<SEC-DOCUMENT>0001133228-19-001878.txt : 20190329
<SEC-HEADER>0001133228-19-001878.hdr.sgml : 20190329
<ACCEPTANCE-DATETIME>20190328193739
ACCESSION NUMBER:		0001133228-19-001878
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190513
FILED AS OF DATE:		20190329
DATE AS OF CHANGE:		20190328
EFFECTIVENESS DATE:		20190329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI UTILITY TRUST
		CENTRAL INDEX KEY:			0001080720
		IRS NUMBER:				134046522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09243
		FILM NUMBER:		19713505

	BUSINESS ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215083

	MAIL ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI UTILITY FUND
		DATE OF NAME CHANGE:	19990225
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e517100_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD>Definitive Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting Material Pursuant to Sec. 240.14a-12</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The Gabelli Utility <FONT STYLE="font-family: Times New Roman, Times, Serif">Trust</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD>No fee required</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11(set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee paid previously with preliminary materials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify
the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Amount Previously Paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE GABELLI UTILITY TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 11.9pt">One Corporate Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 11.9pt">Rye, New York 10580-1422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 11.9pt">(914) 921-5070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To Be Held on May 13, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE GABELLI UTILITY TRUST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Notice is hereby given that the Annual Meeting
of Shareholders of The Gabelli Utility Trust, a Delaware statutory trust (the &ldquo;Fund&rdquo;), will be held on Monday, May
13, 2019, at 8:45 a.m., local time, at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">To elect four (4) Trustees of the Fund to be elected by the holders of the Fund&rsquo;s common shares and holders of its 5.625%
Series A Cumulative Preferred Shares, Series B Auction Market Preferred Shares, and 5.375% Series C Cumulative Preferred Shares
(together, &ldquo;Preferred Shares&rdquo;), voting together as a single class; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">To consider and vote upon such other matters, including adjournments, as may properly come before said Meeting or any adjournments
thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">These items are discussed in greater detail in the
attached Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The close of business on March 21, 2019,
has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and any
adjournments or postponements thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>YOUR VOTE IS IMPORTANT
REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE
PROMPTLY. SHAREHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY, SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS
BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By Order of the Board of Trustees,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ANDREA R. MANGO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Secretary</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR SIGNING PROXY CARDS TO BE RETURNED
BY MAIL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The following general rules for signing proxy
cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to properly
sign your proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><I>Individual Accounts: </I>Sign your name exactly as it appears in the registration on the proxy card.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Joint Accounts: </I>Either party may sign, but the name of the party signing should conform exactly to the name shown in
the registration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>All Other Accounts: </I>The capacity of the individuals signing the proxy card should be indicated unless it is reflected
in the form of registration. For example:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 92%; margin-left: 0.5in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Registration</U></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Valid Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) </FONT></TD>
    <TD STYLE="width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Corp.</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Corp., John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Corp.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Corp.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c/o John Doe, Treasurer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trust Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Trust</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane B. Doe, Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">u/t/d 12/28/78</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Custodian or Estate Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John B. Smith, Cust.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John B. Smith, Executor</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estate of Jane Smith</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John B. Smith, Executor</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR TELEPHONE/INTERNET VOTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Instructions for authorizing your proxy to
vote your shares by telephone or Internet are included with the Notice of Internet Availability of Proxy Materials and the proxy
card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE GABELLI UTILITY TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
 May 13,
2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178.5pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Proxy Statement
is furnished in connection with the solicitation of proxies by the Board of Trustees (the &ldquo;Board,&rdquo; the members of which
are referred to as &ldquo;Trustees&rdquo;) of The Gabelli Utility Trust, a Delaware statutory trust (the &ldquo;Fund&rdquo;), for
use at the Annual Meeting of Shareholders of the Fund to be held on Monday, May 13, 2019, at 8:45 a.m., local time, at The Cole
Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any
adjournments or postponements thereof. A Notice of Internet Availability of Proxy Materials will first be mailed to shareholders
on or about April 3, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">In addition to the solicitation
of proxies by mail, officers of the Fund and officers and regular employees of Computershare Trust Company, N.A. (&ldquo;Computershare&rdquo;),
the Fund&rsquo;s transfer agent, and affiliates of Computershare or other representatives of the Fund may also solicit proxies
by telephone, Internet, or in person. In addition, the Fund has retained Morrow Sodali LLC to assist in the solicitation of proxies
for an estimated fee of $1,000 plus reimbursement of expenses. The Fund will pay the costs of the proxy solicitation and the expenses
incurred in connection with preparing, printing, and mailing the Notice of Internet Availability of Proxy Materials and/or Proxy
Statement and its enclosures. If requested, the Fund will also reimburse brokerage firms and others for their expenses in forwarding
solicitation materials to the beneficial owners of its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>The Fund&rsquo;s
most recent annual report, including audited financial statements for the fiscal year ended December 31, 2018, is available upon
request, without charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422, calling the Fund
at 800-422-3554, or via the Internet at www.gabelli.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">If the proxy is properly
executed and returned in time to be voted at the Meeting, the shares represented thereby will be voted &ldquo;FOR&rdquo; the election
of the nominees as Trustees as described in this Proxy Statement, unless instructions to the contrary are marked thereon, and at
the discretion of the proxy holders as to the transaction of any other business that may properly come before the Meeting. Any
shareholder who has submitted a proxy has the right to revoke it at any time prior to its exercise either by attending the Meeting
and voting his or her shares in person, or by submitting a letter of revocation or a later dated proxy to the Fund at the above
address prior to the date of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">A &ldquo;quorum&rdquo;
is required in order to transact business at the Meeting. A quorum of shareholders is constituted by the presence in person or
by proxy of the holders of one-third of the outstanding shares of the Fund entitled to vote at the Meeting. In the event a quorum
is not present at the Meeting, or in the event that a quorum is present at the Meeting but sufficient votes to approve any of the
proposed items are not received, the Meeting may be adjourned by an individual appointed by the Board to be the chairperson of
the Meeting (or in their absence, a person designated pursuant to the By-Laws to act as chairperson of the Meeting). Alternatively,
the chairperson of the Meeting may, in their discretion, submit the question of adjournment to a vote of shareholders. Any such
adjournment on which the shareholders vote will require the affirmative vote of a majority of those shares present at the Meeting
in person or by proxy. If a quorum is present, the persons named as proxies will vote those proxies which they are entitled to
vote &ldquo;FOR&rdquo; any proposal in favor of such adjournment and will vote those proxies required to be voted &ldquo;AGAINST&rdquo;
any proposal against any such adjournment. If a quorum is present, a shareholder vote may be taken on one or more of the proposals
in this Proxy Statement prior to such adjournment if sufficient votes have been received for approval and it is otherwise appropriate.
The chairperson of the Meeting may adjourn any meeting of shareholders from time to time to a date not more than 130 days after
the original record date without notice other than announcement at the Meeting. At such adjourned meeting at which a quorum shall
be present, any business may be transacted which might have been transacted at the Meeting as originally notified. If the meeting
is held more than 130 days after the initial record date, the Fund must set a new record date and give notice of it to shareholders,
in which case the meeting may be held not more than 130 days beyond the new record date. The Fund may postpone or cancel a meeting
of shareholders, and if it does the Fund will make a public announcement of such postponement or cancellation prior to the meeting.
The postponed meeting may not be held more than 130 days after the initial record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The close of business on March 21, 2019,
has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and all
adjournments thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Fund has two classes of shares of beneficial
interest outstanding: common shares, par value $0.001 per share (&ldquo;Common Shares&rdquo;), and preferred shares consisting
of (i) 5.625% Series A Cumulative Preferred Shares (&ldquo;Series A Preferred&rdquo;), (ii) Series B Auction Market Preferred Shares
(&ldquo;Series B Preferred&rdquo;), and (iii) 5.375% Series C Cumulative Preferred Shares (&ldquo;Series C Preferred&rdquo;), each
having a par value of $0.001 per share (together, &ldquo;Preferred Shares&rdquo;). The holders of the Common Shares and Preferred
Shares are each entitled to one vote for each full share held. On the record date, there were 53,735,007 Common Shares, 1,153,288
shares of Series A Preferred, 900 shares of Series B Preferred, and 2,000,000 shares of Series C Preferred outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Set forth below is information as to those
shareholders to the Fund&rsquo;s knowledge that beneficially own 5% or more of a class of the Fund&rsquo;s outstanding voting securities
as of the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name and Address of</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount of Shares and</B></FONT></TD>
    <TD STYLE="width: 17%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Beneficial Owner(s)</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Title of Class</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Nature of Ownership</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Percent of Class</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Americo Financial Life &amp; Annuity</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">280,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">P. O. Box 410288</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas City, MO 64141</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of the record date, there were no persons
known to the Fund to be beneficial owners of more than 5% of the Fund&rsquo;s outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Proposal</U></B></FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Common Shareholders</U></B></FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Preferred Shareholders</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Election of</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common and Preferred Shareholders,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common and Preferred Shareholders,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustees</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">voting together as a single class,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">voting together as a single class,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">vote to elect four Trustees:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">vote to elect four Trustees:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario J. Gabelli,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario J. Gabelli,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth C. Bogan,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth C. Bogan,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vincent D. Enright, and</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vincent D. Enright, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Business</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common and Preferred Shareholders, voting together as a single class.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PROPOSAL: TO ELECT FOUR (4) TRUSTEES OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nominees for the Board of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board consists of
twelve Trustees, ten of whom are not &ldquo;interested persons&rdquo; of the Fund (as defined in the Investment Company Act of
1940, as amended (the &ldquo;1940 Act&rdquo;)). The Fund divides the Board into three classes, each class having a term of three
years. Each year, the term of office of one class will expire. Mario J. Gabelli, Elizabeth C. Bogan, Vincent D. Enright, and Kuni
Nakamura have each been nominated by the Board for election to serve for a three year term to expire at the Fund&rsquo;s 2022 Annual
Meeting of Shareholders or until their successors are duly elected and qualified. Each of the Trustees of the Fund has served in
that capacity since the March 29, 1999 organizational meeting of the Fund, with the exception of Mr. Nakamura, who became a Trustee
of the Fund on August 15, 2012, Mr. Melarkey, who became a Trustee of the Fund on August 16, 2016, Mr. Ferrantino, who became a
Trustee of the Fund on February 22, 2017, and Mr. Birch and Dr. Bogan, who became Trustees of the Fund on May 16, 2018. All of
the Trustees of the Fund are also directors or trustees of other investment companies for which Gabelli Funds, LLC (the &ldquo;Adviser&rdquo;)
or its affiliates serve as investment adviser. The classes of Trustees are indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Nominees to Serve Until 2022 Annual
Meeting of Shareholders</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mario J. Gabelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Elizabeth C. Bogan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vincent D. Enright</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kuni Nakamura</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Trustees Serving Until 2021 Annual Meeting of Shareholders</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James P. Conn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John D. Gabelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. Ferrantino</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. Melarkey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Trustees Serving Until 2020 Annual Meeting of Shareholders</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Birch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frank J. Fahrenkopf, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert J. Morrissey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvatore J. Zizza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Under the Fund&rsquo;s
Declaration of Trust, Statements of Preferences, and the 1940 Act, holders of the Fund&rsquo;s outstanding Preferred Shares, voting
as a separate class, are entitled to elect two Trustees, and holders of the Fund&rsquo;s outstanding Common Shares and Preferred
Shares, voting together as a single class, are entitled to elect the remaining Trustees. The holders of the Fund&rsquo;s outstanding
Preferred Shares would be entitled to elect the minimum number of additional Trustees that would represent a majority of the Trustees
in the event that dividends on the Fund&rsquo;s Preferred Shares become in arrears for two full years and until all arrearages
are eliminated. No dividend arrearages exist as of the date of this Proxy Statement. Messrs. Birch and Conn are currently the Trustees
elected solely by the holders of the Fund&rsquo;s Preferred Shares and their terms as Trustees are scheduled to expire at the Fund&rsquo;s
2020 and 2021 Annual Meeting of Shareholders, respectively. Therefore, they are not standing for election at this Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Unless instructions
are provided to the contrary, it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo; the election
of the nominees named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at the Meeting.
If, however, a designated nominee declines or otherwise becomes unavailable for election, the proxy confers discretionary power
on the persons named therein to vote in favor of a substitute nominee or nominees. Each nominee is qualified to serve as a Trustee
under the Fund&rsquo;s governing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information about Trustees and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Set forth in the table
below are the existing Trustees, including those Trustees who are not considered to be &ldquo;interested persons,&rdquo; as defined
in the 1940 Act (the &ldquo;Independent Trustees&rdquo;), four of whom are nominated for reelection to the Board of the Fund, and
officers of the Fund, including information relating to their respective positions held with the Fund, a brief statement of their
principal occupations, and, in the case of the Trustees, their other directorships during the past five years (excluding other
funds managed by the Adviser), if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name, Position(s),</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>and Age</U></B></P></TD>
    <TD STYLE="width: 13%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Served<SUP>(2)</SUP></U></B></P></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="width: 27%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other Directorships</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Held by Trustee</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="width: 13%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fund Complex<SUP>(3)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>by Trustee</U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INTERESTED
    TRUSTEES/NOMINEES<SUP>(4)</SUP>:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mario J. Gabelli</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Chief Investment Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 76</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999*</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John D. Gabelli</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 74</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999**</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President of G.research, LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES<SUP>(5)</SUP>:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John Birch<SUP>(6)(7) </SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 68</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since May 2018***</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Partner, The Cardinal Partners Global; Chief Operating Officer of Sentinel Asset Management and Chief Financial Officer and Chief Risk Officer of Sentinel Group Funds (2005-2015)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Elizabeth C. Bogan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 74</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since May 2018*</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Lecturer in Economics at Princeton University</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James P. Conn<SUP>(6)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 81</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999**</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992-1998)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vincent D. Enright</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 75</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999*</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director of Echo Therapeutics, Inc. (therapeutics and diagnostics)</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2008-2014);
Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Frank J. Fahrenkopf, Jr.<SUP>(7) </SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 79</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999***</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chairman
                                                        of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association</FONT></P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1995-2013); Former Chairman of the Republican National Committee</FONT></P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1983-1989)</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Michael J. Ferrantino</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 47</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2017**</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer of InterEx Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Michael J. Melarkey</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 69</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2016**</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
                                                        Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan &amp;
                                                        McKenzie (1980-2015)</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman of Southwest Gas Corporation (natural gas utility)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name, Position(s),</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>and Age</U></B></P></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Served<SUP>(2)</SUP></U></B></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other Directorships</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Held by Trustee</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fund Complex<SUP>(3)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>by Trustee</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES<SUP>(5)</SUP></U>:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert J. Morrissey</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 79</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999***</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Partner in the law firm of Morrissey, Hawkins &amp; Lynch</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman of the Board of Directors, Belmont Savings Bank</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Kuni Nakamura<SUP>(7) </SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 50</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2012*</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Salvatore J. Zizza<SUP>(7)(8) </SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 73</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
1999***</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President of Zizza &amp; Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing) (2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling)</FONT></P>
                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2005-2014)</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>OFFICERS:</u></b></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name, Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>and Age</U></B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Served<SUP>(9)</SUP></U></B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Bruce
        N. Alpert</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">President</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age:
        67</FONT></P></TD>
    <TD STYLE="text-align: center; width: 13%"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2003</FONT></P></TD>
    <TD STYLE="width: 67%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President and Chief Operating
    Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex;
    Senior Vice President of GAMCO Investors, Inc. since 2008</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>John
        C. Ball </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasurer
        and Principal</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
        and Accounting</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age:
        43</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2017</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasurer of funds within the Gabelli/GAMCO Fund Complex since
    2017; Vice <FONT STYLE="font-size: 10pt">President and Assistant Treasurer of AMG Funds 2014-2017; Vice President of State
    Street Corporation, 2007-2014</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Agnes
        Mullady</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice
        President</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age:
        60</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2006</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Officer of registered investment companies within
    the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC
    since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since
    2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Andrea
        R. Mango</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary
        and Vice President</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age:
        46</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President of GAMCO Investors, Inc. since
    2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund
    Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Richard
        J. Walz</B><BR>
        Chief Compliance Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age:
        59</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Compliance Officer of registered investment
    companies within the Gabelli/GAMCO Fund Complex since 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>David
        I. Schachter</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice
        President and Ombudsman</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age:
        65</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999</FONT></P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President and/or Ombudsman of closed-end
    funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research,
    LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Address: One Corporate Center, Rye, NY 10580-1422.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Fund&rsquo;s Board of Trustees is divided into three
classes, each class having a term of three years. Each year the term of office of one class expires and the successor or successors
elected to such class serve for a three year term.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The &ldquo;Fund Complex&rdquo; or the &ldquo;Gabelli/GAMCO
Fund Complex&rdquo; includes all the U.S. registered investment companies that are considered part of the same fund complex as
the Fund because they have common or affiliated investment advisers.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">&ldquo;Interested person&rdquo; of the Fund as defined
in the 1940 Act. Messrs. Mario J. Gabelli and John D. Gabelli, who are brothers, are each considered to be an &ldquo;interested
person&rdquo; of the Fund because of their affiliation with the Fund&rsquo;s Adviser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Trustees who are not considered to be &ldquo;interested persons&rdquo; of the Fund as defined
                                                                              in the 1940 Act are considered to be &ldquo;Independent&rdquo; Trustees. None of the Independent Trustees (with the possible
                                                                              exceptions as described in this proxy statement) nor their family members had any interest in the Adviser or any person
                                                                              directly or indirectly controlling, controlled by, or under common control with the Adviser as of December 31, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Trustee elected solely by holders of the Fund&rsquo;s Preferred
Shares.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Mr. Fahrenkopf&rsquo;s daughter, Leslie F. Foley, serves as a director of other funds in the
                                                                              Gabelli/GAMCO Fund Complex. Mr. Zizza is an independent director of Gabelli International Ltd., Mr. Nakamura is a director of
                                                                              Gabelli Merger Plus+ Trust Plc, and Mr. Birch is a director of Gabelli Merger Plus+ Trust Plc, GAMCO International SICAV,
                                                                              Gabelli Associates Limited, and Gabelli Associates Limited II E, all of which may be deemed to be controlled by Mario J.
                                                                              Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund&rsquo;s Adviser.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(8)</TD><TD STYLE="text-align: justify">On September 9, 2015, Mr. Zizza entered into a settlement
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to resolve an inquiry relating to an alleged violation regarding
the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company
in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without
admitting or denying the SEC&rsquo;s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing
any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;).</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(9)</TD><TD STYLE="text-align: justify">Includes time served in prior officer positions with the
Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor
is duly elected and qualifies.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Nominee to serve, if elected, until the Fund&rsquo;s 2022
Annual Meeting of Shareholders and until his successor is duly elected and qualifies.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2021 Annual Meeting
of Shareholders and until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">***</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2020 Annual Meeting
of Shareholders and until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board believes that
each Trustee&rsquo;s experience, qualifications, attributes, or skills on an individual basis and in combination with those of
other Trustees lead to the conclusion that each Trustee should serve in such capacity. Among the attributes or skills common to
all Trustees are their ability to review critically and to evaluate, question, and discuss information provided to them, to interact
effectively with the other Trustees, the Adviser, the sub-administrator, other service providers, counsel, and the Fund&rsquo;s
independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of
their duties as Trustees. Each Trustee&rsquo;s ability to perform his or her duties effectively has been attained in large part
through the Trustee&rsquo;s business, consulting, or public service positions and through experience from service as a member of
the Board and one or more of the other funds in the Fund Complex, public companies, non-profit entities, or other organizations
as set forth above and below. Each Trustee&rsquo;s ability to perform his or her duties effectively also has been enhanced by education,
professional training, and other experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Interested Trustees/Nominees</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Mario J. Gabelli,
CFA. </I>Mr. Gabelli is Chairman of the Fund&rsquo;s Board of Trustees, Chief Investment Officer of the Fund, and a member of the
Fund&rsquo;s <I>ad hoc </I>Proxy Voting Committee. He serves in similar capacities for other funds in the Fund Complex. Mr. Gabelli
is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. (&ldquo;GBL&rdquo;),
a New York Stock Exchange (&ldquo;NYSE&rdquo;)-listed asset manager and financial services company. He is the Chief Investment
Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc., each of which are asset management subsidiaries
of GBL. In addition, Mr. Gabelli is Chief Executive Officer, Chief Investment Officer, a director and the controlling shareholder
of GGCP, Inc. (&ldquo;GGCP&rdquo;), a private company that holds a majority interest in GBL, and the Chairman of MJG Associates,
Inc., which acts as an investment manager of various investment funds and other accounts. He is Executive Chairman of Associated
Capital Group, Inc., a public company that provides alternative management and institutional research services and is a majority-owned
subsidiary of GGCP. Mr. Gabelli serves as Overseer of the Columbia University Graduate School of Business and as a trustee of Boston
College and Roger Williams University. He serves as a director of the Winston Churchill Foundation, The E.L. Wiegand Foundation,
The American-Italian Cancer Foundation, and The Foundation for Italian Art and Culture. He is Chairman of the Gabelli Foundation,
Inc., a Nevada private charitable trust. Mr. Gabelli serves as Co-President of Field Point Park Association, Inc. Mr. Gabelli received
his Bachelor&rsquo;s degree from Fordham University, M.B.A. from Columbia Business School, and honorary Doctorates from Fordham
University and Roger Williams University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>John D. Gabelli.
</I>Mr. Gabelli is a Senior Vice President of G.research, LLC, an institutional research and brokerage firm which is an affiliate
of the Adviser. He has over thirty-five years of experience in the asset management industry. Mr. Gabelli serves on the boards
of other funds in the Gabelli/GAMCO Fund Complex. He also sits on the boards of various charitable foundations including the Mount
Vernon Police Foundation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Independent Trustees/Nominees</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>John Birch. </I>Mr.
Birch is a Partner of The Cardinal Partners Global, a strategic advisory firm, providing strategic advice and
distribution support to international investment managers. He is a member of the Fund&rsquo;s Audit Committee. Mr. Birch
serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he sits. He
serves as a director of the GAMCO International SICAV and the Gabelli Merger Plus+ Trust Plc. From 2005 to 2015, Mr. Birch
served as the Chief Operating Officer of Sentinel Asset Management and Chief Financial Officer, and Chief Risk Officer of the
Sentinel Group Funds. His other experience includes Vice President of Transfer Agency at State Street Bank in Luxembourg;
Chief Operating Officer and Senior Vice President of American Skandia Investment Services, Inc.; Chief Operating Officer and
Executive Vice President (Partner) of International Fund Administration, Ltd.; Chief Administrative Officer and Senior Vice
President &ndash; Mutual Funds Division and Managing Director of Gabelli Funds, Inc.; and senior roles at Kansallis Banking
Group and Privatbanken A/S. Mr. Birch received his Master of Tax from Metropolitan University College (Copenhagen) and
attended the Program for Management Development at the Harvard Graduate School of Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Elizabeth C. Bogan,
Ph.D. </I>Dr. Bogan has been Senior Lecturer in Economics at Princeton University since 1992. She was formerly Chair of the Economics
and Finance Department, Fairleigh Dickinson University, and a member of the Executive Committee for the College of Business Administration.
Dr. Bogan serves on the boards of other funds in the Gabelli/GAMCO Fund Complex. She received a Bachelor&rsquo;s degree in Economics
from Wellesley College, an M.A. degree in Quantitative Economics from the University of New Hampshire, and a Ph.D. degree in Economics
from Columbia University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>James P. Conn. </I>Mr.
Conn is the Lead Independent Trustee of the Fund and Chairman of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting and <I>ad hoc </I>Pricing
Committees. He serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he
sits. He was a senior business executive of Transamerica Corp., an insurance holding company, for much of his career including
service as Chief Investment Officer. Mr. Conn has been a director of several public companies in banking and other industries,
and was lead director and/or chair of various committees. He received his Bachelor&rsquo;s degree in Business Administration from
Santa Clara University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Vincent D. Enright.
</I>Mr. Enright is Chairman of the Fund&rsquo;s Audit Committee and has been designated as the Fund&rsquo;s Audit Committee Financial
Expert. He is also a member of the Fund&rsquo;s Nominating Committee and both multi-fund <I>ad hoc </I>Compensation Committees.
He serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he sits. Mr.
Enright was a senior executive and Chief Financial Officer of KeySpan Corp., an energy public utility, for four years. Mr. Enright
is a former director of a therapeutic and diagnostic company and served as Chairman of its Compensation Committee and as a member
of its Audit Committee. He is a former director of a pharmaceutical company and a diversified manufacturing company. Mr. Enright
received his Bachelor&rsquo;s degree from Fordham University and completed the Advanced Management Program at Harvard University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Frank J. Fahrenkopf,
Jr. </I>Mr. Fahrenkopf is the Co-Chairman of the Commission on Presidential Debates, which is responsible for the widely-viewed
Presidential debates during the quadrennial election cycle. He also served as Chairman of the Republican National Committee for
six years during Ronald Reagan&rsquo;s presidency. Additionally, he serves as a board member of the International Republican Institute,
which he founded in 1984. Mr. Fahrenkopf serves on the boards of other funds in the Gabelli/GAMCO Fund Complex. Mr. Fahrenkopf
is the former President and Chief Executive Officer of the American Gaming Association (&ldquo;AGA&rdquo;), the trade group for
the hotel-casino industry. He served for many years as Chairman of the Pacific Democrat Union and Vice Chairman of the International
Democrat Union, a worldwide association of political parties from the United States, Great Britain, France, Germany, Canada, Japan,
Australia, and twenty other nations. Prior to becoming the AGA&rsquo;s first chief executive in 1995, Mr. Fahrenkopf was a partner
in the law firm of Hogan &amp; Hartson, where he chaired the International Trade Practice Group and specialized in regulatory,
legislative, and corporate matters for multinational, foreign, and domestic clients. Mr. Fahrenkopf is the former Chairman of the
Finance Committee of the Culinary Institute of America and remains a member of the board. For over 30 years, Mr. Fahrenkopf has
served on the Board of First Republic Bank and as Chairman of the Corporate Governance and Nominating Committee and as a member
of the Audit Committee. He also serves as a member of the Board of Eldorado Resorts, Inc., which owns and operates 19 casinos in
10 states. Mr. Fahrenkopf received his Bachelor&rsquo;s degree from the University of Nevada, Reno and his Juris Doctor from Boalt
Hall School of Law, U.C. Berkeley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.05pt; text-align: justify"><I>Michael J. Ferrantino. </I>Mr. Ferrantino
is the Chief Executive Officer of InterEx Inc., a full-service exhibit company that specializes in the design, fabrication, management
and service of custom exhibit spaces for the trade show retail and museum markets. Mr. Ferrantino serves on the board of another
fund in the Gabelli/GAMCO Fund Complex. He previously served as the Chief Executive Officer and a director of Valpey Fisher Corp.,
which was sold to CTS Corp. in 2012. He received a Bachelor&rsquo;s degree in Materials Engineering from Rensselaer Polytechnic
Institute and an M.B.A. from Loyola College, Baltimore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.05pt">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify"><I>Michael J. Melarkey, Esq. </I>Mr. Melarkey,
after more than forty years of experience as an attorney specializing in business, estate planning, and gaming regulatory work,
recently retired from the active practice of law, and is of counsel to the firm of McDonald Carano and Wilson in Reno, Nevada.
He is a member of the Fund&rsquo;s Audit Committee and one of the multi-fund <I>ad hoc </I>Compensation Committees. Mr. Melarkey
serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he sits. He is Chairman
of the Board of Southwest Gas Corporation and serves on its Nominating, Corporate Governance, and Compensation Committees. Mr.
Melarkey acts as a trustee and officer for several private charitable organizations including as a trustee of The Bretzlaff Foundation
and Edwin L.Wiegand Trust. He is an officer of a private oil and gas company. Mr. Melarkey received his Bachelor&rsquo;s degree
from the University of Nevada, Reno, Juris Doctor from the University of San Francisco School of Law, and Masters of Law in Taxation
from New York University School of Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify"><I>Robert J. Morrissey, Esq. </I>Mr. Morrissey
has over forty-five years of experience as an attorney representing clients in the areas of estate planning, civil litigation,
business planning, and real estate, including as current senior partner of a law firm. He serves on the boards of other funds in
the Gabelli/GAMCO Fund Complex. Mr. Morrissey serves as Chairman of the Board of Trustees of the Belmont Savings Bank in Massachusetts.
He has also served as a trustee of Boston College and is continuing Chairman of its Investment and Endowment Committee. In addition,
Mr. Morrissey is a member of the Harvard Law School Dean&rsquo;s Advisory Board, a member of the Financial Council of the Archdiocese
of Boston and Chairman of its Investment Committee. He is a member of the Investment Advisory Committee of Jesuit Curia, Vatican
City, and a director of several other private and public funds, trusts, and foundations. Mr. Morrissey is a graduate of Boston
College and Harvard Law School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify"><I>Kuni Nakamura. </I>Mr. Nakamura is the
president of Advanced Polymer, Inc., a chemical manufacturing company, and president of KEN Enterprises, Inc., a real estate company.
Mr. Nakamura is a member of the Fund&rsquo;s Nominating and <I>ad hoc </I>Pricing Committees and serves on comparable or other
board committees with respect to other funds in the Fund Complex on whose boards he sits. He also serves as a director of the Gabelli
Merger Plus+ Trust Plc. Mr. Nakamura was previously a board member of The LGL Group, Inc., a diversified manufacturing company.
He is involved in various capacities with The University of Pennsylvania and The Guiding Eyes for the Blind. Mr. Nakamura is a
graduate of the University of Pennsylvania &ndash; The Wharton School with a Bachelor&rsquo;s degree in Economics and Multinational
Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify"><I>Salvatore J. Zizza. </I>Mr. Zizza is the
President of Zizza &amp; Associates Corp., a private holding company that invests in various industries. He also serves or has
served as Chairman to other companies involved in manufacturing, recycling, real estate, technology, and pharmaceuticals. Mr. Zizza
is Chairman of the Fund&rsquo;s Nominating Committee, a member of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting and <I>ad hoc </I>Pricing
Committees, and a member of both multi-fund <I>ad hoc </I>Compensation Committees. He serves on comparable or other board committees
with respect to other funds in the Fund Complex on whose boards he sits. In addition to serving on the boards of other funds in
the Fund Complex, Mr. Zizza is currently and has previously been a director of other public companies. He was also the President,
Chief Executive Officer, and Chief Financial Officer of a large NYSE-listed construction company. Mr. Zizza received his Bachelor&rsquo;s
degree and M.B.A. in Finance from St. John&rsquo;s University, which awarded him an Honorary Doctorate in Commercial Sciences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustees &ndash; Leadership Structure and Oversight Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Overall responsibility for general oversight
of the Fund rests with the Board. The Board has appointed Mr. Conn as the Lead Independent Trustee. The Lead Independent Trustee
presides over executive sessions of the Trustees and also serves between meetings of the Board as a liaison with service providers,
officers, counsel, and other Trustees on a wide variety of matters including scheduling agenda items for Board meetings. Designation
as such does not impose on the Lead Independent Trustee any obligations or standards greater than or different from other Trustees.
The Board has established a Nominating Committee and an Audit Committee to assist the Board in the oversight of the management
and affairs of the Fund. The Board also has an <I>ad hoc </I>Proxy Voting Committee that exercises voting and investment responsibilities
on behalf of the Fund in selected situations. From time to time the Board establishes additional committees or informal working
groups, such as an <I>ad hoc </I>Pricing Committee related to securities offerings by the Fund to address specific matters, or
assigns one of its members to work with trustees or directors of other funds in the Fund Complex on special committees or working
groups that address complex-wide matters, such as the multi-fund <I>ad hoc </I>Compensation Committee relating to the compensation
of the Chief Compliance Officer for all the funds in the Fund Complex, and a separate multi-fund <I>ad hoc </I>Compensation Committee
relating to the compensation of certain other officers of the closed-end funds in the Fund Complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">All of the Fund&rsquo;s Trustees, other than
Messrs. Mario J. Gabelli and John D. Gabelli, are Independent Trustees and the Board believes it is able to provide effective oversight
of the Fund&rsquo;s service providers. In addition to providing feedback and direction during Board meetings, the Independent Trustees
meet regularly in executive session and chair all committees of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Fund&rsquo;s operations entail a variety
of risks, including investment, administration, valuation, and a range of compliance matters. Although the Adviser, the sub-administrator,
and the officers of the Fund are responsible for managing these risks on a day to day basis within the framework of their established
risk management functions, the Board also addresses risk management of the Fund through its meetings and those of the committees
and working groups. As part of its general oversight, the Board reviews with the Adviser at Board meetings the levels and types
of risks being undertaken by the Fund, and the Audit Committee discusses the Fund&rsquo;s risk management and controls with the
independent registered public accounting firm engaged by the Fund. The Board reviews valuation policies and procedures and the
valuations of specific illiquid securities. The Board also receives periodic reports from the Fund&rsquo;s Chief Compliance Officer
regarding compliance matters relating to the Fund and its major service providers, including results of the implementation and
testing of the Fund&rsquo;s and such providers&rsquo; compliance programs. The Board&rsquo;s oversight function is facilitated
by management reporting processes designed to provide visibility to the Board regarding the identification, assessment, and management
of critical risks, and the controls and policies and procedures used to mitigate those risks. The Board reviews its role in supervising
the Fund&rsquo;s risk management from time to time and may make changes at its discretion at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Board has determined that its leadership
structure is appropriate for the Fund because it enables the Board to exercise informed and independent judgment over matters under
its purview, allocates responsibility among committees in a manner that fosters effective oversight, and allows the Board to devote
appropriate resources to specific issues in a flexible manner as they arise. The Board periodically reviews its leadership structure
as well as its overall structure, composition, and functioning, and may make changes at its discretion at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Beneficial Ownership of Shares Held in the Fund and the Family
of Investment Companies for each Trustee and Nominee for Election as Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Set forth in the table below is the dollar
range of equity securities in the Fund beneficially owned by each Trustee and nominee for election as Trustee and the aggregate
dollar range of equity securities in the Fund Complex beneficially owned by each Trustee and nominee for election as Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Name of Trustee/Nominee</U></B></P></TD>
    <TD STYLE="width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dollar Range of Equity</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Held</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>in the Fund*<SUP>(1)</SUP></U></B></P></TD>
    <TD STYLE="width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate Dollar Range of Equity</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Held in the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Family of Investment Companies*<SUP>(1)(2)</SUP></U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John D. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Birch</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth C. Bogan</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vincent D. Enright</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Ferrantino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert J. Morrissey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*&nbsp;&nbsp;Key to Dollar Ranges</FONT></TD>
    <TD STYLE="text-align: center; width: 25%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A. None</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B. $1 &ndash; $10,000</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C. $10,001 &ndash; $50,000</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">D. $50,001 &ndash; $100,000</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E. Over $100,000</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All shares were valued as of December 31, 2018.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Trustee and
nominee for election as Trustee as of December 31, 2018. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with Rule
16a-1(a)(2) of the 1934 Act.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The term &ldquo;Family of Investment Companies&rdquo; includes
two or more registered funds that share the same investment adviser or principal underwriter and hold themselves out to investors
as related companies for purposes of investment and investor services. Currently, the registered funds that comprise the &ldquo;Fund
Complex&rdquo; are identical to those that comprise the &ldquo;Family of Investment Companies.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Set forth in the table below is the amount
of shares beneficially owned by each Trustee, nominee for election as Trustee, and executive officer of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Name of Trustee/Nominee/Officer</U></B></P></TD>
    <TD STYLE="width: 29%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount and Nature of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Beneficial Ownership<SUP>(1)</SUP></U></B></P></TD>
    <TD STYLE="width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percent of Shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Outstanding<SUP>(2)</SUP></U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">982,256<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John D. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Birch</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth C. Bogan</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vincent D. Enright</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Ferrantino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert J. Morrissey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,826</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,272</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,843 Preferred A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXECUTIVE OFFICERS:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bruce N. Alpert</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,700 Preferred C<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andrea R. Mango</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John C. Ball</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agnes Mullady</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard J. Walz</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Trustee, including
each nominee for election as Trustee, and executive officer as of December 31, 2018. &ldquo;Beneficial Ownership&rdquo; is determined
in accordance with Rule 13d-3 of the 1934 Act. Reflects ownership of Common Shares unless otherwise noted.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total shares outstanding. The ownership of the Trustees, including nominees for election as Trustee, and executive
officers as a group constitutes 1.9% of the total Common Shares outstanding and less than 1% of the total Preferred Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Comprised of 692,022 Common Shares owned directly by Mr.
Gabelli, 18,234 Common Shares owned by a family partnership for which Mr. Gabelli serves as general partner, and 272,000 Common
Shares owned by Associated Capital Group, Inc. or its affiliates.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Mr. Birch became a Trustee of the Fund on May 16, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Dr. Bogan became a Trustee of the Fund on May 16, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Includes 700 Series C Preferred owned by Mr. Alpert&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Set forth in the table
below is the amount of interests beneficially owned by each Independent Trustee, nominee for election as an Independent Trustee
or his or her family member, as applicable, in a person, other than a registered investment company, that may be deemed to be controlled
by the Fund&rsquo;s Adviser and/or affiliates (including Mario J. Gabelli) and in that event would be deemed to be under common
control with the Fund&rsquo;s Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of Independent</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Trustee/Nominee</U></B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of Owner and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Relationships to</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Trustee/Nominee</U></B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Company</U></B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Title of Class</U></B></P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Interests<SUP>(1)</SUP></U></B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percent of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Class<SUP>(2)</SUP></U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="width: 28%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Associates Limited II E</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Membership Interests</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,248,346</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.36%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,590</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Membership Interests</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,407,180</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.18%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Performance Partnership L.P.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Limited Partner Interests</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">302,307</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished as of December 31,
2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total interests outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">The Fund pays each
Independent Trustee an annual retainer of $6,000 plus $1,500 for each Board meeting attended. Each Independent Trustee is reimbursed
by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting
attended, the Audit Committee Chairperson receives an annual fee of $3,000, and the Nominating Committee Chairperson and the Lead
Independent Trustee each receive an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating
funds, for participation in certain meetings on behalf of multiple funds. The aggregate remuneration (excluding out of pocket expenses)
paid by the Fund to such Trustees during the fiscal year ended December 31, 2018, amounted 11 to $128,437. During the fiscal year
ended December 31, 2018, the Trustees of the Fund met four times, all of which were regular quarterly Board meetings. Each Trustee
then serving in such capacity attended at least 75% of the Board meetings and of any committee of which he is a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>The Audit Committee and Audit Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">The role
of the Fund&rsquo;s Audit Committee is to assist the Board of Trustees in its oversight of (i) the quality and integrity of the
Fund&rsquo;s financial statement reporting process and the independent audit and reviews thereof; (ii) the Fund&rsquo;s accounting
and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain of
its service providers; (iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the independent registered
public accounting firm&rsquo;s qualifications, independence, and performance. The Audit Committee also is required to prepare an
audit committee report pursuant to the rules of the SEC for inclusion in the Fund&rsquo;s annual proxy statement. The Audit Committee
operates pursuant to the Audit Committee Charter (the &ldquo;Audit Charter&rdquo;) that was most recently reviewed and approved
by the Board of Trustees on February 20, 2019. The Audit Charter is available in the Closed-End Funds &ndash; Corporate Governance
Section on the Fund&rsquo;s website at www.gabelli.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">Pursuant
to the Audit Charter, the Audit Committee is responsible for conferring with the Fund&rsquo;s independent registered public accounting
firm, reviewing annual financial statements, approving the selection of the Fund&rsquo;s independent registered public accounting
firm, and overseeing the Fund&rsquo;s internal controls. The Audit Charter also contains provisions relating to the pre-approval
by the Audit Committee of audit and non-audit services to be provided by PricewaterhouseCoopers LLP (&ldquo;PricewaterhouseCoopers&rdquo;)
to the Fund and to the Adviser and certain of its affiliates. The Audit Committee advises the full Board with respect to accounting,
auditing, and financial matters affecting the Fund. As set forth in the Audit Charter, management is responsible for maintaining
appropriate systems for accounting and internal control, and the Fund&rsquo;s independent registered public accounting firm is
responsible for planning and carrying out proper audits and reviews. The independent registered public accounting firm is ultimately
accountable to the Board of Trustees and to the Audit Committee, as representatives of shareholders. The independent registered
public accounting firm for the Fund reports directly to the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">In performing
its oversight function, at a meeting held on February 19, 2019, the Audit Committee reviewed and discussed with management of the
Fund and PricewaterhouseCoopers, the Fund&rsquo;s independent registered public accounting firm for the fiscal year ended December
31, 2018, the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2018, and the conduct of
the audit of such financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">In addition,
the Audit Committee discussed with PricewaterhouseCoopers the accounting principles applied by the Fund and such other matters
brought to the attention of the Audit Committee by PricewaterhouseCoopers as required by Auditing Standard No. 16, as amended (AICPAAU-C
Section 260), as adopted by the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). The Audit Committee
also received from PricewaterhouseCoopers the written disclosures and statements required by the SEC&rsquo;s independence rules,
delineating relationships between PricewaterhouseCoopers and the Fund, and discussed the impact that any such relationships might
have on the objectivity and independence of PricewaterhouseCoopers as the independent registered public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">As set forth
above, and as more fully set forth in the Audit Charter, the Audit Committee has significant duties and powers in its oversight
role with respect to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">The members of the
Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting
and are not employed by the Fund for accounting, financial management, or internal control purposes. Moreover, the Audit Committee
relies on and makes no independent verification of the facts presented to it or representations made by management or the Fund&rsquo;s
independent registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not provide an independent
basis to determine that management has maintained appropriate accounting and/or financial reporting principles and policies, or
internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance that the audit
of the Fund&rsquo;s financial statements has been carried out in accordance with the standards of the PCAOB or that the financial
statements are presented in accordance with generally accepted accounting principles (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.05pt">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">Based on
its consideration of the audited financial statements and the discussions referred to above with management and PricewaterhouseCoopers,
and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and those
discussed above, the Audit Committee recommended to the Fund&rsquo;s Board of Trustees that the Fund&rsquo;s audited financial
statements be included in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>Submitted by the Audit Committee of the Fund&rsquo;s
Board of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">Vincent D. Enright, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">John Birch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">Michael J.
Melarkey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">February 19, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">The Audit
Committee met two times during the fiscal year ended December 31, 2018. The Audit Committee is composed of three of the Fund&rsquo;s
Independent Trustees, Messrs. Enright (Chairman), Birch, and Melarkey. Each member of the Audit Committee has been determined by
the Board of Trustees to be financially literate. Mr. Enright has been designated as the Fund&rsquo;s audit committee financial
expert, as defined in Items 407(d)(5)(ii) and (iii) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>Nominating Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">The Board
of Trustees has a Nominating Committee composed of three Independent Trustees, Messrs. Zizza (Chairman), Enright, and Nakamura.
Each Nominating Committee Member is an Independent Trustee as determined under guidelines of the NYSE. The Nominating Committee
met two times during the fiscal year ended December 31, 2018. The Nominating Committee is responsible for identifying and recommending
qualified candidates to the Board in the event that a position is vacated or created. The Nominating Committee will consider recommendations
by shareholders if a vacancy were to exist. In considering candidates submitted by shareholders, the Nominating Committee will
take into consideration the needs of the Board, the qualifications of the candidate, and the interests of shareholders. The Nominating
Committee may also take into consideration the number of shares held by the recommending shareholder and the length of time that
such shares have been held. To recommend a candidate for consideration by the Nominating Committee, a shareholder must submit the
recommendation in writing and must include the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD>The name of the shareholder and evidence of the shareholder&rsquo;s ownership of shares of the Fund, including the number of
shares owned and the length of time of ownership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.55pt; text-indent: -8.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD STYLE="text-align: justify">The name of the candidate, the candidate&rsquo;s resume or a listing of his or her qualifications to be a Trustee of the Fund,
and the person&rsquo;s consent to be named as a Trustee if selected by the Nominating Committee and nominated by the Board of Trustees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.55pt; text-indent: -8.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD>All other information required to be submitted under the Fund&rsquo;s Declaration of Trust and By-Laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.55pt; text-indent: -8.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD>If requested by the Nominating Committee, a completed and signed trustee&rsquo;s questionnaire.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.55pt; text-indent: -8.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The shareholder recommendation
and information described above must be sent to the Fund&rsquo;s Secretary, c/o Gabelli Funds, LLC, One Corporate Center, Rye,
NY 10580-1422, and must be received by the Secretary no less than 120 calendar days before the first anniversary of the date of
the prior year&rsquo;s annual meeting or, if the meeting has moved by more than twenty-five days, no later than ten days following
the date on which notice of the date of such annual meeting is first mailed or public announcement of the date of such annual meeting
is first made, whichever first occurs. In no event shall the adjournment or postponement of an annual meeting, or the public announcement
of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of notice as described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">If information submitted
pursuant to the By-Laws by any shareholder proposing a nominee for election as a Trustee shall be inaccurate or incomplete in any
material respect, such information may be deemed not to have been provided, and the nomination in respect of which such information
is required by the By-Laws may be deemed not to have been made, in accordance with the By-Laws. Any such shareholder shall notify
the Fund of any inaccuracy or incompleteness (within two business days of becoming aware of such inaccuracy or change) in any such
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Nominating Committee
believes that the minimum qualifications for serving as a Trustee of the Fund are that the individual demonstrate, by significant
accomplishment in his or her field, an ability to make a meaningful contribution to the Board of Trustees&rsquo; oversight of the
business and affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in both his or her
professional and personal activities. In addition, the Nominating Committee examines a candidate&rsquo;s specific experiences and
skills, time availability in light of other commitments, potential conflicts of interest, and independence from management and
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Nominating Committee
considers the overall composition of the Board, bearing in mind the benefits that may be derived from having members who have a
variety of experiences, qualifications, attributes, or skills useful in overseeing a publicly traded, highly regulated entity such
as the Fund. The Fund&rsquo;s governing documents state that a nominee for Trustee shall be at least twenty-one years of age and
not older than such maximum age, if any, as the Trustees may determine and shall not be under legal disability. The Trustees have
not determined a maximum age. The Fund&rsquo;s governing documents contain additional Trustee qualifications. A shareholder that
wishes to nominate a candidate for Trustee should consult the Declaration of Trust and By-Laws. The Nominating Committee does not
have a formal policy regarding the consideration of diversity in identifying trustee candidates. For a discussion of experiences,
qualifications, attributes, or skills supporting the appropriateness of each Trustee&rsquo;s service on the Fund&rsquo;s Board,
see the biographical information of the Trustees above in the section entitled &ldquo;Information about Trustees and Officers.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Fund&rsquo;s Nominating Committee adopted
a charter on May 12, 2004, and amended the charter on November 17, 2004. The charter is available in the Closed-End Funds &ndash;
Corporate Governance Section on the Fund&rsquo;s website at www.gabelli.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Board Related Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Board of Trustees has established the
following procedures in order to facilitate communications among the Board and the shareholders of the Fund and other interested
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Receipt of Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Shareholders and other interested parties
may contact the Board or any member of the Board by mail or electronically. To communicate with the Board or any member of the
Board, correspondence should be addressed to the Board or the Board member(s) with whom you wish to communicate either by name
or title. All such correspondence should be sent to The Gabelli Utility Trust, c/o Gabelli Funds, LLC, One Corporate Center, Rye,
NY 10580-1422. To communicate with the Board electronically, shareholders may go to the corporate website at www.gabelli.com under
the heading &ldquo;Contact Us/Email Addresses/Board of Directors (Gabelli Closed-End Funds).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Forwarding the Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">All communications received will be opened
by the office of the General Counsel of the Adviser for the sole purpose of determining whether the contents represent a message
to one or more Trustees. The office of the General Counsel will forward promptly to the addressee(s) any contents that relate to
the Fund and that are not in the nature of advertising, promotion of a product or service, or patently offensive or otherwise objectionable
material. In the case of communications to the Board of Trustees or any committee or group of members of the Board, the General
Counsel&rsquo;s office will make sufficient copies of the contents to send to each Trustee who is a member of the group or committee
to which the envelope or e-mail is addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Fund does not expect Trustees or nominees
for election as Trustee to attend the Meeting. No Trustee or nominee for election as Trustee attended the Fund&rsquo;s annual meeting
of shareholders held on May 14, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The following table sets forth certain information
regarding the compensation of the Trustees by the Fund and officers, if any, who were compensated by the Fund rather than the Adviser
for the year ended December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPENSATION TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE FISCAL YEAR ENDED DECEMBER 31,
2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center"><B>Aggregate</B></TD>
    <TD COLSPAN="4" NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate Compensation from</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Compensation
                                         from</B></FONT></P></TD>
    <TD COLSPAN="4" NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>the Fund and Fund Complex</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Name of Person and Position</U></B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>the
    Fund</U></B></FONT></TD>
    <TD COLSPAN="4" NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Paid to Trustees*</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Mario J. Gabelli</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman and</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Investment Officer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John D. Gabelli</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(0)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Birch<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,437</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,579</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(3)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Elizabeth C. Bogan<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,275</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,775</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(4)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Anthony J. Colavita<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,225</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">271,124</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(30)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>James P. Conn</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">273,500</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(26)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vincent D. Enright</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">220,250</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(18)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Frank J. Fahrenkopf, Jr.</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">164,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(14)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Michael J. Ferrantino</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(2)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Michael J. Melarkey</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">189,567 </FONT></TD>
    <TD>&nbsp;(25)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Robert J. Morrissey</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">64,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(7)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Kuni Nakamura</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">328,108</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(37)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Salvatore J. Zizza</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">325,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(32)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>OFFICER:</U></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>David I. Schachter</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President and Ombudsman</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Represents the total compensation paid to such persons
during the fiscal year ended December 31, 2018, by investment companies (including the Fund) or portfolios that are part of the
Fund Complex. The number in parentheses represents the number of such investment companies and portfolios.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -13.95pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Mr. Birch became a Trustee of the Fund on May 16, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Dr. Bogan became a Trustee of the Fund on May 16, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Mr. Colavita resigned as a Trustee of the Fund on May 16,
2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Required Vote</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The election of each
of the listed nominees for Trustee of the Fund requires the affirmative vote of the holders of a plurality of the applicable class
or classes of shares of the Fund present in person or represented by proxy at the Meeting, provided a quorum is present. A &ldquo;plurality&rdquo;
vote means that the nominees who receive the largest number of votes cast (even if they receive less than a majority) will be elected
as trustees. Since the nominees are running unopposed, each nominee only needs one vote to be elected if there is a quorum present
at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>THE BOARD OF TRUSTEES,
INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE ELECTION OF EACH APPLICABLE
NOMINEE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">PricewaterhouseCoopers, 300 Madison Avenue,
New York, NY 10017, has been selected to serve as the Fund&rsquo;s independent registered public accounting firm for the fiscal
year ending December 31, 2019. PricewaterhouseCoopers acted as the Fund&rsquo;s independent registered public accounting firm for
the fiscal year ended December 31, 2018. The Fund knows of no direct financial or material indirect financial interest of PricewaterhouseCoopers
in the Fund. A representative of PricewaterhouseCoopers will not be present at the Meeting, but will be available by telephone
and will have an opportunity to make a statement, if asked, and will be available to respond to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Set forth in the table below are audit fees
and non-audit related fees billed to the Fund by PricewaterhouseCoopers for professional services received during and for the fiscal
years ended December 31, 2017 and 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fiscal Year Ended</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>December 31</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Audit Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Related Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Tax Fees*</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>All Other Fees</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$36,712</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$4,100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$36,712</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$4,100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$7,500</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">&ldquo;Tax Fees&rdquo; are those fees billed by PricewaterhouseCoopers
in connection with tax compliance services, including primarily the review of the Fund&rsquo;s income tax returns.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -13.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Fund&rsquo;s Audit Charter requires that
the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered public accounting
firm to the Fund, and all non-audit services to be provided by the independent registered public accounting firm to the Fund&rsquo;s
Adviser and service providers controlling, controlled by, or under common control with the Fund&rsquo;s Adviser (&ldquo;affiliates&rdquo;)
that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;), if the engagement relates directly to the
operations and financial reporting of the Fund. The Audit Committee may delegate its responsibility to pre-approve any such audit
and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman must report his decision(s) to the
Audit Committee, at its next regularly scheduled meeting after the Chairman&rsquo;s pre-approval of such services. The Audit Committee
may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable
laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval responsibilities to other persons (other
than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of any permissible non-audit services is not
required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser, and
any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the Fund to its independent
registered public accounting firm during the year in which the permissible non-audit services are provided; (ii) the permissible
non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services
are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or the Chairman prior to the completion
of the audit. All of the audit, audit related, and tax services described above for which PricewaterhouseCoopers billed the Fund
fees for the fiscal years ended December 31, 2017 and December 31, 2018 were pre-approved by the Audit Committee. All other fees
for the fiscal year ended December 31, 2018 reflected in the table above represent services provided in review of the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">For the fiscal years ended December 31, 2017
and 2018, PricewaterhouseCoopers has represented to the Fund that it did not provide any non-audit services (or bill any fees for
such services) to the Adviser or any Covered Services Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Audit Committee was not required to consider
whether the provision of non-audit services that were rendered to the Adviser or Covered Service Providers that were not pre-approved
was compatible with maintaining PricewaterhouseCoopers&rsquo; independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Investment Adviser and Administrator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">Gabelli Funds, LLC is the Fund&rsquo;s Adviser
and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Section 16(a) of the
1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers and Trustees,
executive officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who own more than
10% of a registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with the SEC and
the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s review of the
copies of such forms it received, if any, for the fiscal year ended December 31, 2018, the Fund believes that during that year
such persons complied with all such applicable filing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Broker Non-Votes and Abstentions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">For purposes of determining
the presence of a quorum for transacting business at the Meeting, abstentions (or &ldquo;withheld votes&rdquo; with respect to
the election of Trustees) and broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating that such persons
have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter with respect
to which the brokers or nominees do not have discretionary power) will be treated as shares that are present but that have not
been voted. Accordingly, shareholders are urged to forward their voting instructions promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Because the Fund requires
a plurality of votes to elect each nominee for Trustee, abstentions and broker non-votes, if any, will not be counted as votes
cast, but will have no effect on the result of the vote. Abstentions and any broker non-votes, however, will be considered to be
present at the Meeting for purposes of determining the existence of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Brokers holding shares
of the Fund in &ldquo;street name&rdquo; for the benefit of their customers and clients will request the instructions of such customers
and clients on how to vote their shares on Proposal 1 before the Meeting. Under the rules of the NYSE, such brokers may, for certain
 &ldquo;routine&rdquo; matters, grant discretionary authority to the proxies designated by the Board to vote if no instructions
have been received from their customers and clients prior to the date specified in the brokers&rsquo; request for voting instructions.
Proposal 1 is a &ldquo;routine&rdquo; matter and accordingly beneficial owners who do not provide proxy instructions or who do
not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1. A properly executed proxy card
or other authorization by a beneficial owner of shares that does not specify how the beneficial owner&rsquo;s shares should be
voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Shareholders of the Fund will be informed
of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ended June 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Householding&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Please note that only
one document (i.e., an annual or semiannual report or set of proxy soliciting materials) may be delivered to two or more shareholders
of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of a document,
or for instructions regarding how to request a separate copy of these documents or regarding how to request a single copy if multiple
copies of these documents are received, shareholders should contact the Fund at the address and phone number set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>OTHER MATTERS TO COME BEFORE THE MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Trustees of the Fund do not intend to
present any other business at the Meeting, nor are they aware that any shareholder intends to do so. If, however, any other matters,
including adjournments, are properly brought before the Meeting, the persons named in the accompanying proxy will vote thereon
in accordance with their judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>SHAREHOLDER NOMINATIONS AND PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 108.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">All proposals by shareholders
of the Fund which are intended to be presented at the Fund&rsquo;s next Annual Meeting of Shareholders to be held in 2020 (the
 &ldquo;2020 Annual Meeting&rdquo;) must be received by the Fund for consideration for inclusion in the Fund&rsquo;s 2020 proxy
statement and proxy relating to that meeting no later than December 5, 2019. Rule 14a-8 under the 1934 Act (&ldquo;Rule 14a-8&rdquo;)
specifies a number of procedural and eligibility requirements to be satisfied by a shareholder submitting a proposal for inclusion
in the Fund&rsquo;s proxy materials pursuant to this Rule. Any shareholder contemplating submissions of such a proposal is referred
to Rule 14a-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund&rsquo;s By-Laws
require shareholders that wish to nominate Trustees or make proposals to be voted on at an Annual Meeting of the Fund&rsquo;s Shareholders
(and which are not proposed to be included in the Fund&rsquo;s proxy materials pursuant to Rule 14a-8 under the 1934 Act) to provide
timely notice of the nomination or proposal in writing. To be considered timely for the 2020 Annual Meeting, any such notice must
be delivered to or mailed and received at the principal executive offices of the Fund at the address set forth on the first page
of this proxy statement no earlier than 9:00 a.m. Eastern time on December 15, 2019 and no later than 5:00 p.m. Eastern time on
January 14, 2020; provided, however, that if the 2020 Annual Meeting is to be held on a date that is earlier than April 18, 2020
or later than June 7, 2020, such notice must be received by the Fund no later than 5:00 p.m. Eastern time on the tenth day following
the date on which public disclosure (as defined in the By-Laws) of the date of the 2020 Annual Meeting was first made. Any such
notice by a shareholder shall set forth the information required by the Fund&rsquo;s By-Laws with respect to each nomination or
matter the shareholder proposes to bring before the 2020 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify"><B>IT IS IMPORTANT THAT PROXIES
BE RETURNED PROMPTLY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>SHAREHOLDERS MAY
PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD, VOTING INSTRUCTION FORM
OR SET FORTH IN THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">This Page Was Intentionally Left Blank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">This Page Was Intentionally Left Blank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">This Page Was Intentionally Left Blank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">GUT-PS-2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64309-P20563</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI UTILITY TRUST</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">COMMON SHAREHOLDER</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

        <TD COLSPAN="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Trustees &#151; The Board of Trustees recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

                        </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P></TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect four (4) Trustees of the Fund:</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Elizabeth
C. Bogan</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>


 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Vincent
D. Enright</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">04)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Kuni
Nakamura</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>
<TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="MIDDLE" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">B</FONT></B></FONT></P> </TD>

        <TD COLSPAN="18" ROWSPAN="2">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="19" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="18" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [Joint Owners]</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="15"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="38"></TD>

                    <TD WIDTH="43"></TD>

        <TD WIDTH="111"></TD>

                    <TD WIDTH="86"></TD>

        <TD WIDTH="83"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="87"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="106"></TD>

                    <TD WIDTH="9"></TD>

        <TD WIDTH="1"></TD>

                    <TD WIDTH="55"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="50"></TD>

        <TD WIDTH="42"></TD>

                    <TD WIDTH="64"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="225"></TD>

        <TD WIDTH="3"></TD>

                    <TD WIDTH="31"></TD>

        <TD WIDTH="30"></TD>

 </TR> </TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR>

        <TD WIDTH="62%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64310-P20563</FONT></P> </TD> </TR></TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI UTILITY TRUST</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Trustees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The Gabelli Utility Trust (the &quot;Fund&quot;), which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 on Monday, May 13, 2019, at 8:45 a.m., and at any adjournments thereof (the
 &quot;Meeting&quot;). The undersigned hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby
instructs said attorneys and proxies to vote said shares as indicated herein. In their discretion, the proxies are authorized
to vote upon such other business as may properly come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Trustees and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P><P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64309-P20563</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI UTILITY TRUST</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B></B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"><B>SERIES
A PREFERRED SHAREHOLDER</B></FONT></P>



<P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

        <TD COLSPAN="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Trustees &#151; The Board of Trustees recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

                        </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P></TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect four (4) Trustees of the Fund:</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Elizabeth
C. Bogan</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>


 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Vincent
D. Enright</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">04)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Kuni
Nakamura</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>
<TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="MIDDLE" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">B</FONT></B></FONT></P> </TD>

        <TD COLSPAN="18" ROWSPAN="2">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="19" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="18" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [Joint Owners]</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="15"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="38"></TD>

                    <TD WIDTH="43"></TD>

        <TD WIDTH="111"></TD>

                    <TD WIDTH="86"></TD>

        <TD WIDTH="83"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="87"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="106"></TD>

                    <TD WIDTH="9"></TD>

        <TD WIDTH="1"></TD>

                    <TD WIDTH="55"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="50"></TD>

        <TD WIDTH="42"></TD>

                    <TD WIDTH="64"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="225"></TD>

        <TD WIDTH="3"></TD>

                    <TD WIDTH="31"></TD>

        <TD WIDTH="30"></TD>

 </TR> </TABLE>

</DIV>

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

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR>

        <TD WIDTH="62%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64310-P20563</FONT></P> </TD> </TR></TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI UTILITY TRUST</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Trustees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The Gabelli Utility Trust (the &quot;Fund&quot;), which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 on Monday, May 13, 2019, at 8:45 a.m., and at any adjournments thereof (the
 &quot;Meeting&quot;). The undersigned hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby
instructs said attorneys and proxies to vote said shares as indicated herein. In their discretion, the proxies are authorized
to vote upon such other business as may properly come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Trustees and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

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

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

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P><P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64309-P20563</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI UTILITY TRUST</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B></B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"><B>SERIES
B PREFERRED SHAREHOLDER</B></FONT></P>



<P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

        <TD COLSPAN="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Trustees &#151; The Board of Trustees recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

                        </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P></TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect four (4) Trustees of the Fund:</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Elizabeth
C. Bogan</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>


 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Vincent
D. Enright</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">04)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Kuni
Nakamura</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>
<TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="MIDDLE" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">B</FONT></B></FONT></P> </TD>

        <TD COLSPAN="18" ROWSPAN="2">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="19" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="18" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [Joint Owners]</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="15"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="38"></TD>

                    <TD WIDTH="43"></TD>

        <TD WIDTH="111"></TD>

                    <TD WIDTH="86"></TD>

        <TD WIDTH="83"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="87"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="106"></TD>

                    <TD WIDTH="9"></TD>

        <TD WIDTH="1"></TD>

                    <TD WIDTH="55"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="50"></TD>

        <TD WIDTH="42"></TD>

                    <TD WIDTH="64"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="225"></TD>

        <TD WIDTH="3"></TD>

                    <TD WIDTH="31"></TD>

        <TD WIDTH="30"></TD>

 </TR> </TABLE>

</DIV>

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

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR>

        <TD WIDTH="62%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64310-P20563</FONT></P> </TD> </TR></TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI UTILITY TRUST</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Trustees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The Gabelli Utility Trust (the &quot;Fund&quot;), which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 on Monday, May 13, 2019, at 8:45 a.m., and at any adjournments thereof (the
 &quot;Meeting&quot;). The undersigned hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby
instructs said attorneys and proxies to vote said shares as indicated herein. In their discretion, the proxies are authorized
to vote upon such other business as may properly come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Trustees and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

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

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

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517100_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P><P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64309-P20563</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI UTILITY TRUST</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B></B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"><B>SERIES
C PREFERRED SHAREHOLDER</B></FONT></P>



<P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

        <TD COLSPAN="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Trustees &#151; The Board of Trustees recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

                        </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P></TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect four (4) Trustees of the Fund:</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Elizabeth
C. Bogan</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>


 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Vincent
D. Enright</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">04)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Kuni
Nakamura</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>
<TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="MIDDLE" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">B</FONT></B></FONT></P> </TD>

        <TD COLSPAN="18" ROWSPAN="2">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="19" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="18" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid; border-top: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [Joint Owners]</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="10" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="15"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="38"></TD>

                    <TD WIDTH="43"></TD>

        <TD WIDTH="111"></TD>

                    <TD WIDTH="86"></TD>

        <TD WIDTH="83"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="87"></TD>

                    <TD WIDTH="1"></TD>

        <TD WIDTH="106"></TD>

                    <TD WIDTH="9"></TD>

        <TD WIDTH="1"></TD>

                    <TD WIDTH="55"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="50"></TD>

        <TD WIDTH="42"></TD>

                    <TD WIDTH="64"></TD>

        <TD WIDTH="66"></TD>

                    <TD WIDTH="225"></TD>

        <TD WIDTH="3"></TD>

                    <TD WIDTH="31"></TD>

        <TD WIDTH="30"></TD>

 </TR> </TABLE>

</DIV>

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

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR>

        <TD WIDTH="62%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64310-P20563</FONT></P> </TD> </TR></TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI UTILITY TRUST</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Trustees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The Gabelli Utility Trust (the &quot;Fund&quot;), which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 on Monday, May 13, 2019, at 8:45 a.m., and at any adjournments thereof (the
 &quot;Meeting&quot;). The undersigned hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby
instructs said attorneys and proxies to vote said shares as indicated herein. In their discretion, the proxies are authorized
to vote upon such other business as may properly come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Trustees and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 33; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>









</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>e517100_img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 e517100_img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  ? "<# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#[S_X.$?\
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F^$?T'X>^&H-)^QWLT\<CR%;?3[&&.( 3DJL;L[W+,S#: 2@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>e517100_img02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 e517100_img02.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  9 "(# 2(  A$! Q$!_\0
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5SCDC9&5D80("".Q!XQ174T4 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>e517100_img03.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 e517100_img03.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  H !P# 2(  A$! Q$!_\0
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M8\5Q)_9^WS<'A&\R%_-/F0_+YFR/YUV\E% 'R';_ /!HC^V5-.B-H7@*)68
MN_BB':@]3A2<#V!-?T9?\$E_V&9O^";_ /P3[^'GP?O-4BUK5/#-M/-J=[#G
:R9KNYN9;J819 /EJ\S(A(!*HI(R3110!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
