

                <td width="86">
                </td>

                <td width="30">
                </td>

                <td width="21">
                </td>

                <td width="89">
                </td>

                <td width="29">
                </td>

                <td width="20">
                </td>

                <td width="85">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obligation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="51"><font size="2">&nbsp;</font></td>

                <td align="right" width="86"><font size="2">290,310</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="89"><font size="2">222,895</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">230,711</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Expected return on assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="51"><font size="2">&nbsp;</font></td>

                <td align="right" width="86"><font size="2">(732,837</font></td>

                <td align="left" width="30"><font size="2">)</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="89"><font size="2">(673,366</font></td>

                <td align="left" width="29"><font size="2">)</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(580,104</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Net amortization</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="51"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="86"><font size="2">3,725</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="89"><font size="2">3,725</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">27,487</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net pension benefit from qualified plan</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="51">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="86"><font size="2">$ (371,462</font></td>

                <td valign="middle" align="left" width="30"><font size="2">)</font></td>

                <td align="right" width="21">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="89"><font size="2">$ (379,232</font></td>

                <td valign="middle" align="left" width="29"><font size="2">)</font></td>

                <td align="right" width="20">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$ (218,564</font></td>

                <td valign="middle" align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC also sponsors an unfunded Retirement Restoration Plan, which is a nonqualified plan that provides for the payment, upon retirement, of the difference between the maximum annual payment permissible under the qualified retirement plan pursuant to Federal limitations and the amount which would otherwise have
        been payable under the qualified plan.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the Retirement Restoration Plan&rsquo;s benefit obligations at March 31, 2009, 2008 and 2007:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="43%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="87">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="88">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2"><strong>Change in benefit obligation</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="137">
                </td>

                <td width="87">
                </td>

                <td width="30">
                </td>

                <td width="20">
                </td>

                <td width="88">
                </td>

                <td width="31">
                </td>

                <td width="22">
                </td>

                <td width="81">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Benefit obligation at beginning</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="137">
                </td>

                <td width="87">
                </td>

                <td width="30">
                </td>

                <td width="20">
                </td>

                <td width="88">
                </td>

                <td width="31">
                </td>

                <td width="22">
                </td>

                <td width="81">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137">
                </td>

                <td align="right" width="87"><font size="2">$ 942,122</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20">
                </td>

                <td align="right" width="88"><font size="2">$ 1,178,891</font></td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22">
                </td>

                <td align="right" width="81"><font size="2">$1 ,280,542</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Service cost</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">10,986</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">10,483</font></td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">20,245</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Interest cost</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">104,777</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">57,588</font></td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">68,937</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Actuarial (gain) loss</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">(74,613</font></td>

                <td align="left" width="30"><font size="2">)</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">(169,072</font></td>

                <td align="left" width="31"><font size="2">)</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">(36,529</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Benefits paid</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td align="right" width="87"><font size="2">(68,934</font></td>

                <td align="left" width="30"><font size="2">)</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td align="right" width="88"><font size="2">(135,768</font></td>

                <td align="left" width="31"><font size="2">)</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">(144,170</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Plan change</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="87"><font size="2">20,089</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="88"><font size="2">--</font></td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="81"><font size="2">(10,134</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Benefit obligation at end of year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="137">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="87"><font size="2">$ 934,427</font></td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="88"><font size="2">$&nbsp;&nbsp; 942,122</font></td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="81"><font size="2">$ 1,178,891</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p align="center"><font size="2">21</font></p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; The following table sets forth the status of the Retirement Restoration Plan and the amounts recognized in the consolidated statements of financial condition</font>:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="68%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="36"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="4"><font size="2">&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="36"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="90">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Projected benefit obligation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="36">
                </td>

                <td align="right" width="90"><font size="2">$ (934,427</font></td>

                <td align="left" width="31"><font size="2">)</font></td>

                <td align="right" width="22"><font size="2">$</font></td>

                <td align="right" width="79"><font size="2">$ (942,122</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Unrecognized net loss from past ex-</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="36">
                </td>

                <td width="90">
                </td>

                <td width="31">
                </td>

                <td width="22">
                </td>

                <td width="79">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" height="13">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;perience different from that assumed</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="36">
                </td>

                <td width="90">
                </td>

                <td width="31">
                </td>

                <td width="22">
                </td>

                <td width="79">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;and effects of changes in assumptions.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="36"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">(431,432</font></td>

                <td align="left" width="31"><font size="2">)</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(112,552</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Unrecognized prior service costs</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="36"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">(187,280</font></td>

                <td align="left" width="31"><font size="2">)</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td align="right" width="79"><font size="2">(217,958</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Additional asset, FAS 158</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="36"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90"><font size="2">618,712</font></td>

                <td align="left" width="31"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="79"><font size="2">330,510</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Accrued pension cost included in other liabilities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="36">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="90"><font size="2">$ (934,427</font></td>

                <td valign="middle" align="left" width="31"><font size="2">)</font></td>

                <td align="right" width="22">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="79"><font size="2">$ (942,122</font></td>

                <td valign="middle" align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Components of net pension expense related to the unfunded Retirement Restoration Plan include the following:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="52%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="44"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="44"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="86">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="91">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="23"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="78">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Service cost &ndash; benefits earned during</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="44">
                </td>

                <td width="86">
                </td>

                <td width="29">
                </td>

                <td width="21">
                </td>

                <td width="91">
                </td>

                <td width="29">
                </td>

                <td width="23">
                </td>

                <td width="78">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="44">
                </td>

                <td align="right" width="86"><font size="2">$&nbsp;&nbsp; 10,986</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="21">
                </td>

                <td align="right" width="91"><font size="2">$&nbsp; 10,483</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="23">
                </td>

                <td align="right" width="78"><font size="2">$&nbsp; 20,245</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Interest cost on projected benefit</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="44">
                </td>

                <td width="86">
                </td>

                <td width="29">
                </td>

                <td width="21">
                </td>

                <td width="91">
                </td>

                <td width="29">
                </td>

                <td width="23">
                </td>

                <td width="78">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obligation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="44"><font size="2">&nbsp;</font></td>

                <td align="right" width="86"><font size="2">104,777</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td align="right" width="91"><font size="2">57,588</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="23"><font size="2">&nbsp;</font></td>

                <td align="right" width="78"><font size="2">68,937</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net amortization</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="44"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="86"><font size="2">2,470</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="91"><font size="2">(16,186</font></td>

                <td align="left" width="29"><font size="2">)</font></td>

                <td align="right" width="23"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="78"><font size="2">(15,563</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Net pension expense from retirement</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="44">
                </td>

                <td width="86">
                </td>

                <td width="29">
                </td>

                <td width="21">
                </td>

                <td width="91">
                </td>

                <td width="29">
                </td>

                <td width="23">
                </td>

                <td width="78">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restoration plan</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="44">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="86"><font size="2">$ 118,233</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="21">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="91"><font size="2">$&nbsp; 51,885</font></td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="23">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="78"><font size="2">$&nbsp; 73,619</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following assumptions were used in estimating the actuarial present value of the projected benefit obligations:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="50%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="64"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" height="13">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="64"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="86">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="93">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="78">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="64">
                </td>

                <td align="right" width="86">
                </td>

                <td align="left" width="29">
                </td>

                <td align="right" width="20">
                </td>

                <td align="right" width="93">
                </td>

                <td align="left" width="28">
                </td>

                <td align="right" width="22">
                </td>

                <td align="right" width="78">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Discount rate</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="64"><font size="2">&nbsp;</font></td>

                <td width="86">
                    <p align="center"><font size="2">6.50%</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td width="93">
                    <p align="center"><font size="2">6.25%</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">6.0%</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Rate of compensation increases</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="64"><font size="2">&nbsp;</font></td>

                <td width="86">
                    <p align="center"><font size="2">5.0%</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td width="93">
                    <p align="center"><font size="2">5.0%</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="22"><font size="2">&nbsp;</font></td>

                <td width="78">
                    <p align="center"><font size="2">5.0%</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following assumptions were used in estimating the net periodic (income)/expense:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="50%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="66"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="66"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="84">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="94">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="77">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="66">
                </td>

                <td align="right" width="84">
                </td>

                <td align="left" width="30">
                </td>

                <td align="right" width="20">
                </td>

                <td align="right" width="94">
                </td>

                <td align="left" width="28">
                </td>

                <td align="right" width="21">
                </td>

                <td align="right" width="77">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Discount rate</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="66"><font size="2">&nbsp;</font></td>

                <td width="84">
                    <p align="center"><font size="2">6.25%</font></p>
                </td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">6.0%</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td width="77">
                    <p align="center"><font size="2">5.75%</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Expected return on plan assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="66"><font size="2">&nbsp;</font></td>

                <td width="84">
                    <p align="center"><font size="2">6.5%</font></p>
                </td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">6.5%</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td width="77">
                    <p align="center"><font size="2">6.0%</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Rate of compensation increases</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="66"><font size="2">&nbsp;</font></td>

                <td width="84">
                    <p align="center"><font size="2">5.0%</font></p>
                </td>

                <td align="left" width="30"><font size="2">&nbsp;</font></td>

                <td align="right" width="20"><font size="2">&nbsp;</font></td>

                <td width="94">
                    <p align="center"><font size="2">5.0%</font></p>
                </td>

                <td align="left" width="28"><font size="2">&nbsp;</font></td>

                <td align="right" width="21"><font size="2">&nbsp;</font></td>

                <td width="77">
                    <p align="center"><font size="2">5.0%</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expected rate of return on assets assumption was determined based on the anticipated performance of the various asset classes in the plan&rsquo;s portfolio and the allocation of assets to each class. The anticipated asset class return is developed using historical and predicted asset return performance,
        considering the investments underlying each asset class and expected investment performance based on forecasts of inflation, interest rates and market indices for fixed income and equity securities.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC&rsquo;s pension plan asset allocations are as follows:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="34%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="4%"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td colspan="4">
                    <p align="center"><font size="2">Percentage of plan assets</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="4">
                    <p align="center"><font size="2">at March 31</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2"><u>Asset Category</u></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="96">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="19"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="76">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="342">&nbsp;</td>

                <td align="right" width="96">
                </td>

                <td align="left" width="29">
                </td>

                <td align="right" width="19">
                </td>

                <td align="right" width="76">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Equity securities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td width="96">
                    <p align="center"><font size="2">&nbsp;67.7%</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="19"><font size="2">&nbsp;</font></td>

                <td width="76">
                    <p align="center"><font size="2">&nbsp;75.0%</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Debt securities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td width="96">
                    <p align="center"><font size="2">&nbsp;19.2%</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="19"><font size="2">&nbsp;</font></td>

                <td width="76">
                    <p align="center"><font size="2">&nbsp;13.8%</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Other</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="96">
                    <p align="center"><font size="2">&nbsp;13.1%</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="19"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="76">
                    <p align="center"><font size="2">&nbsp;11.2%</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="342"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="96">
                    <p align="center"><font size="2">100.0%</font></p>
                </td>

                <td align="left" width="29"><font size="2">&nbsp;</font></td>

                <td align="right" width="19"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="76">
                    <p align="center"><font size="2">100.0%</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC&rsquo;s pension plan is administered by a board-appointed committee that has fiduciary responsibility for the plan&rsquo;s management. The trustee of the plan is JPMorgan Asset Management. Currently, approximately 18% of the assets are selected and managed by the trustee and the remainder
        of the assets are managed by the committee, invested mostly in equity securities, including CSC stock.&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Following are the expected benefit payments for the next five years and in the aggregate for the years 2015-2019:</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="28%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="17"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;&nbsp;March&nbsp;</font> <font size="2">&nbsp;31&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                    <p align="center"><font size="2">2015-</font></p>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">(In Thousands)</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2"><u>2010</u></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2"><u>2011</u></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2"><u>2012</u></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2"><u>2013</u></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2"><u>2014</u></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2"><u>2019</u></font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Qualified Plan</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2">$ 85</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2">$ 81</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$226</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$219</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$211</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$1,092</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Restoration Plan</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$&nbsp; 95</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$&nbsp; 93</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$&nbsp; 92</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td>
                    <p align="center"><font size="2">$&nbsp;&nbsp; 432</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incremental effect of applying FASB Statement No. 158 on individual line items in the Statement of Financial Condition:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">22</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="28%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="283"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="7">
                    <p align="center"><font size="2">March 31, 2007&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283"><font size="2">&nbsp;</font></td>

                <td width="118">
                    <p align="center"><font size="2">Before Application</font></p>
                </td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="92">
                </td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td width="104">
                    <p align="center"><font size="2">After application</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="118">
                    <p align="center"><font size="2">Of Statement 158</font></p>
                </td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="92">
                    <p align="center"><font size="2">Adjustments</font></p>
                </td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="104">
                    <p align="center"><font size="2">of Statement 158</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Other assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283">
                </td>

                <td align="right" width="118"><font size="2">$&nbsp;&nbsp;&nbsp; 7,542,035</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7">
                </td>

                <td align="right" width="92"><font size="2">$ 1,628,150</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="12">
                </td>

                <td align="right" width="104"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 9,170,185</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Other liabilities</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283"><font size="2">&nbsp;</font></td>

                <td align="right" width="118"><font size="2">1,635,468</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">(177,621</font></td>

                <td align="left" width="10"><font size="2">)</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="104"><font size="2">1,457,847</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Deferred income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283"><font size="2">&nbsp;</font></td>

                <td align="right" width="118"><font size="2">1,144,026</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">1,173,751</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="104"><font size="2">2,317,777</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Additional capital</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283"><font size="2">&nbsp;</font></td>

                <td align="right" width="118"><font size="2">115,741,940</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">632,020</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="104"><font size="2">116,373,960</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net assets at market or</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="283">
                </td>

                <td width="118">
                </td>

                <td width="13">
                </td>

                <td width="7">
                </td>

                <td width="92">
                </td>

                <td width="10">
                </td>

                <td width="12">
                </td>

                <td width="104">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">&nbsp;&nbsp;fair value</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="283">
                </td>

                <td align="right" width="118"><font size="2">$ 724,557,938</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="7">
                </td>

                <td align="right" width="92"><font size="2">$ 1,173,751</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="12">
                </td>

                <td align="right" width="104"><font size="2">$ 725,731,689</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>
        <font size="2"><b>9</b><b>. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments</b></font>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> CSC has agreed, subject to certain conditions, to invest up to $8,683,070 in six portfolio companies.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company leases office space under an operating lease which requires base annual rentals of approximately $87,000 through February, 2013. For the three years ended March 31, total rental expense charged to investment income was $84,117 in 2009, $80,569 in 2008 and $79,979 in 2007.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>10</b><b>. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources of I</b><b>n</b><b>come</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> Income was derived from the following sources:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="7">
                    <p align="center"><font size="2">Investment Income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Realized Gain</font></p>
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">(Loss) on</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Years Ended</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Investments</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2"><u>March 31</u></font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="80">
                    <p align="center"><font size="2">Other</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Before Income</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2"><u>2009</u></font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Interest</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Dividends</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Income</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="90">
                    <p align="center"><font size="2">Taxes</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">Companies more than</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;25% owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$10,946,581</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$ 1,055,000</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Companies 5% to 25%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">249,417</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">326,940</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">20,750</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">Companies less than</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;5% owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">743,945</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">260,357</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">&ndash;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">15,979,266</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Other sources, including</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">&nbsp;temporary investments</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">382,142</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">&ndash;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">&ndash;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90"><font size="2">&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$1,375,504</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$11,533,878</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$ 1,075,750</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="90"><font size="2">$ 15,979,266</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="470">&nbsp;</td>

                <td align="left" width="18">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left" width="470">&nbsp;</td>

                <td align="left" width="18">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="7">
                    <p align="center"><font size="2">Investment Income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Realized Gain</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" height="17">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">(Loss) on</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Years Ended</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Investments</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2"><u>March 31</u></font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="80">
                    <p align="center"><font size="2">Other</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Before Income</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2"><u>2008</u></font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Interest</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Dividends</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Income</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="90">
                    <p align="center"><font size="2">Taxes</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">Companies more than</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;25% owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ndash;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$2,979,631</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$ 839,800</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Companies 5% to 25%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">364,762</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">326,940</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">42,500</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">Companies less than</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;5% owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">469,066</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">350,262</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">&ndash;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">240,024</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Other sources, including</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">&nbsp;temporary investments</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">1,421,722</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">&ndash;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">&ndash;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90"><font size="2">&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$2,255,550</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$3,656,833</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$ 882,300</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="11"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="90"><font size="2">$ 240,024</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="470">&nbsp;</td>

                <td align="left" width="18">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr>
                <td align="left" width="470">&nbsp;</td>

                <td align="left" width="18">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right" width="80">
                </td>

                <td align="left">
                </td>

                <td align="left" width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="7">
                    <p align="center"><font size="2">Investment Income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Realized Gain</font></p>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">(Loss) on</font></p>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Years Ended</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Investments</font></p>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2"><u>March 31</u></font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td width="80">
                    <p align="center"><font size="2">Other</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td width="90">
                    <p align="center"><font size="2">Before Income</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2"><u>2007</u></font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Interest</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Dividends</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><font size="2">Income</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="90">
                    <p align="center"><font size="2">Taxes</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">Companies more than</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;25% owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ndash;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$3,449,558</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">$ 659,500</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">$ 31,070,149</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Companies 5% to 25%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">125,733</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">171,578</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">20,000</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">Companies less than</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;5% owned</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">938,761</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">333,739</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80"><font size="2">29,400</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="11"><font size="2">&nbsp;</font></td>

                <td align="right" width="90"><font size="2">(5,023,154</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">Other sources, including </font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td align="right" width="80">
                </td>

                <td>
                </td>

                <td width="11">
                </td>

                <td align="right" width="90">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="470"><font size="2">&nbsp;&nbsp;&nbsp;temporary investments</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">1,244,166</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">&ndash;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80"><font size="2">&ndash;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="11"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90"><font size="2">&ndash;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="470">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$2,308,660</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$3,954,875</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="80"><font size="2">$ 708,900</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left" width="11"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="90"><font size="2">$ 26,046,995</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">23</p>

        <p></p>

        <p></p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 7.5pt; FONT-FAMILY: 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp; </font></font></font></font></p>

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Selected Per Share Data and Ratios</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="60%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="13">
                    <p align="center"><font size="2">Years Ended March</font></p>
                </td>

                <td width="2%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="60%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="4%"><font size="2">2009</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="4%"><font size="2">2008</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="4%"><font size="2">2007</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="4%"><font size="2">2006</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="4%"><font size="2">2005</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font size="2"><strong>Per Share Data</strong></font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Investment income</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td align="right"><font size="2">3.74</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right"><font size="2">1.75</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right"><font size="2">1.79</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right"><font size="2">1.25</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right"><font size="2">1.26</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Operating expenses</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.98</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.76</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.57</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.51</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.51</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Interest expense</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.12</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.11</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.11</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Income taxes</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">(.04</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">) </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">(.03</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">(.01</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">(.01</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">(.02</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="26">
                <td align="left"><font size="2">Net investment income</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">2.72</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.96</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">1.09</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.62</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.62</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Distributions from undistributed net investment income</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(3.28</font></td>

                <td align="left"><font size="2">)&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.60</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.60</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.60</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.60</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net realized gain (loss) on investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">2.87</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.06</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">3.85</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">4.00</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(2.62</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Net increase (decrease) in unrealized appreciation of investments</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(42.56</font></td>

                <td align="left"><font size="2">)&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(36.76</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">38.00</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">32.22</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">7.21</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Exercise of employee stock options*</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.09</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.49</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.04</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Stock option expense</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.13</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.07</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.04</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net change in pension plan funded status</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.39</font></td>

                <td align="left"><font size="2">)&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(.30</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr height="14">
                <td align="left"><font size="2">Treasury Stock</font></td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right"><font size="2">1.40</font></td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right"><font size="2">--</font></td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right"><font size="2">--</font></td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right"><font size="2">--</font></td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right"><font size="2">--</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Adjustment to initially apply FASB No. 158, net of tax</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">--</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">--</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">.30</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">--</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Increase (decrease) in net asset value</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(39.11</font></td>

                <td align="left"><font size="2">)&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">(36.66</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">42.19</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">36.20</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">4.61</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net asset value</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">&nbsp;&nbsp;Beginning of year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">150.09</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">186.75</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">144.56</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">108.36</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font size="2">103.75</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="22">
                <td align="left"><font size="2">&nbsp;&nbsp;End of year</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                    <p align="right"><font size="2">$&nbsp;</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">110.98</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">150.09</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">186.75</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">144.56</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font size="2">108.36</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="58%"><font size="2"><strong>Ratios and Supplemental Data</strong></font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="48">
                </td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="38">
                </td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="4%">
                </td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="4%">
                </td>

                <td align="left" width="3%"><font size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font size="2">&nbsp;</font></td>

                <td align="right" width="4%">
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Ratio of operating expenses to average net assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="48"><font size="2">.71%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="38"><font size="2">.46%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.36%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.42%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.49%</font></td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Ratio of net investment income to average net assets</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="48"><font size="2">1.96%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="38"><font size="2">.58%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.68%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.51%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.60%</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Portfolio turnover rate</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="48"><font size="2">2.51%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="38"><font size="2">.22%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.13%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">2.36%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">.56%</font></td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="48">
                </td>

                <td align="left" width="18">
                </td>

                <td align="right" width="10">
                </td>

                <td align="right" width="38">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Net asset value total return</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="48"><font size="2">(22.56)%</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="38"><font size="2">(19.27)%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">29.85%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">34.31%</font></td>

                <td align="left">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">5.25%</font></td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="48">
                </td>

                <td align="left" width="18">
                </td>

                <td align="right" width="10">
                </td>

                <td align="right" width="38">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Shares outstanding at end of period (000s omitted)</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="48"><font size="2">3,741</font></td>

                <td align="left" width="18"><font size="2">&nbsp;</font></td>

                <td align="right" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="38"><font size="2">3,889</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">3,886</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">3,860</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">3,857</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; FONT-FAMILY: 'Times New Roman'" align="justify">
        <font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><b><u><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'">____________</font></b></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; FONT-FAMILY: 'Times New Roman'" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'">&nbsp; *Net increase is due to purchases of Common Stock at prices less than beginning period net asset value.<br>
        **Net decrease is due to the exercise of employee stock options at prices less than beginning of period net asset value.</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; FONT-FAMILY: 'Times New Roman'" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; FONT-FAMILY: 'Times New Roman'" align="center">24</p>
        <!-- PAGE BREAK  -->

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            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>Management&rsquo;s Report on Internal Control Over Financial Repor</b><b>t</b><b>ing</b></p>

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. CSC&rsquo;s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
        reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
        may deteriorate.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">CSC has assessed the effectiveness of its internal control over financial reporting as of March 31, 2009. In making this assessment, it used the criteria described in &ldquo;Internal Control-Integrated Framework&rdquo; issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management
        believes that, as of March 31, 2009, CSC&rsquo;s internal control over financial reporting was effective.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">During the fiscal quarter ended March 31, 2008, CSC implemented the following control in order to remediate the material weakness we identified in our internal controls over accounting for taxes, which resulted in the restatement of our consolidated financial statements for the year ended March 31, 2007 and years represented in our Form 10-K for
        the year ended March 31, 2007.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On a quarterly basis CSC consults with a RIC compliance expert, on our current RIC status and the potential impact of proposed transactions and scenarios on CSC&rsquo;s future RIC compliance status. CSC has engaged KPMG, LLP to serve in this capacity.</p>
        </blockquote>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">There were no other changes to our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Grant Thornton LLP, the independent registered public accounting firm that audited our consolidated financial statements included in this annual report on Form&nbsp;10-K for the year ended March&nbsp;31, 2009, has issued an attestation report on our internal control over financial reporting as of March&nbsp;31, 2009. That report appears on the
        next page.</p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 29,
        2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></font></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><u><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">/s/ Gary L. Martin</font></u><br>
        <font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">Gary L. Martin</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">Chairman of the Board and President</font></font></font></font></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><u><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">/s/ Tracy L. Morris</font></u><br>
        <font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">Tracy L. Morris</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">Chief Financial Officer</font><br>
        <font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">(chief financial/accounting officer)</font> </font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt">25<!-- CONTINUOUS SECTION BREAK --></font></font></font></font></p>

        <p></p>
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        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>Report of Independent Registered Public Accounting Firm&nbsp;</b></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">Board of Directors and Shareholders<br>
        <br>
        Capital Southwest Corporation</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">We have audited Capital Southwest Corporation (a Texas Corporation) and subsidiaries&rsquo;, (the &ldquo;Company&rdquo;) internal control over financial reporting as of March 31, 2009, based on criteria established in <i>Internal Control&mdash;Integrated Framework</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission
        (COSO). The Company&rsquo;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&rsquo;s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company&rsquo;s internal control over financial reporting based on our audit.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining
        an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">A company&rsquo;s internal control over financial reporting is a process designed 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. A company&rsquo;s internal control over financial
        reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
        authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
        procedures may deteriorate.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2009, based on criteria established in <i>Internal Control&mdash;Integrated Fram</i><i>e</i><i>work</i> issued by COSO.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial condition of the Company as of March 31, 2009 and 2008, including the portfolio of investments as of March 31, 2009, and the related consolidated statements of operations, changes in net
        assets and cash flows, for each of the three years in the period ended March 31, 2009, and the selected per share data and ratios for each of the five years in the period ended March 31, 2009, and our report dated May 29, 2009, expressed an unqualified opinion.</p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">/s/Grant Thornton LLP<br>
        Dallas, Texas<br>
        May 29, 2009</font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">26</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>Report of Independent Registered Public Accounting Firm</b></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Board of Directors and Shareholders<br>
        <br>
        Capital Southwest Corporation&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">We have audited the accompanying consolidated statements of financial condition of Capital Southwest Corporation (a Texas Corporation) and subsidiaries (the &ldquo;Company&rdquo;) as of March 31, 2009 and 2008, including the portfolio of investments as of March 31, 2009, and the related consolidated statements of operations, changes in net
        assets, cash flows for each of the three years in the period ended March 31, 2009, and the selected per share data and ratios for each of the five years in the period ended March 31, 2009. These financial statements and per share data and ratios are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on these financial statements and per share data and ratios based on our audits.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and selected per share data and ratios are free of material misstatement. An audit includes
        examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included verification by examination of securities held by the custodian as of March 31, 2009 and 2008, and confirmation of securities not held by the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
        provide a reasonable basis for our opinion.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">In our opinion, the consolidated financial statements and the selected per share data and ratios referred to above present fairly, in all material respects, the consolidated financial position of Capital Southwest Corporation and subsidiaries as of March 31, 2009 and 2008, and the consolidated results of its operations, changes in its net
        assets, its cash flows for each of the three years in the period ended March 31, 2009, and the selected per share data and ratios for each of the five years in the period ended March 31, 2009, in conformity with accounting principles generally accepted in the United States of America.<br>
        &nbsp;<br>
        As described in Note 2 to the consolidated financial statements, the Company adopted the provisions of Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 157, <i>Fair Value Measurements,</i> (&ldquo;SFAS 157&rdquo;), effective April 1, 2008. As described in Note 8 to the consolidated financial statements, the Company also adopted the provisions of FASB Statement of Financial Accounting Standards No. 158, <i>Employers&rsquo; Accounting for Defined
        Ben</i><i>e</i><i>fit Pension and Other Postretirement Plans: An Amendment of FASB Statements No. 87, 88, 106, and 132(R)</i>, effective March 31, 2007.<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Capital Southwest Corporation and subsidiaries&rsquo; internal control over financial reporting as of March 31, 2009, based on criteria established in <i>Internal Control-Integrated Framework</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated May 29, 2009, expressed an unqualified opinion thereon.</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman'">/s/Grant Thornton LLP</font></font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">Dallas, Texas</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">May 29, 2009</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">27</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="left">&nbsp;</p>

        <p></p>

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'"><b><font style="FONT-SIZE: 11pt" size="2">Management&rsquo;s Discussion and Analysis of</font></b></font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; FONT-FAMILY: 'Times New Roman'" align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt" size="2">Financial Condition and Results of Operations</font></font></font></font></font></font></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p></p>
        <!-- CONTINUOUS SECTION BREAK -->

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Results of Operations</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The composite measure of the Company&rsquo;s financial performance in the Consolidated Statements of Operations is captioned &ldquo;Increase in net assets from operations&rdquo; and consists of three elements. The first is &ldquo;Net investment income,&rdquo; which is the difference between the Company&rsquo;s
        income from interest, dividends and fees and its combined operating and interest expenses, net of applicable income taxes. The second element is &ldquo;Net realized gain (loss) on investments,&rdquo; which is the difference between the proceeds received from disposition of portfolio securities and their stated cost, net of applicable income tax expense based on the Company&rsquo;s tax year. The third element is the &ldquo;Net increase in unrealized appreciation of investments,&rdquo;
        which is the net change in the market or fair value of the Company&rsquo;s investment portfolio, compared with stated cost. It should be noted that the &ldquo;Net realized gain (loss) on investments&rdquo; and &ldquo;Net increase in unrealized appreciation of investments&rdquo; are directly related in that when an appreciated portfolio security is sold to realize a gain, a corresponding decrease in net unrealized appreciation occurs by transferring the gain associated with the
        transaction from being &ldquo;unrealized&rdquo; to being &ldquo;realized.&rdquo; Conversely, when a loss is realized on a depreciated portfolio security, an increase in net unrealized appreciation occurs.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Net Investment Income</i></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; The Company&rsquo;s principal objective is to achieve capital appreciation. Therefore, a significant portion of the investment portfolio is structured to maximize the potential return from equity participation and provides minimal current yield in the form of interest or dividends. The Company also earns interest income
        from the short-term investment of cash funds, and the annual amount of such income varies based upon the average level of funds invested during the year and fluctuations in short-term interest rates. During the three years ended March 31, the Company had interest income from temporary cash investments of $381,498 in 2009, $1,421,048 in 2008 and $1,187,676 in 2007. The Company also receives management fees primarily from its controlled affiliates which aggregated $984,800 in 2009,
        $784,800 in 2008 and $626,400 in 2007. During the three years ended March 31, 2009, the Company recorded dividend income from the following sources:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="500">
                </td>

                <td align="left" width="12">&nbsp;</td>

                <td align="left" width="95">&nbsp;</td>

                <td align="right" width="15">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="500">
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="94">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">Alamo Group Inc.</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15">
                </td>

                <td align="right" width="94"><font size="2">$&nbsp;&nbsp;&nbsp; 679,272</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16">
                </td>

                <td align="right" width="81"><font size="2">$&nbsp;&nbsp; &nbsp;678,732</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15">
                </td>

                <td align="right" width="85"><font size="2">$&nbsp;&nbsp;&nbsp; 677,112</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">Balco, Inc.</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">224,400</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">Dennis Tool Company</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">49,999</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">62,499</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">62,499</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">Encore Wire Corporation</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">326,940</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">326,940</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">Heelys, Inc.</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">9,317,310</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">--</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">--</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">Kimberly&ndash;Clark Corporation</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">89,529</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">167,481</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">154,360</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">Lifemark Group</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">571,333</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">600,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">PalletOne, Inc.</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">--</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">89,842</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">The RectorSeal Corporation</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">720,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">1,154,133</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">1,869,947</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">Sprint Nextel Corporation</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">6,750</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">9,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">TCI Holdings, Inc.</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">81,270</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">81,270</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">81,270</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">The Whitmore Manufacturing Company..</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="94"><font size="2">180,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="81"><font size="2">288,533</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">240,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="500"><font size="2">Other</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="94"><font size="2">89,558</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="81"><font size="2">94,762</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="85"><font size="2">170,845</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="500"><font size="2">&nbsp;</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="95"><font size="2">&nbsp;</font></td>

                <td align="right" width="15">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="94"><font size="2">$ 11,533,878</font></td>

                <td align="left" width="12">
                </td>

                <td align="right" width="16">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="81"><font size="2">$&nbsp; 3,656,833</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right" width="15">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="85"><font size="2">$&nbsp; 3,954,875</font></td>

                <td align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses, excluding interest expense, increased by $697,177 or 23.5% during the year ended March 31, 2009. Due to the nature of its business, the majority of the Company&rsquo;s operating expenses are related to employee and director compensation, office expenses, legal, professional and accounting
        fees and the net pension benefit.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">28</p>

        <p></p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Net Realized Gain (Loss) on Investments</i>&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments was $10,756,303 (after income tax expense of $5,222,963) during the year ended March 31, 2009, compared with a gain of $240,024 during 2008 and a gain of $14,966,296 (after income tax expense of $11,080,699) during 2007. Management does not attempt to maintain a comparable level of
        realized gains from year to year, but instead attempts to maximize total investment portfolio appreciation. This strategy often dictates the long-term holding of portfolio securities in pursuit of increased values and increased unrealized appreciation, but may at opportune times dictate realizing gains or losses through the disposition of certain portfolio investments.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Net Increase</i><i>/Decrease</i> <i>in Unrealized Appreciation of Investments</i></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i> For the three years ended March 31, the Company recorded a decrease in unrealized appreciation of investments of $159,247,203, in 2009 and a decrease of $142,969,698, in 2008 and an increase of $147,681,609 in 2007. As explained in the first paragraph of this discussion and analysis, the realization of gains
        or losses results in a corresponding decrease or increase in unrealized appreciation of investments. Set forth in the following table are the significant increases and decreases in unrealized appreciation excluding the effect of gains or losses realized during the year by portfolio company for securities held at the end of each year.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="37%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="7"><font size="2">Years&nbsp;&nbsp;Ended&nbsp;&nbsp;March 31</font></td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" height="13">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="92">
                    <p align="center"><font size="2">2009</font></p>
                </td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">
                    <p align="center"><font size="2">2008</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font size="2">2007</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Alamo Group Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242">
                </td>

                <td align="right" width="92"><font size="2">$ (22,642,400</font></td>

                <td align="left" width="13"><font size="2">)</font></td>

                <td align="right" width="16">
                </td>

                <td align="right" width="82"><font size="2">$&nbsp;&nbsp;&nbsp; (2,803,090</font></td>

                <td align="left" width="8"><font size="2">)</font></td>

                <td align="right" width="15">
                </td>

                <td align="right" width="85"><font size="2">$&nbsp;&nbsp;&nbsp; 2,821,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Encore Wire Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">14,303,625</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(18,390,625</font></td>

                <td align="left" width="8"><font size="2">)</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(12,260,000</font></td>

                <td align="left"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Heelys, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">(20,963,948</font></td>

                <td align="left" width="13"><font size="2">)</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(160,724,088</font></td>

                <td align="left" width="8"><font size="2">)</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">170,040,908</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">The Whitmore Manufacturing Company</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">(2,000,000</font></td>

                <td align="left" width="13"><font size="2">)</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">12,000,000</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">4,000,000</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Lifemark Group</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">--</font></td>

                <td align="left" width="13"><font size="2">&nbsp;</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">31,000,000</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(2,000,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Media Recovery, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">(22,700,000</font></td>

                <td align="left" width="13"><font size="2">)</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(7,500,000</font></td>

                <td align="left" width="8"><font size="2">)</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">3,000,000</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Palm Harbor Homes, Inc.</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">(21,601,583</font></td>

                <td align="left" width="13"><font size="2">)</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">(39,275,516</font></td>

                <td align="left" width="8"><font size="2">)</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">(27,493,000</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">The RectorSeal Corporation</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="242"><font size="2">&nbsp;</font></td>

                <td align="right" width="92"><font size="2">(37,000,000</font></td>

                <td align="left" width="13"><font size="2">)</font></td>

                <td align="right" width="16"><font size="2">&nbsp;</font></td>

                <td align="right" width="82"><font size="2">46,200,000</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="right" width="15"><font size="2">&nbsp;</font></td>

                <td align="right" width="85"><font size="2">10,500,000</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <p></p>

        <p align="justify">&nbsp;&nbsp;&nbsp;<font size="2">&nbsp;As shown in the table for the year ended March 31, 2009, we sustained major decreases in several of our largest investments. During the twelve months ended March 31, 2009, the value of our investments in The RectorSeal Corporation decreased by $37,000,000 and Media Recovery, Inc. decreased by $22,700,000, due to decreases in their respective sales resulting from slowdowns in segments of their businesses. Additionally, our
        investments in Alamo Group, Inc. decreased $22,642,400, Palm Harbor Homes, Inc. decreased $21,601,583, and Heelys, Inc. decreased $20,963,948, due primarily to the decreases in their respective stock prices at March 31, 2009. Offsetting the aforementioned losses during the twelve months ended March 31, 2009, was a $14,030,625 increase in the value of Encore Wire Corporation due primarily to an increase in their stock price at March 31, 2009.</font></p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the investments listed above and other material components of the investment portfolio is included elsewhere in this report under the caption &ldquo;Portfolio of Investments &ndash; March 31, 2009.&rdquo;</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Portfolio Investments</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended March 31, 2009, the Company invested $13,030,107 in various portfolio securities listed elsewhere in this report under the caption &ldquo;Portfolio Changes During the Year,&rdquo; which also lists dispositions of portfolio securities. During the 2008 and 2007 fiscal years, the Company invested
        a total of $10,733,536 and $803,269, respectively.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Financial Liquidity and Capital Resources</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2009, the Company had cash and cash equivalents of approximately $14.7 million. Pursuant to Small Business Administration (SBA) regulations, cash and cash equivalents of $5.3 million held by CSVC may not be transferred or advanced to CSC without the consent of the SBA. Under current SBA regulations and
        subject to the SBA&rsquo;s approval of its credit application, CSVC would be entitled to borrow up to $20.6 million.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">29</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the exception of a capital gain distribution made in the form of a distribution of the stock of a portfolio company in the fiscal year ended March 31, 1996, the Company has elected to retain all gains realized during the past 40 years. Retention of future gains is viewed as an important source of funds to
        sustain the Company&rsquo;s investment activity. Approximately $13.8 million of the Company&rsquo;s investment portfolio is represented by unrestricted publicly traded securities and represent a source of liquidity.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds to be used by the Company for operating or investment purposes may be transferred in the form of dividends, management fees or loans from Lifemark Group, The RectorSeal Corporation and The Whitmore Manufacturing Company, controlled affiliates of the Company, to the extent of their available cash reserves and
        borrowing capacities.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management believes that the Company&rsquo;s cash and cash equivalents and cash available from other sources described above are adequate to meet its expected requirements. Consistent with the long-term strategy of the Company, the disposition of investments from time to time may also be an important source of
        funds for future investment activities.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Contractual Obligations<br>
        &nbsp;<br>
         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> As shown below, the Company had the following contractual obligations as of March 31, 2009. For further information see Note 9 of the Consolidated Financial Statements.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="39%">
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="201"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="center" colspan="10"><strong><font size="2">Payments&nbsp;&nbsp;Due By&nbsp;&nbsp;Period&nbsp;&nbsp;($ in Thousands)</font></strong></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="201"><font size="2">&nbsp;</font></td>

                <td align="left" width="75">
                </td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="left" width="9"><font size="2">&nbsp;</font></td>

                <td align="left" width="74">
                </td>

                <td align="left" width="7"><font size="2">&nbsp;</font></td>

                <td align="left" width="9"><font size="2">&nbsp;</font></td>

                <td width="65">
                    <p align="center"><font size="2"><strong>2-4</strong></font></p>
                </td>

                <td align="left" width="5"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left" width="10"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td width="92">
                    <p align="center"><font size="2"><strong>More Than</strong></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2"><strong>Contractual Obligations</strong></font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="201"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="75">
                    <p align="center"><font size="2"><strong>Total</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="6"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="9"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="74">
                    <p align="center"><font size="2"><strong>1 Year</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="7"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="9"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="65">
                    <p align="center"><font size="2"><strong>Years</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="5"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="10"><font size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="92">
                    <p align="center"><font size="2"><strong>4 Years</strong></font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">Operating lease obligations</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="201"><font size="2">&nbsp;</font></td>

                <td width="75">
                    <p align="center"><font size="2">$ 340</font></p>
                </td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="left" width="9"><font size="2">&nbsp;</font></td>

                <td width="74">
                    <p align="center"><font size="2">$ 87</font></p>
                </td>

                <td align="left" width="7"><font size="2">&nbsp;</font></td>

                <td align="left" width="9"><font size="2">&nbsp;</font></td>

                <td width="65">
                    <p align="center"><font size="2">$ 253</font></p>
                </td>

                <td align="left" width="5"><font size="2">&nbsp;</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td width="92">
                    <p align="center"><font size="2">--</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">Total</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="201"><font size="2">&nbsp;</font></td>

                <td width="75">
                    <p align="center"><font size="2">$ 340</font></p>
                </td>

                <td align="left" width="6"><font size="2">&nbsp;</font></td>

                <td align="left" width="9"><font size="2">&nbsp;</font></td>

                <td width="74">
                    <p align="center"><font size="2">$ 87</font></p>
                </td>

                <td align="left" width="7"><font size="2">&nbsp;</font></td>

                <td align="left" width="9"><font size="2">&nbsp;</font></td>

                <td width="65">
                    <p align="center"><font size="2">$ 253</font></p>
                </td>

                <td align="left" width="5"><font size="2">&nbsp;</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td width="92">
                    <p align="center"><font size="2">--</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-FAMILY: 'Times New Roman'"><font face="Times New Roman"><font size="2"><b>Critical Accounting</b> <b>Policies</b></font></font></font></font></font></font></font></font></p>

        <p><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'"><i><font style="FONT-FAMILY: 'Times New Roman'" size="2">Valuation of Investments</font></i></font></font></font></font></font></p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Investment Company Act of 1940, investments in unrestricted securities (freely marketable securities having readily available market quotations) are valued at market and investments in restricted securities (securities subject to one or more resale restrictions) are valued at fair value
        determined in good faith by the Company&rsquo;s Board of Directors. Under the valuation policy of the Company, unrestricted securities are valued at the closing sale price for NYSE listed securities and at the lower of the closing bid price or the last sale price for Nasdaq securities on the valuation date. Restricted securities, including securities of publicly-owned companies which are subject to restrictions on resale, are valued at fair value, which is considered to be the amount
        the Company may reasonably expect to receive if such securities were sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the factors considered by the Board of Directors in determining the fair value of restricted securities are the financial condition and operating results of the issuer, the long-term potential of the business of the issuer, the market for and recent sales prices of the issuer&rsquo;s securities, the values of
        similar securities issued by companies in similar businesses, the proportion of the issuer&rsquo;s securities owned by the Company, the nature and duration of resale restrictions and the nature of any rights enabling the Company to require the issuer to register restricted securities under applicable securities laws.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Impact of Inflation&nbsp;</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company does not believe that its business is materially affected by inflation, other than the impact which inflation may have on the securities markets, the valuations of business enterprises and the relationship of such valuations to underlying earnings, all of which will influence the value of the
        Company&rsquo;s investments.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">30</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Risks</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 64(b)(1) of the Investment Company Act of 1940, a business development company is required to describe the risk factors involved in an investment in the securities of such company due to the nature of the company&rsquo;s investment portfolio. Accordingly the Company states that:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>The Company&rsquo;s objective is to achieve capital appreciation through investments in businesses believed to have favorable growth potential.</i> <i>Such businesses are often undercapitalized small companies which lack management depth and have not yet attained profitability.</i> <i>The Company&rsquo;s venture
        inves</i><i>t</i><i>ments often include securities which do not yield interest or dividends and are subject to legal or contractual r</i><i>e</i><i>strictions on resale, which restrictions adversely affect the liquidity and marketability of such sec</i><i>u</i><i>rities.</i></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i> <i>Because of the speculative nature of the Company&rsquo;s investments and the lack of any market for the securities initially purchased by the Company, there is a significantly greater risk of loss than is the case with traditional investment securities.</i> <i>The high-risk, long-term nature of the
        Company&rsquo;s venture investment activities may prevent shar</i><i>e</i><i>holders of the Company from achieving price appreciation and div</i><i>i</i><i>dend distrib</i><i>u</i><i>tions.</i></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">31</p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'Times New Roman'" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" colspan="30">
                    <p align="center"><strong><font size="2">Selected Consolidated Financial Data</font></strong></p>
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="30">
                    <p align="center"><em><font size="2">(all figures in thousands except per share data)</font></em></p>
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>

            <tr>
                <td align="left" width="303">&nbsp;</td>

                <td align="left" width="10">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="303">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="10"><font size="1">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2000</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2001</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2002</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2003</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2004</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2005</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2006</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2007</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2008</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50">
                    <p align="center"><font size="2"><strong>2009</strong></font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="12"><font size="1">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8"><font size="1">&nbsp; </font></td>
            </tr>

            <tr>
                <td colspan="2">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td align="right" colspan="3">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="2"><strong><font size="2">Financial Position</font></strong> <i><font style="FONT-SIZE: 8.5pt">(as of March 31)</font></i></td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td align="right" colspan="1">
                </td>

                <td bgcolor="#ffffff">
                </td>

                <td bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Investments at cost</font></td>

                <td align="left" width="10"><font size="1">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">85,002</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">87,602</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">82,194</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">91,462</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">97,283</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">84,546</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">88,597</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">71,642</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">81,027</font></td>

                <td>
                    <p align="right"><font size="2">&nbsp;<strong>$</strong></font></p>
                </td>

                <td align="right" width="50"><font size="2"><strong>89,339</strong></font></td>

                <td align="left" width="12"><font size="1">&nbsp;</font></td>

                <td align="left" width="8"><font size="1">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Unrealized appreciation</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">238,627</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">228,316</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">265,287</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">195,598</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">309,666</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">337,476</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">461,831</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">609,513</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">466,544</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2"><strong>307,296</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Investments at market or</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;fair value</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">323,629</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">315,918</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">347,481</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">287,060</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">406,949</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">422,022</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">550,428</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">681,155</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">547,571</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>396,635</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Total assets</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">392,586</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">322,668</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">357,183</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">298,490</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">423,979</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">434,384</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">569,368</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">729,507</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">586,685</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>417,543</strong></font></td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Notes payable *</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">10,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">16,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">14,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">23,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">20,500</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">13,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">8,000</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>--</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Net assets</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">319,438</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">303,436</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">339,891</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">272,211</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">400,157</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">417,947</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">558,036</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">725,732</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">583,700</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>415,263</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Shares outstanding</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,815</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,815</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,829</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,829</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,857</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,857</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,860</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,886</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">3,889</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>3,741</strong></font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>
            </tr>

            <tr height="9">
                <td style="BORDER-BOTTOM: black 1px solid" colspan="2">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="3">&nbsp;</td>
            </tr>

            <tr bgcolor="#ffffff" height="10">
                <td align="left" width="303">&nbsp;</td>

                <td align="left" width="10">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="4"><strong><font size="2">Changes in Net Assets</font></strong> <i><font style="FONT-SIZE: 8.5pt">(years ended March 31)</font></i></td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12" bgcolor="#ffffff">
                </td>

                <td align="left" width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Net investment income</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">1,663</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">1,723</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">2,042</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">2,299</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">2,587</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">2,406</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">2,389</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">4,233</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">3,715</font></td>

                <td>
                    <p align="right"><font size="2">&nbsp;<strong>$</strong></font></p>
                </td>

                <td align="right" width="50"><font size="2"><strong>10,183</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Net realized gain (loss) on</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;investments</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">5,162</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(5,126</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(762</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">2,007</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">12,603</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(10,112</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">15,451</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">14,966</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">240</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>10,756</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="303"><font size="2">Net increase (decrease) in</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12">
                </td>

                <td width="8">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;unrealized appreciation</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12">
                </td>

                <td width="8">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;before distributions</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">(38,072</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">(10,311</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">36,971</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">(69,689</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">114,068</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">27,810</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">124,355</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">147,682</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">(142,969</font></td>

                <td align="left"><font size="2">)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2"><strong>(159,246</strong></font></td>

                <td align="left" width="12"><font size="2"><strong>)</strong></font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Increase (decrease) in net</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;assets from operations</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;before distributions</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(31,247</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(13,714</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">38,251</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(65,383</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">129,257</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">20,104</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">142,195</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">166,881</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(139,014</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right" width="50"><font size="2"><strong>138,307</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="303"><font size="2">Cash dividends paid</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,289</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,289</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,295</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,297</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,309</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,314</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,314</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,323</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(2,333</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right" width="50"><font size="2"><strong>(12,257</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2"><strong>)</strong>&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Employee stock options</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;exercised</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">499</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">997</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">208</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">1,795</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">231</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="303"><font size="2">Stock option expense</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">169</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">263</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>503</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Change in pension plan</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;funded status</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(1,178</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right" width="50"><font size="2"><strong>(1,473</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2"><strong>)</strong>&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="303"><font size="2">Treasury Stock</font></td>

                <td align="left" width="10">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50"><font size="2"><strong>(16,903</strong></font></td>

                <td width="12" bgcolor="#ffffff"><strong>)</strong></td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Adjustment to initially apply FASB</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td width="12">
                </td>

                <td>
                </td>

                <td width="50">
                </td>

                <td>
                </td>

                <td align="right" width="50">
                </td>

                <td width="12" bgcolor="#ffffff">
                </td>

                <td width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">&nbsp;&nbsp;&nbsp;Statement No. 158, net of tax</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">1,173</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2">--</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="50"><font size="2"><strong>--</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Increase (decrease) in net assets </font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(33,536</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(16,003</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">36,455</font></td>

                <td align="left" width="12">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(67,680</font></td>

                <td align="left" width="12"><font size="2">)</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">127,946</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">17,790</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">140,089</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">167,695</font></td>

                <td align="left" width="12">
                </td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">(142,031</font></td>

                <td align="left"><font size="2">)</font></td>

                <td align="right" width="50"><font size="2"><strong>(168,437</strong></font></td>

                <td width="12"><strong>)</strong></td>

                <td width="8">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" colspan="2">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="3">&nbsp;</td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="3">&nbsp;</td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="2">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td align="right" colspan="3">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="303"><strong><font size="2">Per Share Data</font></strong> <i><font style="FONT-SIZE: 8.5pt">(as of March 31)</font></i></td>

                <td align="left" width="10">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12" bgcolor="#ffffff">
                </td>

                <td align="left" width="8" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="303"><font size="2">Net assets</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">83.73</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">79.54</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">88.77</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">71.09</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">103.75</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">108.36</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">144.56</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">186.75</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">$</font></td>

                <td align="right" width="50"><font size="2">150.09</font></td>

                <td>
                    <p align="right"><font size="2"><strong>&nbsp;$</strong></font></p>
                </td>

                <td align="right" width="50"><font size="2"><strong>110.98</strong></font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Closing market price</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">54.75</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">65.00</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">68.75</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">48.15</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">75.47</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">79.10</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">95.50</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">153.67</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">123.72</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>76.39</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="303">&nbsp;</td>

                <td align="left" width="10">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="303"><font size="2">Cash dividends paid</font></td>

                <td align="left" width="10"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left" width="12"><font size="2">&nbsp;</font></td>

                <td align="right"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2">.60</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="50"><font size="2"><strong>3.26</strong></font></td>

                <td align="left" width="12" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>

                <td align="left" width="8" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="303">&nbsp;</td>

                <td align="left" width="10">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="13"><font size="2">&nbsp;</font><font size="1">&nbsp;&bull;&nbsp;&nbsp;&nbsp; Excludes quarter-end borrowing which is repaid on the first business day after year end.</font></td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="right">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left">
                </td>

                <td align="right" width="50">
                </td>

                <td align="left" width="12">
                </td>

                <td align="left" width="8">
                </td>
            </tr>
        </table>
        <br>
        <br>
        <!-- CONTINUOUS SECTION BREAK -->

        <p></p>

        <p align="center"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman'">32<br>
        <!-- CONTINUOUS SECTION BREAK --><br>
        </font></font></font></font></font></p>
        <!-- NEXT PAGE SECTION BREAK  -->

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
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        </div>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Shareholder Information</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Stock Transfer Agent</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Stock Transfer &amp; Trust Company, 59 Maiden Lane, New York, NY 10038 (telephone 800-937-5449) serves as transfer agent for the Company&rsquo;s common stock. Certificates to be transferred should be mailed directly to the transfer agent, preferably by registered mail.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Shareholders</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company had approximately 700 record holders of its common stock at March 31, 2009. This total does not include an estimated 4,000 shareholders with shares held under beneficial ownership in nominee name or within clearinghouse positions of brokerage firms or banks.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Market Prices</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&rsquo;s common stock trades on The Nasdaq Global Market under the symbol CSWC. The following high and low selling prices for the shares during each quarter of the last two fiscal years were taken from quotations provided to the Company by Nasdaq:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="50%"><font size="2">Quarter Ended</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="1%"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="263"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="91">
                    <p align="center"><font size="2">High</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="14"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="72">
                    <p align="center"><font size="2">Low</font></p>
                </td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">June 30, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">$128.99</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">$103.67</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">September 30, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">146.81</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">102.02</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">December 31, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">141.50</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">60.52</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">March 31, 2009</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">109.66</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">53.57</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left" width="263">
                </td>

                <td align="left" width="91">
                </td>

                <td align="left" width="8">
                </td>

                <td align="left" width="14">
                </td>

                <td align="left" width="72">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>

                <td align="left" bgcolor="#ffffff">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">Quarter Ended</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="263"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="91">
                    <p align="center"><font size="2">High</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="14"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="72">
                    <p align="center"><font size="2">Low</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">June 30, 2007</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">$190.33</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">$144.50</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">September 30, 2007</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">162.13</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">110.00</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">December 31, 2007</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">130.00</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">105.16</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">March 31, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left" width="263"><font size="2">&nbsp;</font></td>

                <td width="91">
                    <p align="center"><font size="2">127.49</font></p>
                </td>

                <td align="left" width="8"><font size="2">&nbsp;</font></td>

                <td align="left" width="14"><font size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font size="2">100.00</font></p>
                </td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Dividends</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> The payment dates and amounts of cash dividends per share since April 1, 2007 are as follows:</p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="50%"><font size="2">Payment Date</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="1%"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="8%"><font size="2">&nbsp; </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="259"><font size="2">&nbsp;&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="113">
                    <p align="center"><font size="2">Cash Dividend</font></p>
                </td>

                <td align="left" width="2%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="12">
                <td align="left"><font size="2">May 31, 2007</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259">
                </td>

                <td width="113">
                    <p align="center"><font size="2">$0.20</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">November 30, 2007</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259"><font size="2">&nbsp;</font></td>

                <td width="113">
                    <p align="center"><font size="2">0.40</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">May 30, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259"><font size="2">&nbsp;</font></td>

                <td width="113">
                    <p align="center"><font size="2">0.40</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">October 31, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259"><font size="2">&nbsp;</font></td>

                <td width="113">
                    <p align="center"><font size="2">0.30</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">November 28, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259"><font size="2">&nbsp;</font></td>

                <td width="113">
                    <p align="center"><font size="2">0.40</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font size="2">December 26, 2008</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259"><font size="2">&nbsp;</font></td>

                <td width="113">
                    <p align="center"><font size="2">2.16</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font size="2">May 29, 2009</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="left"><font size="2">&nbsp;</font></td>

                <td align="right" width="259"><font size="2">&nbsp;</font></td>

                <td width="113">
                    <p align="center"><font size="2">0.40</font></p>
                </td>

                <td align="left" bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts and timing of cash dividend payments have generally been dictated by requirements of the Internal Revenue Code regarding the distribution of taxable net investment income (ordinary income) of regulated investment companies. Instead of distributing realized long-term capital gains to shareholders, the
        Company has ordinarily elected to retain such gains to fund future investments.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Automatic Dividend Reinvestment and Optional Cash Contribution Plan</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a service to its shareholders, the Company offers an Automatic Dividend Reinvestment and Optional Cash Contribution Plan for shareholders of record who own a minimum of 25 shares. The Company pays all costs of administration of the Plan except brokerage transaction fees. Upon request, shareholders may obtain
        information on the Plan from the Company, 12900 Preston Road, Suite 700, Dallas, Texas 75230. Telephone (972) 233-8242. Questions and answers about the Plan are on the next page.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Annual Meeting</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Meeting of Shareholders of Capital Southwest Corporation will be held on Monday, July 20, 2009, at 10:00 a.m. in the North Dallas Bank Tower Meeting Room (second floor), 12900 Preston Road, Dallas, Texas.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">33</p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>5
<FILENAME>cswc10kex211033109.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="103%" border="0">
            <tr>
                <td valign="top" nowrap width="83%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="16%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Exhibit</font> <font size="2">21.1</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">CAPITAL SOUTHWEST CORPORATION</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">List of Subsidiaries</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="82%" align="center" border="0">
            <tr>
                <td valign="top" nowrap width="141">
                </td>

                <td valign="bottom" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><font size="2">Name of Subsidiary</font></u></p>
                </td>

                <td valign="bottom" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><font size="2">State of Incorporation</font></u></p>
                </td>

                <td width="2%">
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                </td>

                <td valign="top" nowrap width="370">&nbsp;</td>

                <td valign="top" nowrap colspan="2">
                </td>

                <td width="2%">
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">All Components, Inc.</font></p>
                </td>

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Nevada</font></p>
                </td>

                <td width="2%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Balco, Inc.</font></p>
                </td>

                <td valign="top" nowrap colspan="3">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Delaware</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Humac Company</font></p>
                </td>

                <td valign="top" nowrap width="240">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Texas</font></p>
                </td>

                <td colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Media Recovery, Inc.</font></p>
                </td>

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Nevada</font></p>
                </td>

                <td width="2%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The RectorSeal Corporation</font></p>
                </td>

                <td valign="top" nowrap colspan="3">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Delaware</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Lifemark Group (formerly Skylawn Corporation)</font></p>
                </td>

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Nevada</font></p>
                </td>

                <td width="2%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap width="141">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                </td>

                <td valign="top" nowrap width="370">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The Whitmore Manufacturing Company</font></p>
                </td>

                <td valign="top" nowrap colspan="3">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Delaware</font></p>
                </td>
            </tr>

            <tr>
                <td width="141">
                </td>

                <td width="370">
                </td>

                <td width="240">
                </td>

                <td width="14">
                </td>

                <td width="14">
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>cswc10kex231033109.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 12pt; FONT-FAMILY: 'TIMES NEW ROMAN'">
        <div style="WIDTH: 600px">
            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="right">Exhibit 23.1<br>
            &nbsp;</p>

            <p></p>

            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Consent of</b> <b>Independent</b> <b>Registered Public Accounting Firm</b></p>

            <p></p>

            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">We have issued our reports dated May 29, 2009, with respect to the consolidated financial statements and internal control over financial reporting included in the Annual Report of Capital Southwest Corporation and subsidiaries on Form 10-K for the year ended March 31, 2009. We hereby consent to the incorporation by reference of said reports
            in the Registration Statement of Capital Southwest Corporation and subsidiaries on Form S-8 (File No. 33-43881).</p>

            <p></p>

            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>/</b><b>s</b><b>/</b> <b>GRANT THORNTON LLP</b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Dallas, Texas</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">May 29, 2009</font></p>

            <p></p>
        </div>
    </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>7
<FILENAME>cswc10kex311033109.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 12pt; FONT-FAMILY: 'TIMES NEW ROMAN'">
        <p align="right"><font size="2">Exhibit 31.1</font></p>

        <p title="EE+ Page Header" align="center"><b><font size="2">CERTIFICATIONS</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" colspan="9"><font size="2">I, Gary L. Martin</font> <font style="FONT-SIZE: 10pt">certify that:</font></td>
            </tr>

            <tr>
                <td align="left" width="4">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="4"><font face="Times New Roman" size="2">1.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="6"><font face="Times New Roman" size="2">I have reviewed this annual report on Form 10-K of Capital Southwest Corporation (the &ldquo;registrant&rdquo;);&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">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 and cash flows of the registrant as of, and for, the periods presented in this report;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">c)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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 the end of the period covered by this report based on such evaluation; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">d)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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 information; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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.&nbsp;&nbsp;</font></p>
                </td>
            </tr>
        </table>
        <font style="FONT-SIZE: 10pt"><br>
        <br>
        </font>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="24%"><font face="Times New Roman" size="2">Date: May 29, 2009</font></td>

                <td align="left" width="233"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="30">
                    <p align="left"><font face="Times New Roman" size="2">&nbsp;By: </font></p>
                </td>

                <td align="left" width="279"><font face="Times New Roman" size="2">/<u>s/ Gary L. Martin</u></font></td>

                <td align="left" width="173"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left" width="233"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="30"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Gary L. Martin, Chairman of the Board and President&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>
    </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>cswc10kex312033109.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
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    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p align="right"><font size="2">Exhibit 31.2</font></p>

        <p title="EE+ Page Header" align="center"><b><font size="2">CERTIFICATIONS</font></b></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" colspan="9"><font size="2">I,&nbsp;Tracy L. Morris</font>&nbsp;<font style="FONT-SIZE: 10pt">certify that:</font></td>
            </tr>

            <tr>
                <td align="left" width="4">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="4"><font face="Times New Roman" size="2">1.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="6"><font face="Times New Roman" size="2">I have reviewed this annual report on Form 10-K of Capital Southwest Corporation (the &ldquo;registrant&rdquo;);&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">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 and cash flows of the registrant as of, and for, the periods presented in this report;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">c)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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 the end of the period covered by this report based on such evaluation; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">d)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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 information; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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.&nbsp;&nbsp;</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p>&nbsp;</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="29%"><font face="Times New Roman" size="2">Date: May 29, 2009</font></td>

                <td align="left" width="241"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="32"><font face="Times New Roman" size="2">&nbsp;By:</font></td>

                <td align="left" width="208"><font face="Times New Roman" size="2">/<u>s/Tracy L. Morris</u></font></td>

                <td align="left" width="186"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left" width="241"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="32"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Tracy L. Morris, Chief Financial Officer&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>9
<FILENAME>cswc10kex321033109.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 12pt; FONT-FAMILY: 'TIMES NEW ROMAN'">
        <p title="EE+ Page Header" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 32.1</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Certification of President</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Pursuant to</b> <b>18 US.C. Section, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">I, Gary L. Martin, Chairman of the Board and President of Capital Southwest Corporation, certify that, to my knowledge:</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Form 10-K, filed with the Securities and Exchange Commission on May 29, 2009 (&ldquo;accompanied report&rdquo;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation.</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="24%"><font face="Times New Roman" size="2">Date: May 29, 2009</font></td>

                <td align="left" width="248"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;By:</font></td>

                <td align="left" width="278"><font face="Times New Roman" size="2"><u>&nbsp;/s/ Gary L. Martin</u></font></td>

                <td align="left" width="158"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left" width="248"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Gary L. Martin, Chairman of the Board and President&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>
        <br>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

        <p></p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>10
<FILENAME>cswc10kex322033109.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 12pt; FONT-FAMILY: 'TIMES NEW ROMAN'">
        <p title="EE+ Page Header" style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 32.2</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Certification of</b> <b>C</b><b>hief Financial Officer</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center"><b>Pursuant to 18 US.C. Section, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Tracy L. Morris, Chief Financial Officer of Capital Southwest Corporation, certify that, to my knowledge:</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Form 10-K, filed with the Securities and Exchange Commission on May 29, 2009 (&ldquo;accompanied report&rdquo;) fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch">2.&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation.</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="29%"><font face="Times New Roman" size="2">Date: May 29, 2009</font></td>

                <td align="left" width="205"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;By:</font></td>

                <td align="left" width="208"><font face="Times New Roman" size="2">/<u>s/ Tracy L. Morris</u></font></td>

                <td align="left" width="223"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left" width="205"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="31"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Tracy L. Morris, Chief Financial Officer&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>
        <br>

        <p>&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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